Gold, Silver, Platinum Forecasts – Gold Tests New Highs As Bullish Sentiment Prevails

By:

Vladimir Zernov

Published: Oct 30, 2024, 18:48 GMT+00:00

Key Points:

Gold settled above the resistance at $2750 - $2760 and gained additional upside momentum.
Silver pulled back as gold/silver ratio moved above the 82 level.
Platinum is down by 3.5% as traders focus on the sell-off in palladium markets.

Gold

Gold 301024 Daily Chart

Gold tests new highs as the strong rally continues. Traders focus on the upcoming U.S. elections, which is bullish for the safe-haven gold.

From the technical point of view, gold settled above the resistance at $2750 – $2760 and is moving towards the $2800 level.

Silver

Silver 301024 Daily Chart

Silver is losing ground as gold/silver ratio climbed back above the 82.00 level.

Silver did not manage to settle above the resistance at $34.00 – $34.25. In case silver pulls back below the $33.00 level, it may gain significant downside momentum.

Platinum

Platinum 301024 Daily Chart

Platinum retreats as traders focus on the strong pullback in palladium markets, which are down by 5%.

If platinum stays below the $1020 level, it will head towards the support level at $975 – $985.

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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.