Gold, Silver, Platinum Forecasts – Gold Retreats As Demand For Precious Metals Declines

By:

Vladimir Zernov

Published: Dec 5, 2024, 18:15 GMT+00:00

Key Points:

Gold pulled back below the $2630 level.
Silver moved towards the $31.00 level.
Platinum tested support at $935 amid broad pullback in precious metals markets.

In this article:

Gold

-0.05%

Silver

-0.17%

Platinum

-0.01%

Gold

Gold 051224 Daily Chart

Gold moved lower after an unsuccessful attempt to settle above the $2650 level. U.S. dollar’s pullback did not provide any support to gold markets today.

If gold settles below the $2620 level, it will head towards the nearest support level at $2580 – $2590.

Silver

Silver 051224 Daily Chart

Silver made an attempt to climb above the resistance at $31.45 – $31.75 but failed to develop sufficient upside momentum and pulled back.

If silver settles below the $31.00 level, it will head towards the recent lows near the $30.00 level.

Platinum

Platinum 051224 Daily Chart

Platinum is losing ground amid broad pullback in precious metals markets.

If platinum declines below the support at $935 – $945, it will head towards the next support level, which is located in the $895 – $905 range.

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, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.