Gold, Silver, Platinum Forecasts – Gold Tests Weekly Highs As ECB Cuts Rates

By:

Vladimir Zernov

Published: Jun 6, 2024, 17:28 GMT+00:00

Key Points:

Gold settled above the $2350 level and made an attempt to climb above $2380.
Silver gained 4.1% as gold/silver ratio declined below the 76 level.
Platinum moved above $1000 amid a broad rally in precious metals markets.

Gold

Gold 060624 Daily Chart

Gold gains ground amid rising demand for precious metals. The ECB cut the interest rate from 4.5% to 4.25%, providing additional support to gold markets.

The nearest resistance level for gold is located in the $2390 – $2400 range. A move above the $2400 level will push gold towards the resistance at $2440 – $2450.

Silver

Silver 060624 Daily Chart

Silver rallies as gold/silver ratio pulled back below the 76 level. The continuation of the previous bearish trend in gold/silver ratio is bullish for silver markets.

A move above the resistance at $30.90 – $31.20 will push silver towards the next resistance at $32.30 – $32.50.

Platinum

Platinum 060624 Daily Chart

Platinum continues to rebound after the strong pullback and is trying to settle back above the $1000 level.

From the technical point of view, platinum needs to climb above the resistance at $1010 – $1020 to have a chance to gain sustainable upside momentum.

For a look at all of today’s economic events, check out our economic calendar.

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.