Gold, Silver, Platinum Forecasts – Gold Rebounds Amid Rising Geopolitical Tensions

By:

Vladimir Zernov

Published: Oct 10, 2024, 18:06 GMT+00:00

Key Points:

Gold rebounded above the $2620 level as traders focused on the situation in the Middle East.
Silver moved above the $31.00 level as gold/silver ratio pulled back.
Platinum climbed above the $965 level.

Gold

Gold 101024 Daily Chart

Gold gains ground amid rising geopolitical tensions. U.S. inflation reports exceeded analyst estimates but did not put pressure on precious metals markets.

Currently, gold is moving towards the $2650 level. A move above this level will open the way to the test of the resistance at $2675 – $2685.

Silver

Silver 101024 Daily Chart

Silver moved higher as gold/silver ratio declined towards the 84.50 level. Stronger dollar did not put pressure on silver markets.

The nearest resistance level for silver is located in the $31.45 – $31.75 range. A move above $31.75 will push silver towards the recent highs near the $33.00 level.

Platinum

Platinum 101024 Daily Chart

Platinum moved away from multi-month lows amid broad rebound in precious metals markets.

In case platinum climbs above the resistance at $975 – $985, it will head towards the next resistance level at $975 – $985.

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 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.