Gold, Silver, Platinum Forecasts – Gold Climbs Above $2350 As Dollar Pulls Back

By:

Vladimir Zernov

Published: Jul 3, 2024, 17:25 GMT+00:00

Key Points:

Gold moved higher as traders focused on the weakness of the American currency.
Silver settled above the $30.00 level as gold/silver ratio pulled back towards 77.
Platinum remained stuck in a range between the support at $975 and the resistance at $1020.

Gold

Gold 030724 Daily Chart

Gold gains ground as traders focus on U.S. dollar’s pullback and falling Treasury yields. The weaker-than-expected ISM Services PMI report provided significant support to gold and other precious metals.

In case gold settles above the $2350 level, it will move towards the nearest resistance at $2390 – $2400.

Silver

Silver 030724 Daily Chart

Silver rallied above $30.50 as gold/silver ratio pulled back towards the 77 level.

The nearest resistance level for silver is located in the $30.90 – $31.20 range. A move above $31.20 will push silver towards the resistance at $32.25 – $32.50.

Platinum

Platinum 030724 Daily Chart

Platinum is mostly flat in volatile trading. From the technical point of view, platinum remains stuck between the support at $975 and the resistance at $1020.

A move above $1020 will provide platinum with a chance to gain additional upside momentum.

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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.