Gold, Silver, Platinum Forecasts – Gold Pulls Back From Historic Highs

By:

Vladimir Zernov

Published: Jul 17, 2024, 17:24 GMT+00:00

Key Points:

Gold pulled back below the $2460 level amid profit-taking.
Silver declined by 3.5% as gold/silver ratio settled above the 81.50 level.
Platinum moved lower amid broad pullback in precious metals markets.

Gold

Gold 170724 Daily Chart

Gold pulls back as traders take some profits off the table near historic highs. U.S. dollar’s pullback did not provide support to gold markets today.

The technical picture remains bullish as gold managed to stay above the resistance at $2445 – $2450.

Silver

Silver 170724 Daily Chart

Silver is under strong pressure as gold/silver ratio rallied above the 81.50 level.

In case silver settles below the 50 MA at $30.13, it will move towards the nearest support, which is located in the $28.75 – $29.00 range.

Platinum

Platinum 170724 Daily Chart

Platinum made an attempt to settle above the $1020 level but lost momentum and pulled back as traders focused on the broad pullback in precious metals markets.

As a result, platinum remains stuck in the previous trading range between the support at $975 and the resistance at $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.