Gold, Silver, Platinum Forecasts – Gold Retreats As Traders Take Profits After Strong Rally

By:

Vladimir Zernov

Published: Sep 27, 2024, 17:49 GMT+00:00

Key Points:

Gold moved below the $2650 level amid profit-taking.
Silver is losing ground as traders focus on the pullback in gold markets.
Platinum declined towards the psychologically important $1000 level.

Gold

Gold 270924 Daily Chart

Gold pulls back as traders take profits near historic highs. RSI was in the overbought territory, so it’s not surprising to see that gold traders have finally decided to take some money off the table.

If gold stays below the $2650 level, it will move towards the nearest significant support, which is located in the $2580 – $2590 range.

Silver

Silver 270924 Daily Chart

Silver is losing ground as gold/silver ratio rebounded above the 84.00 level.

If silver settles back below the $31.45 level, it may gain additional downside momentum and move towards the $30.00 level.

Platinum

Platinum 270924 Daily Chart

Platinum is losing ground amid broad pullback in precious metals markets. The strong sell-off in palladium markets served as an additional bearish catalyst for platinum.

In case platinum declines below the $1000 level, it will head towards the support at $975 – $985.

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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.