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July 23, 2024
PI Global Investments
Precious Metals

Gold, Silver, Platinum Forecasts – Gold Pulls Back As U.S. Inflation Rate Exceeds Expectations


Gold 110124 Daily Chart

Gold is losing ground as traders react to U.S. inflation reports, which indicated that Inflation Rate increased from 3.1% in November to 3.4% in December.

A move below the support at $2015 – $2025 will open the way to the test of the next support level at $1970 – $1980.

Silver 110124 Daily Chart

Silver tests new lows as gold/silver ratio moved above the 89 level. Stronger dollar puts additional pressure on silver markets.

Currently, silver is trying to settle below the support at $22.25 – $22.50. If this attempt is successful, silver will head towards the next support level at $21.50 – $21.70.

Platinum

Platinum 110124 Daily Chart

Platinum remained under strong pressure as traders reacted to U.S. inflation data.

From the technical point of view, platinum moved below the support at $925 – $935 and is heading towards the next support level at $880 – $890.

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



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