Gold pulls back as traders continue to take profits after the strong rally. U.S. dollar’s rebound put additional pressure on gold markets today.
In case gold declines below the $2620 level, it will head towards the nearest support at $2580 – $2590.
Silver
Silver 300924 Daily Chart
Silver is losing ground as gold/silver ratio climbed towards the 84.50 level.
From the technical point of view, silver did not manage to settle above the resistance at $31.45 – $31.75.
Platinum
Platinum 300924 Daily Chart
Platinum is under strong pressure amid broad pullback in precious metals markets. The sell-off in palladium markets served as an additional bearish catalyst for platinum.
If platinum settles below the support at $975 – $985, it will move towards the next support level at $935 – $940.
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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.