Gold, Silver, Platinum Forecasts – Gold Is Mostly Flat As Traders Wait For Catalysts

By:

Vladimir Zernov

Published: Jul 1, 2024, 17:19 GMT+00:00

Key Points:

Gold settled near the $2330 level despite rising Treasury yields.
Silver is moving higher as gold/silver ratio pulled back below 79.50.
Platinum tests support at $975 - $985.

Gold

Gold 010724 Daily Chart

Gold gains some ground despite rising Treasury yields. From a big picture point of view, gold found strong support near the $2300 level but needs additional positive catalysts to gain upside momentum.

If gold climbs above the 50 MA at $2337, it will move towards the nearest resistance at $2390 – $2400.

Silver

Silver 010724 Daily Chart

Silver continues to rebound from recent lows as gold/silver ratio pulled back below the 79.50 level.

In case silver manages to settle above the $30.00 level, it will move towards the resistance at $30.90 – $31.20.

Platinum

Platinum 010724 Daily Chart

Platinum pulls back despite the encouraging Manufacturing PMI report from China, which showed that Manufacturing PMI increased from 51.7 in May to 51.8 in June.

A successful test of the support at $975 – $985 will open the way to the test of the next support level at $925 – $935.

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, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.