Gold, Silver, Platinum Forecasts – Gold Is Flat As Traders Wait For U.S. Elections

By:

Vladimir Zernov

Published: Nov 4, 2024, 18:05 GMT+00:00

Key Points:

Gold settled near the $2735 level after an unsuccessful attempt to climb above $2750.
Silver did not manage to climb above the $33.00 level.
Platinum tested support at $975 - $985.

Gold

Gold 041124 Daily Chart

Gold is flat as traders wait for U.S. elections. U.S. dollar is losing ground while Treasury yields are moving lower, but gold traders are not ready for big moves ahead of the key event of the week.

From the technical point of view, gold remains stuck below the resistance at $2750 – $2760.

Silver

Silver 041124 Daily Chart

Silver is also flat as traders wait for catalysts. Silver made an attempt to settle above the $33.00 level but lost momentum and pulled back.

A move below the $32.00 level will push silver towards the support level at $31.45 – $31.75.

Platinum

Platinum 041124 Daily Chart

Platinum tests support at $975 – $985 as traders focus on the strong pullback in palladium markets.

A move below the $975 level will push platinum towards the nearest support level at $935 – $945.

For a look at all of today’s economic events, check out our economic calendar.

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.