Gold, Silver, Platinum Forecasts – Gold Retreats Amid Sell-Off In Commodity Markets

By:

Vladimir Zernov

Published: Oct 8, 2024, 17:44 GMT+00:00

Key Points:

Gold pulled back below the $2620 level.
Silver is down by more than 4% as traders focus on rising gold/silver ratio.
Platinum declined towards the $950 level.

Gold

Gold 081024 Daily Chart

Gold is losing ground amid lack of additional positive catalysts. The recent rebound of the U.S. dollar put material pressure on gold markets.

A move below the $2600 level will push gold towards the support at $2580 – $2590.

Silver

Silver 081024 Daily Chart

Silver is under strong pressure as gold/silver ratio climbed above the 86.00 level.

If silver settles below the $30.00 level, it will head towards the 50 MA at $29.54.

Platinum

Platinum 081024 Daily Chart

Platinum pulled back amid broad sell-off in commodity markets, which was triggered by the strong pullback in the oil markets.

From the technical point of view, platinum settled below the support at $975 – $985 and is trying to settle below the 50 MA at $955. In case this attempt is successful, platinum will head towards the support at $935 – $940.

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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.