Gold, Silver, Platinum Forecasts – Gold Pulled Back From Historic Highs

By:

Vladimir Zernov

Published: Oct 21, 2024, 17:45 GMT+00:00

Key Points:

Gold made an attempt to settle above the $2740 level.
Silver tested resistance at $34.00 - $34.25.
Platinum pulled back after an unsuccessful attempt to settle above the $1020 level.

Gold

Gold 211024 Daily Chart

Gold tested new highs but lost momentum and pulled back as traders took some profits off the table after the strong rally.

RSI remains in the overbought territory, so the risks of a pullback are increasing.

Silver

Silver 211024 Daily Chart

Silver made an attempt to settle above the resistance at $34.00 – $34.25 but did not manage to gain sufficient momentum.

RSI remains in the moderate territory despite the strong rally, so silver has a decent chance to climb above the $34.25 level in the near term.

Platinum

Platinum 211024 Daily Chart

Platinum moved lower as traders focused on the strong pullback in palladium markets, which are down by 2.5%.

From the technical point of view, platinum settled in a range between the support at $975 – $985 and the resistance at $1020 – $1030.

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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.