Gold, Silver, Platinum Forecasts – Gold Stays Stuck Below $2750

By:

Vladimir Zernov

Published: Nov 5, 2024, 17:50 GMT+00:00

Key Points:

Gold is mostly flat as traders wait for the results of U.S. elections.
Silver gained some ground as gold/silver ratio pulled back below 84.00.
Platinum is trying to settle back above the $1000 level.

Gold

Gold 051124 Daily Chart

Gold is stuck below the $2750 level as traders wait for the results of U.S. elections. U.S. dollar’s pullback did not provide material support to gold markets in today’s trading session.

From the technical point of view, gold needs to settle above the resistance at $2750 – $2760 to have a chance to gain additional upside momentum in the near term.

Silver

Silver 051124 Daily Chart

Silver moved higher as gold/silver ratio pulled back below the 84.00 level. RSI is in the moderate territory, and there is enough room to gain additional momentum in the near term.

A move above the $33.00 level will open the way to the test of the resistance level at $34.00 – $34.25.

Platinum

Platinum 051124 Daily Chart

Platinum rebounds as traders focus on the better-than-expected Caixin Services PMI report from China.

If platinum settles back above the $1000 level, it will move towards the 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.