Gold, Silver, Platinum Forecasts – Gold Tests Resistance At $2025

By:

Vladimir Zernov

Published: Feb 20, 2024, 16:58 UTC

Key Points:

Gold tested new highs as the rebound continued.
Silver settled near the $23.00 level as gold/silver ratio remained mostly unchanged.
Platinum gained ground, supported by the strong performance of palladium markets.

Gold

Gold 200224 Daily Chart

Gold gains ground as traders focus on U.S. dollar’s pullback and falling Treasury yields.

Currently, gold is trying to settle above the resistance at $2015 – $2025. In case this attempt is successful, it will head towards the next resistance at $2065 – $2075.

Silver

Silver 200224 Daily Chart

Silver managed to stay above the $23.00 level as gold/silver ratio settled near 88. In case gold/silver ratio climbs above the 88 level, it will head towards 90, which would be bearish for silver.

A move below the $23.00 level will push silver back towards the strong support in the $22.25 – $22.50 range.

Platinum

Platinum 200224 Daily Chart

Platinum tested new highs as traders focused on the rally in palladium markets, which moved towards the psychologically important $1000 level.

From the technical point of view, platinum is heading towards the nearest resistance at $925 – $935.

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About the Author

Vladimir Zernovauthor

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.