Gold, Silver, Platinum Forecasts – Gold Tests The $2590 Level

By:

Vladimir Zernov

Published: Sep 19, 2024, 17:35 GMT+00:00

Key Points:

Gold moved back towards all-time high levels.
Silver gained more than 3% as gold/silver ratio tested multi-week lows.
Platinum rebounded after yesterday's pullback.

Gold

Gold 190924 Daily Chart

Gold tests resistance at $2580 – $2590 as traders focus on U.S. dollar’s pullback after Fed’s rate cut.

A move above the $2590 level will provide gold with an opportunity to gain additional upside momentum.

Silver

Silver 190924 Daily Chart

Silver rallied as gold/silver ratio pulled back below the 83.50 level. RSI is in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge.

A move above the nearest resistance at $31.45 – $31.75 will push silver towards yearly highs at $32.50.

Platinum

Platinum 190924 Daily Chart

Platinum rebounds after yesterday’s pullback amid broad rally in precious metals markets.

In case platinum settles above the $1000 level, it will head towards the 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.