Gold, Silver, Platinum Forecasts – Gold Tests $2360 As Pullback Continues

By:

Vladimir Zernov

Published: Jul 25, 2024, 17:27 GMT+00:00

Key Points:

Gold managed to settle below the support at $2390 - $2400.
Silver is down by 3.7% as gold/silver ratio climbed towards 85.
Platinum declined below the $935 level.

Gold

Gold 250724 Daily Chart

Gold gained strong momentum after a successful test of the support at $2390 – $2400.

In case gold manages to settle below the 50 MA at $2360, it will move towards the next support level at $2295 – $2305.

Silver

Silver 250724 Daily Chart

Silver is under strong pressure as gold/silver ratio rallied towards the 85 level.

From the technical point of view, silver managed to settle below the previous support at $28.75 – $29.00 and moved towards the next support at $27.20 – $27.50. RSI remains in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge.

Platinum

Platinum 250724 Daily Chart

Platinum tests new lows amid broad pullback in precious metals markets. It looks that some traders must raise money after the sell-off in U.S. equity markets.

If platinum settles below the $935 level, it will head towards the support at $890 – $900.

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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.