Gold, Silver, Platinum Forecasts – Gold Remains Under Pressure Amid Falling Demand For Precious Metals

By:

Vladimir Zernov

Published: Dec 18, 2024, 17:41 GMT+00:00

Key Points:

Gold settled below the $2640 level as traders prepared for Fed decision.
Siver pulled back towards $30.20 as gold/silver ratio moved above 87.00.
Platinum declined below the $930 level after an unsuccessful attempt to settle above the resistance at $935 - $945.

Gold

Gold 181224 Daily Chart

Gold is moving lower ahead of Fed decision. U.S. Dollar Index is trying to settle above the resistance at 107.10 – 107.30, which is bearish for gold markets.

A move below the $2620 level will push gold towards the nearest support level at $2580 – $2590.

Silver

Silver 181224 Daily Chart

Silver pulls back as gold/silver ratio climbed above the 87.00 level. From a big picture point of view, rising gold/silver ratio continues to put pressure on silver markets.

If silver moves below the $30.00 level, it will head towards the nearest support at $28.75 – $29.00.

Platinum

Platinum 181224 Daily Chart

Platinum has recently made antother attempt to settle above the resistance at $935 – $945 but lost momentum and pulled back below the $930 level.

A move below the recent lows at $915 will push platinum towards the support level at $895 – $905.

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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.