Gold, Silver, Platinum Forecasts – Gold Gains Ground In Quiet Trading

By:

Vladimir Zernov

Published: May 8, 2024, 17:14 GMT+00:00

Key Points:

Gold settled above the $2310 level.
Silver moved towards the $27.50 level as gold/silver ratio declined towards 84.50.
Platinum managed to rebound from session lows.

Gold

Gold 080524 Daily Chart

Gold gains some ground as traders wait for catalysts. Treasury yields are moving higher, but this move does not put pressure on gold markets.

From a big picture point of view, gold continues consolidation above the nearest support, which is located in the $2295 – $2305 range.

Silver

Silver 080524 Daily Chart

Silver moved higher as gold/silver ratio pulled back towards the $84.50 level. Silver is trying to get to the test of the resistance at $27.75 – $28.00.

If silver climbs above the $28.00 level, it will head towards the next resistance at $28.75 – $29.00.

Platinum

Platinum 080524 Daily Chart

Platinum rebounded from session lows as traders used the pullback as an opportunity to increase their long positions.

A successful test of the resistance at $975 – $985 will push platinum towards the next resistance at $1010 – $1020.

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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.