Gold, Silver, Platinum Forecasts – Gold Retreats Ahead Of The Weekend

By:

Vladimir Zernov

Published: Nov 8, 2024, 17:14 GMT+00:00

Key Points:

Gold is losing ground as U.S. dollar rallies.
Silver is under pressure as gold/silver ratio climbed above 85.50.
Platinum dives as China did not provide additional stimulus to the economy.

Gold

Gold 081124 Daily Chart

Gold is losing ground as traders focus on U.S. dollar’s rebound. From a big picture point of view, traders are worried that Fed may be less dovish than previously expected.

A move below the support at $2675 – $2685 will push gold towards the next support level at $2580 – $2590.

Silver

Silver 081124 Daily Chart

Silver is under pressure as gold/silver ratio climbed above the 85.50 level. RSI is in the moderate territory, and there is enough room to gain momentum in the near term.

If silver settles below $31.45, it will head towards the next support level at $28.75 – $29.00.

Platinum

Platinum 081124 Daily Chart

Platinum is down by 3% as China did not provide additional stimulus to boost demand.

In case platinum stays below the $975 level, it will move towards the next support level at $935 – $945.

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.