Gold, Silver, Platinum Forecasts – Gold Dives As Trump Wins

By:

Vladimir Zernov

Published: Nov 6, 2024, 18:11 GMT+00:00

Key Points:

Gold is trying to settle below the $2650 level.
Silver declined below $31.50 as gold/silver ratio climbed above 85.50.
Platinum is down by 1.5% amid broad sell-off in precious metals markets.

Gold

Gold 061124 Daily Chart

Gold is down by almost 3% in today’s trading session as traders react to Trump’s victory.

If gold manages to settle below the support at $2675 – $2685, it will move towards the next support level at $2580 – $2590.

Silver

Silver 061124 Daily Chart

Silver tests support at $31.45 – $31.75 as gold/silver ratio climbed above the 85.50 level.

A move below the $31.00 level will push silver towards the $30.00 level. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

Platinum

Platinum 061124 Daily Chart

Platinum made an attempt to settle below the support at $975 as traders focused on strong U.S. dollar and rising Treasury yields.

If platinum settles below $975, it will head towards the next support level, which is located in the $935 – $945 range.

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.