Gold, Silver, Platinum Forecasts – Gold Tests New Highs As Dollar Retreats

By:

Vladimir Zernov

Published: Sep 16, 2024, 17:10 GMT+00:00

Key Points:

Gold made an attempt to settle above the $2590 level as rally continued.
Silver faced resistance near the $31.00 level and pulled back.
Platinum moved lower amid profit-taking.

Gold

Gold 160924 Daily Chart

Gold tested new highs as traders focused on U.S. dollar’s pullback and falling Treasury yields.

RSI is close to the overbought territory, and it looks that some traders are willing to take profits off the table near historic highs.

Silver

Silver 160924 Daily Chart

Silver made an attempt to settle above the $31.00 level but lost momentum and pulled back amid profit-taking.

In case silver declines below the $30.50 level, it will head towards the psychologically important $30.00 level.

Platinum

Platinum 160924 Daily Chart

Platinum pulls back as traders take profits after the strong rebound from September lows.

A move below the support at $975 – $985 will push platinum towards the 50 MA at $950.

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.