Gold, Silver, Platinum Forecasts – Gold Climbed Above $2500 As Dollar Pulled Back

By:

Vladimir Zernov

Published: Sep 5, 2024, 17:32 GMT+00:00

Key Points:

Gold gained ground as traders focused on weaker dollar and falling Treasury yields.
Silver made an attempt to settle above the resistance at $28.75 - $29.00.
Platinum gained 2% as traders bought the dip.

Gold

Gold 050924 Daily Chart

Gold tested resistance at $2520 – $2530 as U.S. dollar pulled back after the release of the weaker-than-expected ADP Employment Change report.

A move above the $2530 level will open the way to the test of historic highs near the $2550 level.

Silver

Silver 050924 Daily Chart

Silver continues to rebound as gold/silver ratio pulled back below the 87.50 level.

If silver climbs above the resistance at $28.75 – $29.00, it will head towards the next resistance level, which is located in the $31.45 – $31.75 range.

Platinum

Platinum 050924 Daily Chart

Platinum gains ground amid rising demand for precious metals. Traders use the recent pullback as an opportunity to increase their long positions.

The nearest resistance level for platinum is located in the $935 – $940 range. A move above the $940 level will push platinum towards the next resistance at $975 – $985.

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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.