Gold, Silver, Platinum Forecasts – Gold Gains 1.6% Amid Rising Demand For Commodities

By:

Vladimir Zernov

Published: Aug 8, 2024, 17:35 GMT+00:00

Key Points:

Gold moved above $2420 level as traders bet on a rebound after the recent pullback.
Silver rallied 3.5% as gold/silver ratio declined below the 88 level.
Platinum rebounded towards the resistance at $935 - $945.

Gold

Gold 080824 Daily Chart

Gold rallies amid rising demand for precious metals. The situation in global markets has stabilized, and traders’ appetite for asset purchases is growing.

From the technical point of view, gold is moving towards the nearest resistance level at $2445 – $2450.

Silver

Silver 080824 Daily Chart

Silver rebounds as gold/silver ratio pulled back below the 88 level. The rally in gold/silver ratio has been the key bearish catalyst for silver markets in recent weeks.

In case silver settles above the resistance at $27.20 – $27.50, it will move towards the next resistance level at $28.75 – $29.00.

Platinum

Platinum 080824 Daily Chart

Platinum gains ground amid broad rally in precious metals markets. Palladium gained 4.4% today, providing additional support to platinum.

A move above the $940 level will open the way to the test of the resistance at $975 – $985.

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.