Gold, Silver, Platinum Forecasts – Gold Gains 1.2% As U.S. Inflation Rate Drops To 3.4%

By:

Vladimir Zernov

Published: May 15, 2024, 17:13 GMT+00:00

Key Points:

Gold is moving towards the $2400 level as traders bet that Fed may start cutting rates sooner than previously expected.
Silver is heading towards $30.00 as gold/silver ratio declined towards the 81 level.
Platinum rallied above the $1050 level.

Gold

Gold 150524 Daily Chart

Gold rallied as traders reacted to U.S. inflation report, which indicated that Inflation Rate declined from 3.5% in March to 3.4% in April. Traders were worried that Inflation Rate may increase. U.S. dollar and Treasury yields moved lower after the release of inflation data, providing significant support to precious metals markets.

In case gold manages to settle above the resistance at $2390 – $2400, it will head towards the $2450 level.

Silver

Silver 150524 Daily Chart

Silver tests new highs as traders focus on weak dollar and falling Treasury yields. Gold/silver ratio pulled back towards 81, which was bullish for silver.

If silver moves above the $29.50 level, it will head towards the psychologically important $30.00 level.

Platinum

Platinum 150524 Daily Chart

Platinum gained more ground amid a broad rally in precious metals markets.

RSI is in the overbought territory, so the risks of a pullback are increasing. However, U.S. dollar’s weakness may provide additional support to platinum markets 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.