Gold, Silver, Platinum Forecasts – Gold Is Mostly Flat As Traders Wait For Catalysts

Pipscollector.com - Key Points:

• Gold settled near the $2330 level despite rising Treasury yields.
• Silver is moving higher as gold/silver ratio pulled back below 79.50.
• Platinum tests support at $975 - $985.

Gold

Gold 010724 Daily Chart

Gold gains some ground despite rising Treasury yields. From a big picture point of view, gold found strong support near the $2300 level but needs additional positive catalysts to gain upside momentum.

If gold climbs above the 50 MA at $2337, it will move towards the nearest resistance at $2390 – $2400.

Silver

Silver 010724 Daily Chart

Silver continues to rebound from recent lows as gold/silver ratio pulled back below the 79.50 level.

In case silver manages to settle above the $30.00 level, it will move towards the resistance at $30.90 – $31.20.

Platinum

Platinum 010724 Daily Chart

Platinum  pulls back despite the encouraging Manufacturing PMI report from China, which showed that Manufacturing PMI increased from 51.7 in May to 51.8 in June.

A successful test of the support at $975 – $985 will open the way to the test of the next support level at $925 – $935.

For a look at all of today’s economic events, check out our economic calendar.

Quote source: Fxempire.