Gold, Silver, Platinum Analysis: Platinum’s Bullish Wedge Breakout Shines Above $920

Key Insights

• Gold buoyed by geopolitical tensions, nears $2,000 mark.
• U.S. Federal Reserve meetings eyed for gold price cues.
• U.S. Treasury yields peak at 4.8% for the 10-year note.
• Market expects Fed to hold interest rates steady.
• Silver shows strength above the $23 level.
• Platinum’s positive outlook holds above $920.

Quick Fundamental Outlook

Gold’s recent price surge is driven by geopolitical tensions, particularly the Israel-Hamas conflict. Although Israel has moderated its stance in Gaza, gold remains close to the $2,000 mark, indicating persistent market concerns over Middle East instability.

Upcoming U.S. Federal Reserve meetings could further influence gold prices, especially given the volatile U.S. Treasury yields, which recently peaked at 4.8% for the 10-year Treasury.

Market sentiment anticipates the Fed maintaining current interest rates. Additionally, upcoming economic reports, including ADP employment data and the September jobs report, combined with the potential of another rate hike by the Fed, have kept the U.S. dollar strong.

This dynamic among gold, silver, and platinum often means that when gold prices rise due to geopolitical or economic reasons, silver and platinum can also experience upward momentum, though the exact correlation can vary.

Gold Prices Forecast

In today’s technical outlook for Gold (XAU/USD) on October 31, the precious metal has been trading at $1,999.350, marking an increase of +0.12% in the last 24 hours.

Based on the 4-hour chart timeframe, critical levels to watch include a pivot point at $1,994.

On the upside, immediate resistance stands at $2,011, with subsequent levels at $2,031 and $2,049. Conversely, we find support at $1,981, followed by $1,964 and $1,947.

The RSI is currently at 59, suggesting a mildly bullish sentiment. The MACD line indicates a bullish trend, as it’s currently above the signal. Meanwhile, with the price resting above the 50-day EMA of $1,976, the short-term outlook remains bullish.

Chart patterns highlight an upward channel, suggesting support for buying in gold above $1,993. An observed bullish engulfing candle just above $1,993, coupled with other technical tools, solidifies the buying trend. In conclusion, the overall trend for gold is bullish above $1,993.

In the short term, we can expect gold to test the immediate resistance levels in the coming days.

Silver Prices Forecast

In the technical outlook for Silver (XAG/USD) on October 31, the white metal is currently priced at $23.28690, showing a modest uptick of +0.13% within a 24-hour period. Analyzing the 4-hour chart, the pivot point stands firmly at $23.14.

On the bullish side, immediate resistance is seen at $23.66, followed by resistances at $24.13 and $24.56. For potential pullbacks, immediate support lies at $22.65, with deeper supports at $22.26 and $21.84.

The RSI, positioned at 58, leans toward a bullish sentiment. The MACD line is currently under the signal line, suggesting a possible bearish trend.

However, with silver trading above its 50-day EMA of $22.97, the immediate trend is bullish. Chart patterns reveal an upward channel, suggesting buying support for XAGUSD above the $23 mark.

Even though silver has slightly retreated below $23.65, the prevailing upward trend is bolstering it. In wrapping up, the general trend for silver appears bullish above the $23 level.

In the near term, silver is anticipated to challenge the immediate resistance levels.

Platinum Prices Forecast

The technical outlook for Platinum on October 31 highlights the metal’s current price at $936.50, marking an impressive surge of +0.97% in the past 24 hours.

Based on a 4-hour chart analysis, the pivot point for platinum is at $920. The metal faces immediate resistance at $966, with subsequent resistances at $1,010 and $1,049. Conversely, if platinum were to face downward pressure, immediate support is at $888, followed by $851 and then $828.

The RSI, standing at 63, signals a bullish sentiment. The MACD line has surpassed the signal line, indicating potential upward momentum. With platinum trading above its 50-day EMA of $907, the short-term trend leans bullish.

Chart analysis reveals a falling wedge breakout pattern on both the 4-hour and daily charts, which previously acted as a resistance at $915. With this pattern now breached, trading opportunities may arise.

Conclusively, the trend for platinum remains bullish above the $920 mark.

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