Gold, Silver, Platinum Forecasts – Gold Tests Historic Highs As Demand Stays Strong

By Vladimir Zernov

Last Updated 2024-04-09 14:00:09

Gold

Gold 090424 Daily Chart

Gold tested new highs as demand for gold remained strong ahead of U.S. inflation reports, which will be released tomorrow.

Gold is overbought, but it remains to be seen whether traders want to take profits off the table as central banks continue to buy gold for reserves.

Silver 090424 Daily Chart

Silver has also tested new highs as the rally continued. Gold/silver ratio settled near the 84 level, which was bullish for silver.

If silver manages to settle above the $28.00 level, it will head towards the next resistance at $28.70 – $28.90.

Platinum 090424 Daily Chart

Platinum gained ground amid strong demand for precious metals. Palladium markets tested new highs, providing additional support to platinum.

If platinum moves above the $985 level, it will head towards the resistance at $1015 – $1025.

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