Gold, Silver, Platinum Forecasts – Gold Rallies As China Unveils Stimulus Measures

By:

Vladimir Zernov

Published: Sep 24, 2024, 17:45 GMT+00:00

Key Points:

Gold is trying to settle above the $2650 level.
Silver moved above the resistance at $31.45 - $31.75.
Platinum gained 2.7% as traders focused on the news from China.

Gold

Gold 240924 Daily Chart

Gold tested new highs as China’s central bank lowered its reserve requirement ratio to boost the country’s economy.

In case gold manages to settle above the $2650 level, it will head towards $2700. RSI is in the overbought territory, so the risks of a pullback are increasing.

Silver

Silver 240924 Daily Chart

Silver tests new highs as traders bet that China’s stimulus measures will boost demand for the metal.

If silver settles above the resistance at $31.45 – $31.75, it will move towards the next resistance level, which is located in the $34.00 – $34.25 range.

Platinum

Platinum 240924 Daily Chart

Platinum gains ground amid strong rally in precious metals markets, which was triggered by China’s stimulus measures.

A successful test of the resistance at $975 – $985 will open the way to the test of the next resistance level at $1020 – $1030.

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.