Gold, Silver, Platinum Forecasts – Gold Retreats As Traders Take Profits After Strong Rally

By:

Vladimir Zernov

Published: Sep 27, 2024, 17:50 GMT+00:00

Key Points:

Gold moved below the $2650 level amid profit-taking.
Silver is losing ground as traders focus on the pullback in gold markets.
Platinum declined towards the psychologically important $1000 level.

Gold

Gold 270924 Daily Chart

Gold pulls back as traders take profits near historic highs. RSI was in the overbought territory, so it’s not surprising to see that gold traders have finally decided to take some money off the table.

If gold stays below the $2650 level, it will move towards the nearest significant support, which is located in the $2580 – $2590 range.

Silver

Silver 270924 Daily Chart

Silver is losing ground as gold/silver ratio rebounded above the 84.00 level.

If silver settles back below the $31.45 level, it may gain additional downside momentum and move towards the $30.00 level.

Platinum

Platinum 270924 Daily Chart

Platinum is losing ground amid broad pullback in precious metals markets. The strong sell-off in palladium markets served as an additional bearish catalyst for platinum.

In case platinum declines below the $1000 level, it will head towards the support at $975 – $985.

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.