Gold, Silver, Platinum Forecasts – Gold Pulls Back As Dollar Tests Weekly Highs

By:

Vladimir Zernov

Published: Oct 2, 2024, 17:55 GMT+00:00

Key Points:

Gold pulled back towards the $2650 level as dollar moved higher.
Silver gained ground as gold/silver ratio dropped below 84.
Platinum moved above the psychologically important $1000 level.

Gold

Gold 021024 Daily Chart

Gold moved away from historic highs as traders focused on strong U.S. dollar, which gained ground after the release of ADP Employment Change report.

If gold settles back below the $2650 level, it may gain additional downside momentum and move towards the support at $2580 – $2590.

Silver

Silver 021024 Daily Chart

Silver continues its attempts to settle above the resistance at $31.45 – $31.75 as gold/silver ratio pulled back below the 84 level.

The technical picture remains unchanged, and silver needs to settle above $31.75 to gain sustainable upside momentum.

Platinum

Platinum 021024 Daily Chart

Platinum managed to climb above the $1000 level as traders ignored stronger dollar and rising Treasury yields.

A move above $1000 opens the way to the test of the nearest resistance level 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.