Gold, Silver, Platinum Forecasts – Gold Tests New Lows As Dollar Rallies

By:

Vladimir Zernov

Published: Nov 12, 2024, 17:52 GMT+00:00

Key Points:

Gold moved below the $2600 level as U.S. dollar tested new highs.
Silver continued its attempts to settle below the $30.50 level.
Platinum is down by more than 2.5% amid demand worries.

In this article:

Gold

-0.05%

Silver

-0.17%

Platinum

-0.01%

Gold

Gold 121124 Daily Chart

Gold tests new lows as pullback continues. U.S. dollar tests multi-month highs, which is bearish for gold.

In case gold settles below the support at $2580 – $2590, it will move towards the next support level, which is located in the $2515 – $2525 range.

Silver

Silver 121124 Daily Chart

Silver is losing ground as traders focus on the sell-off in the gold markets. Rising Treasury yields put additional pressure on silver markets today.

A move below the $30.00 level will open the way to the test of the next support at $28.75 – $29.00.

Platinum

Platinum 121124 Daily Chart

Platinum is under pressure amid demand worries. The strong sell-off in palladium markets has served as an additional bearish catalyst for platinum.

A successful test of the support at $935 – $940 will push platinum towards the next support level at $895 – $905.

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, 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.