Advertisement
Advertisement

Gold, Silver, Platinum Forecasts – Gold Rallies As China Resumes Purchases

By:
Vladimir Zernov
Published: Dec 9, 2024, 18:21 GMT+00:00

Key Points:

  • Gold climbed above the $2650 level as traders focused on China's gold purchases.
  • Silver is trying to settle above the $32.00 level.
  • Platinum gained 2% amid rising demand for precious metals.
Gold, Silver, Platinum Forecasts

In this article:

Gold

Gold
Gold 091224 Daily Chart

Gold gains ground as China reported that it has started to buy gold for reserves again.

A successful test of the resistance at $2675 – $2685 will open the way to the test of the next resistance level, which is located in the $2740 – $2750 range.

Silver

Silver
Silver 091224 Daily Chart

Silver rallied towards the $32.00 level as gold/silver ratio declined below the 83.50 level.

If silver stays above the $31.75 level, it will head towards the next resistance, which is located in the $34.00 – $34.25 range.

Platinum

Platinum
Platinum 091224 Daily Chart

Platinum made an attempt to settle above the $950 level amid rising demand for precious metals.

If platinum settles above $950, it will head towards the nearest resistance level at $975 – $985.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

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.

Advertisement