Gold, Silver, Platinum Forecasts – Gold Tests New Highs As Hamas Leader Is Killed In Tehran

By:

Vladimir Zernov

Published: Jul 31, 2024, 17:17 GMT+00:00

Key Points:

Gold climbed above $2425 amid rising tensions in the Middle East.
Silver tests resistance at $28.75 - $29.00 as gold/silver ratio pulls back below 84.50.
Platinum moved towards the $975 level.

Gold

Gold 310724 Daily Chart

Gold gained ground as traders focused on rising geopolitical tensions. Hamas leader Ismail Haniyeh was killed in an air strike in Iran.

Gold settled above the previous resistance at $2390 – $2400 and is moving towards the next resistance level, which is located in the $2445 – $2450 range.

Silver

Silver 310724 Daily Chart

Silver tested weekly highs as gold/silver ratio pulled back below the 84.50 level.

In case silver manages to settle back above the resistance at $28.75 – $29.00, it will head towards the next resistance level at $31.20 – $31.50.

Platinum

Platinum 310724 Daily Chart

Platinum tested new highs amid broad rally in precious metals markets. The strong performance of palladium markets, which are up by 5.4%, provided additional support to platinum today.

A move above the resistance at $975 – $985 will open the way to the test of the next resistance level at $1020 – $1030.

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.