Gold, Silver, Platinum Forecasts – Gold Dives Amid A Broad Sell-Off In Commodity Markets

By:

Vladimir Zernov

Published: Apr 30, 2024, 17:19 GMT+00:00

Key Points:

Gold moved below the $2300 level as traders worried about hawkish Fed.
Silver gained strong downside momentum and settled below $26.50.
Platinum pulled back towards the $935 level.

Gold

Gold 300424 Daily Chart

Gold is under strong pressure as traders focus on rising Treasury yields and prepare for hawkish comments from Fed Chair Jerome Powell. The Fed will announce its Interest Rate Decision tomorrow.

In case gold settles below the support at $2295 – $2305, it will head towards the next support level at $2190 – $2200.

Silver

Silver 300424 Daily Chart

Silver is losing ground as gold/silver ratio climbed towards the 87 level. RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum.

A move below the support at $26.00 – $26.30 will open the way to the test of the next support level at $24.40 – $24.60.

Platinum

Platinum 300424 Daily Chart

Platinum declines amid a broad pullback in precious metals markets.

From the technical point of view, platinum needs to stay above the $935 level to have a chance to gain upside momentum in the near term.

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.