Gold, Silver, Platinum Forecasts – Gold Remains Stuck Near $2650

By:

Vladimir Zernov

Published: Dec 4, 2024, 18:28 GMT+00:00

Key Points:

Gold moved higher as U.S. dollar pulled back against a broad basket of currencies.
Silver climbed towards the strong resistance level at $31.45 - $31.75.
Platinum pulled back despite weak dollar and falling Treasury yields.

Gold

Gold 041224 Daily Chart

Gold gained some ground as U.S. dollar pulled back after the release of the weaker-than-expected ISM Services PMI report.

If gold manages to settle above the $2650 level, it will get to the test of the nearest resistance at $2675 – $2685.

Silver

Silver 041224 Daily Chart

Silver tests new highs as gold/silver ratio declined towards the 84.50 level.

A successful test of the resistance at $31.45 – $31.75 will push silver towards the next resistance level, which is located in the $34.00 – $34.25 range.

Platinum

Platinum 041224 Daily Chart

Platinum made an attempt to settle back below the $935 level but failed to develop sufficient downside momentum.

If platinum settles above the $945 level, it will head towards the next resistance level at $975 – $985.

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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.