Gold, Silver, Platinum Forecasts – Gold Is Mostly Flat As Traders Focus On U.S. Dollar’s Pullback

By:

Vladimir Zernov

Published: Jul 12, 2024, 17:22 GMT+00:00

Key Points:

Gold managed to climb back above the $2400 level.
Silver pulled back below $31.00 as gold/silver ratio moved above 78.
Platinum remains stuck in the previous trading range.

Gold

Gold 120724 Daily Chart

Gold is mostly flat despite the pullback in precious metals markets after higher-than-expected PPI reports.

From the technical point of view, gold settled above the resistance at $2390 – $2400 and is moving towards the next resistance at $2445 – $2450.

Silver

Silver 120724 Daily Chart

Silver is losing ground as gold/silver ratio jumped above the 78.00 level. The recent attempt to settle above the resistance at $30.90 – $31.20 yielded no results.

In case silver says below the $30.90 level, it will move towards the 50 MA at $29.93.

Platinum

Platinum 120724 Daily Chart

Platinum remains stuck between the support at $975 – $985 and the resistance at $1010 – $1020.

Platinum needs to get out of the current trading range to have a chance to gain sustainable momentum.

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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.