Gold, Silver, Platinum Forecasts – Gold Pulls Back Below $2600 As Dollar Tests New Highs

By:

Vladimir Zernov

Published: Dec 19, 2024, 17:16 GMT+00:00

Key Points:

Gold declined towards the nearest support level at $2580 - $2590.
Silver moved below the $29.00 level as gold/silver ratio tested multi-month highs.
Platinum remained stuck near the $915 level.

In this article:

Gold

-0.19%

Silver

-1.49%

Platinum

-1.01%

Gold

Gold 191224 Daily Chart

Gold pulled back towards the support at $2580 – $2590 as U.S. dollar tested new highs after the release of the strong GDP Growth Rate report.

In case gold declines below the $2580 level, it will move towards the next support level, which is located in the $2530 – $2540 range.

Silver

Silver 191224 Daily Chart

Silver tests new lows as gold/silver ratio climbed towards the psychologically important 90 level.

A successful test of the support at $28.75 – $29.00 will open the way to the test of the next support level, which is located in the $27.50 – $27.70 range.

Platinum

Platinum 191224 Daily Chart

Platinum is losing some ground as traders focus on U.S. dollar’s rally and wait for additional catalysts.

In case platinum declines below the $915 level, it will head towards the nearest support at $895 – $905.

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.