Gold, Silver, Platinum Forecasts – Gold Dives Below $2500 Amid Broad Pullback In Commodity Markets

By:

Vladimir Zernov

Published: Sep 6, 2024, 17:28 GMT+00:00

Key Points:

Gold declined below the $2500 level as dollar rebounded from weekly lows.
Silver is under strong pressure as gold/silver ratio moved towards the 89.50 level.
Platinum pulled back towards the $915 level.

Gold

Gold 060924 Daily Chart

Gold pulled back below $2500 as traders reacted to U.S. job market data. U.S. dollar moved away from recent lows, which was bearish for gold markets.

In case gold settles below $2500, it will head towards the nearest support level at $2445 – $2450.

Silver

Silver 060924 Daily Chart

Silver dived below the $28.00 level as gold/silver ratio climbed towards the 89.50 level.

A successful test of the support at $27.20 – $27.50 will open the way to the test of the next support level at $26.00 – $26.20.

Platinum

Platinum 060924 Daily Chart

Platinum is losing ground amid broad pullback in commodity markets. Traders are worried about the potential economic slowdown in the U.S. and China.

From the technical point of view, platinum remains stuck between the support at $890 – $900 and the resistance at $935 – $940.

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.