Gold received strong support at $2295 – $2305 despite strong dollar. Traders are not ready for big moves ahead of the Fed decision, which will be released tomorrow.
If gold declines below the $2295 level, it will gain additional downside momentum and move towards the support at $2190 – $2200.
Silver
Silver 110624 Daily Chart
Silver pulls back as gold/silver ratio rebounded above the 79 level. In case gold/silver ratio climbs above 80, silver will find itself under more pressure.
A successful test of the nearest support at $28.75 – $29.00 will push silver towards the next support level at $27.20 – $27.50.
Platinum
Platinum 110624 Daily Chart
Platinum tests new lows amid broad pullback in precious metals markets. Palladium, which is down by 2.3%, is also losing ground in today’s trading session.
If platinum settles below the $950 level, it will head towards the support at $925 – $935.
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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.