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Gold, Silver, Platinum Forecasts – Gold Rallies As Iran Attacks Israel

By:
Vladimir Zernov
Published: Oct 1, 2024, 17:36 GMT+00:00

Key Points:

  • Gold moved towards the resistance at $2675 - $2685 as Iran fired missiles at Israel.
  • Silver did not manage to settle above the resistance at $31.45 - $31.75.
  • Platinum made an attempt to climb above $1000 but lost momentum and pulled back.
Gold, Silver, Platinum Forecasts

In this article:

Gold

Gold
Gold 011024 Daily Chart

Gold moved back towards historic highs as traders reacted to Iran’s attack on Israel.

A move above the resistance at $2675 – $2685 will push gold towards the $2700 level.

Silver

Silver
Silver 011024 Daily Chart

Silver gained ground as traders focused on rising geopolitical tensions. It should be noted that gold/silver ratio moved above the 84.50 level, which was bearish for silver.

From the technical point of view, silver needs to settle above the resistance at $31.45 – $31.75 to gain sustainable upside momentum.

Platinum

Platinum
Platinum 011024 Daily Chart

Platinum made an attempt to settle above the $1000 level but lost momentum and pulled back.

If platinum settles below the support at $975 – $985, it will head towards the next support level, which is located in the $935 – $940 range.

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.

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