Gold, Silver, Platinum Forecasts – Gold Is Flat As Traders Wait For U.S. Elections

By:

Vladimir Zernov

Published: Nov 4, 2024, 18:04 GMT+00:00

Key Points:

Gold settled near the $2735 level after an unsuccessful attempt to climb above $2750.
Silver did not manage to climb above the $33.00 level.
Platinum tested support at $975 - $985.

Gold

Gold 041124 Daily Chart

Gold is flat as traders wait for U.S. elections. U.S. dollar is losing ground while Treasury yields are moving lower, but gold traders are not ready for big moves ahead of the key event of the week.

From the technical point of view, gold remains stuck below the resistance at $2750 – $2760.

Silver

Silver 041124 Daily Chart

Silver is also flat as traders wait for catalysts. Silver made an attempt to settle above the $33.00 level but lost momentum and pulled back.

A move below the $32.00 level will push silver towards the support level at $31.45 – $31.75.

Platinum

Platinum 041124 Daily Chart

Platinum tests support at $975 – $985 as traders focus on the strong pullback in palladium markets.

A move below the $975 level will push platinum towards the nearest support level at $935 – $945.

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.