Gold, Silver, Platinum Forecasts – Gold Tests Historic Highs As Traders Prepare For U.S. Elections

By:

Vladimir Zernov

Published: Oct 29, 2024, 18:10 GMT+00:00

Key Points:

Gold rallied above the $2760 level as traders remained bullish.
Silver is trying to settle above the $34.25 level as traders focus on the strong performance of gold markets.
Platinum moved above the resistance at $1020 - $1030.

Gold

Gold 291024 Daily Chart

Gold tests historic highs as the strong rally continues. Traders continue to buy gold ahead of U.S. elections.

Gold has recently moved above the resistance at $2750 – $2760 and is heading towards the $2800 level.

Silver

Silver 291024 Daily Chart

Silver gains ground as gold/silver ratio pulled back below the 81.00 level.

In case silver manages to stay above the $34.25 level, it will gain additional upside momentum and move towards the $35.00 level.

Platinum

Platinum 291024 Daily Chart

Platinum tests new highs amid rising demand for precious metals. The recent rally in palladium markets has also provided some support to platinum.

In case platinum settles above the $1050 level, it will head towards the next resistance at $1080 – $1090.

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.