Gold, Silver, Platinum Forecasts – Gold Tests Historic Highs Amid Rising Geopolitical Tensions

By:

Vladimir Zernov

Published: Sep 23, 2024, 17:45 GMT+00:00

Key Points:

Gold is trying to settle above the $2630 level.
Silver pulled back below the $31.00 level amid profit-taking.
Platinum declined towards the $960 level.

Gold

Gold 230924 Daily Chart

Gold tested new highs as rally continued. Traders stay focused on Fed policy outlook and rising geopolitical tensions, which is bullish for gold markets.

Traders should note that RSI is in the overbought territory, so the risks of a pullback are increasing.

Silver

Silver 230924 Daily Chart

Silver pulled back as traders took profits near the strong resistance level at $31.45 – $31.75.

If silver declines below the $30.00 level, it will move towards the nearest support, which is located in the $28.75 – $29.00 range.

Platinum

Platinum 230924 Daily Chart

Platinum tested new lows amid demand worries. The pullback in Treasury yields did not provide support to platinum markets in today’s trading session.

A move below the $960 level will push platinum towards the support 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.