Gold, Silver, Platinum Forecasts – Gold Remains Under Pressure As Dollar Tests New Highs

By:

Vladimir Zernov

Published: Oct 9, 2024, 18:10 GMT+00:00

Key Points:

Gold settled near the $2610 level as traders focused on the strength of the American currency.
Silver moved lower as pullback continued.
Platinum made an attempt to settle below the $940 level.

Gold

Gold 091024 Daily Chart

Gold remains under pressure as traders focus on the strength of the U.S. dollar and rising Treasury yields.

If gold declines below the support at $2580 – $2590, it will head towards the next support level, which is located in the $2520 – $2530 range.

Silver

Silver 091024 Daily Chart

Silver moved lower as traders focused on the dynamics of the U.S. dollar and the pullback in gold markets.

If silver manages to settle below the $30.00 level, it will head towards the 50 MA at $29.58.

Platinum

Platinum 091024 Daily Chart

Platinum tested new lows amid broad pullback in precious metals markets.

RSI remains in the moderate territory, so there is enough room to gain additional downside momentum in case the right catalysts emerge.

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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.