Gold, Silver, Platinum Forecasts – Gold Dives 2.7% As Dollar Tests New Highs

By:

Vladimir Zernov

Published: Nov 11, 2024, 18:27 GMT+00:00

Key Points:

Gold is moving towards the $2600 level.
Silver is trying to settle below the $30.50 level.
Platinum is losing ground as demand for precious metals declines.

Gold

Gold 111124 Daily Chart

Gold tests new lows as traders focus on strong dollar and prepare for a less dovish Fed.

If gold moves below the $2600 level, it will get to the test of the support at $2580 – $2590.

Silver

Silver 111124 Daily Chart

Silver tests new lows as traders focus on the strong sell-off in gold markets. RSI is in the moderate territory, so there is plenty of room to gain momentum.

If silver settles below the $30.00 level, it will head towards the nearest support level, which is located in the $28.75 – $29.00 range.

Platinum

Platinum 111124 Daily Chart

Platinum is moving lower amid broad pullback in commodity markets, which was triggered by strong dollar.

A move below the $960 level will push platinum towards the support at $935 – $945.

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.