Gold, Silver, Platinum Forecasts – Gold Tests Weekly Highs As ECB Cuts Rates

By:

Vladimir Zernov

Published: Jun 6, 2024, 17:28 GMT+00:00

Key Points:

Gold settled above the $2350 level and made an attempt to climb above $2380.
Silver gained 4.1% as gold/silver ratio declined below the 76 level.
Platinum moved above $1000 amid a broad rally in precious metals markets.

Gold

Gold 060624 Daily Chart

Gold gains ground amid rising demand for precious metals. The ECB cut the interest rate from 4.5% to 4.25%, providing additional support to gold markets.

The nearest resistance level for gold is located in the $2390 – $2400 range. A move above the $2400 level will push gold towards the resistance at $2440 – $2450.

Silver

Silver 060624 Daily Chart

Silver rallies as gold/silver ratio pulled back below the 76 level. The continuation of the previous bearish trend in gold/silver ratio is bullish for silver markets.

A move above the resistance at $30.90 – $31.20 will push silver towards the next resistance at $32.30 – $32.50.

Platinum

Platinum 060624 Daily Chart

Platinum continues to rebound after the strong pullback and is trying to settle back above the $1000 level.

From the technical point of view, platinum needs to climb above the resistance at $1010 – $1020 to have a chance to gain sustainable upside momentum.

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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.