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.

In this article:

Gold

+0.97%

Silver

-0.85%

Platinum

-0.67%

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, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.