Gold, Silver, Platinum Forecasts – Gold Pulls Back Despite Powell’s Comments

By:

Vladimir Zernov

Published: Jul 2, 2024, 17:18 GMT+00:00

Key Points:

Gold moved towards the $2325 level.
Silver declined amid profit-taking.
Platinum is trying to settle back above the $1000 level.

Gold

Gold 020724 Daily Chart

Gold pulls back despite Powell’s dovish comments. Fed Chair noted that prices were showing disinflation trend. From a big picture point of view, it looks that gold traders are not ready for big moves ahead of the upcoming U.S. holiday.

Gold needs to settle above the 50 MA at $2337 to have a chance to gain sustainable upside momentum.

Silver

Silver 020724 Daily Chart

Silver pulled back as traders took some profits off the table after the recent rebound.

The technical picture remains encouraging for the bulls as silver received strong support in the $28.75 – $29.00 range.

Platinum

Platinum 020724 Daily Chart

Platinum rebounds after yesterday’s sell-off. The strong rally in palladium markets provided material support to platinum.

From the technical point of view, platinum remains stuck in a range between the support at $975 – $985 and the resistance at $1010 – $1020.

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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.