Gold, Silver, Platinum Forecasts – Gold Rallies As Iran Attacks Israel

By:

Vladimir Zernov

Published: Oct 1, 2024, 17:40 GMT+00:00

Key Points:

Gold moved towards the resistance at $2675 - $2685 as Iran fired missiles at Israel.
Silver did not manage to settle above the resistance at $31.45 - $31.75.
Platinum made an attempt to climb above $1000 but lost momentum and pulled back.

Gold

Gold 011024 Daily Chart

Gold moved back towards historic highs as traders reacted to Iran’s attack on Israel.

A move above the resistance at $2675 – $2685 will push gold towards the $2700 level.

Silver

Silver 011024 Daily Chart

Silver gained ground as traders focused on rising geopolitical tensions. It should be noted that gold/silver ratio moved above the 84.50 level, which was bearish for silver.

From the technical point of view, silver needs to settle above the resistance at $31.45 – $31.75 to gain sustainable upside momentum.

Platinum

Platinum 011024 Daily Chart

Platinum made an attempt to settle above the $1000 level but lost momentum and pulled back.

If platinum settles below the support at $975 – $985, it will head towards the next support level, which is located in the $935 – $940 range.

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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.