Gold, Silver, Platinum Forecasts – Gold Dives Below $2750 Amid Profit-Taking

By:

Vladimir Zernov

Published: Oct 31, 2024, 18:10 GMT+00:00

Key Points:

Gold moved below the $2750 level as traders took profits after the strong rally.
Silver declined below the $33.00 level as gold/silver ratio moved above 83.50.
Platinum made an attempt to settle below the $985 level.

Gold

Gold 311024 Daily Chart

Gold is losing ground as traders take profits off the table near historic highs.

In case gold settles below the $2715 level, it will head towards the nearest significant support level at $2675 – $2685.

Silver

Silver 311024 Daily Chart

Silver is down by more than 3% as gold/silver ratio moved above the 83.50 level.

In case silver stays below $33.00, it will head towards the support level at $31.45 – $31.75.

Platinum

Platinum 311024 Daily Chart

Platinum tested new lows amid broad sell-off in precious metals markets.

From the technical point of view, platinum needs to settle below the support at $975 – $985 to gain additional downside momentum.

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About the Author

Vladimir Zernovauthor

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.