Gold, Silver, Platinum Forecasts – Gold Retreats As Traders React To U.S. PPI Report

By:

Vladimir Zernov

Published: Dec 12, 2024, 18:28 GMT+00:00

Key Points:

Gold is trying to settle below the support at $2675 - $2685.
Silver moved towards the $31.00 level as gold/silver ratio tested new highs.
Platinum attempts to settle below the $935 level.

In this article:

Gold

+1.23%

Silver

+1.39%

Platinum

+1.18%

Gold

Gold 121224 Daily Chart

Gold retreats as traders react to the higher-than-expected U.S. PPI report. Stronger dollar and rising Treasury yields put additional pressure on gold markets.

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

Silver

Silver 121224 Daily Chart

Silver is under strong pressure as gold/silver ratio climbed above the 86.50 level.

If silver stays below the $31.00 level, it will head towards the $30.00 level. A move below $30.00 will open the way to the test of the support at $28.75 – $29.00.

Platinum

Platinum 121224 Daily Chart

Platinum is losing ground amid broad pullback in precious metals markets. Palladium is down by 1.6%, which is bearish for platinum.

In case platinum settles below the support at $935 – $945, it will head towards the next support level at $895 – $905.

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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.