Gold, Silver, Platinum Forecasts – Gold Gains Some Ground At The Start Of The Week

By:

Vladimir Zernov

Published: Dec 16, 2024, 18:23 GMT+00:00

Key Points:

Gold settled above the $2650 level as U.S. dollar moved away from weekly highs.
Silver remained stuck near the $30.50 level as traders waited for catalysts.
Platinum rebounded towards the $935 level as trader reacted to Industrial Production report from China.

Gold

Gold 161224 Daily Chart

Gold gained some ground as U.S. dollar moved lower despite the encouraging Composite PMI report.

In case gold stays above the $2650 level, it will move towards the nearest resistance at $2675 – $2685.

Silver

Silver 161224 Daily Chart

Silver is mostly flat as traders wait for additional catalysts. It looks that traders are cautious ahead of the Fed decision, which will be released on Wednesday.

A move below the $30.00 level will open the way to the test of the support level at $28.75 – $29.00.

Platinum

Platinum 161224 Daily Chart

Platinum rebounded as traders focused on the better-than-expected Industrial Production report from China.

In case platinum settles back above the resistance at $935 – $945, it will move towards the next 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.