Gold, Silver, Platinum Forecasts – Gold Tests $2400 Amid Broad Pullback In Commodity Markets

By:

Vladimir Zernov

Published: Jul 19, 2024, 18:01 GMT+00:00

Key Points:

Gold is under strong pressure ahead of the weekend.
Silver tries to settle below the support at $28.75 - $29.00.
Platinum markets are moving lower amid declining demand for precious metals.

Gold

Gold 190724 Daily Chart

Gold settled below the support at $2445 – $2450 and tests the next support level at $2390 – $2400 as traders rush to take profits ahead of the weekend.

A move below the $2390 level will open the way to the test of the 50 MA at $2358.

Silver

Silver 190724 Daily Chart

Silver is losing ground as traders focus on the strong sell-off in gold markets.

Currently, silver is trying to settle below the support at $28.75 – $29.00. In case this attempt is successful, it will head towards the next support level at $27.20 – $27.50.

Platinum

Platinum 190724 Daily Chart

Platinum pulls back as demand for precious metals declines. Rising Treasury yields and stronger dollar serve as additional bearish catalysts for platinum markets.

If platinum settles below $960, it will move towards the nearest support level at $935 – $940.

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 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.