Gold, Silver, Platinum Forecasts – Gold Remains Under Pressure Amid Profit-Taking

By:

Vladimir Zernov

Published: Nov 1, 2024, 18:15 GMT+00:00

Key Points:

Gold is trying to settle below the $2730 level.
Silver pulled back as gold/silver ratio tested new highs.
Platinum continues its attempts to settle below the support at $975 - $985.

Gold

Gold 011124 Daily Chart

Gold is losing ground as traders continue to take profits near historic highs.

RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in the near term.

Silver

Silver 011124 Daily Chart

Silver tests new lows as gold/silver ratio climbed above the 84.00 level and continues to move higher.

A move below $32.50 opens the way to the test of the support level at $31.45 – $31.75.

Platinum

Platinum 011124 Daily Chart

Platinum remains stuck near the support level at $975 – $985 as traders focus on the pullback in precious metals markets.

If platinum manages to climb back above the $1000 level, it will head towards the nearest resistance 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.