Gold, Silver, Platinum Forecasts – Gold Moves Higher Amid Rising Demand For Safe-Haven Assets

February 1, 2024 5:27 PM +07:00

Demand for gold is increasing as traders focus on the recent developments in the Middle East.

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Key Insights

  • Gold made an attempt to settle above the $2050 level. 
  • Silver pulled back as gold/silver ratio rebounded towards 88.
  • Platinum faced significant resistance in the $925 – $935 range.


Xauusd 2024 01 30 20 04 10

Gold gains ground as demand for safe-haven assets increases amid rising tensions in the Middle East. Markets are waiting for the U.S. response to the recent attack on U.S. personnel in Jordan.

In case gold manages to settle above the $2050 level, it will move towards the nearest resistance, which is located in the $2065 – $2075 range.


Xagusd 2024 01 30 20 04 16

Silver pulled back towards the $23.00 level as traders took some profits off the table after the rebound from January lows.

Silver needs to settle above the nearest resistance at $23.40 – $23.60 to have a chance to gain sustainable upside momentum.


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Platinum moved lower amid profit-taking. Traders are not ready to increase their long positions ahead of tomorrow’s Fed decision.

The technical picture remains unchanged as platinum needs to settle above the resistance at $925 – $935 to gain momentum.

Quote source: FX Empire

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