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Gold, Silver, Platinum Forecasts – Gold Dives 2.2% As Traders Reduce Bets On Dovish Fed
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Key Points:
- Gold pulled back below the psychologically important $3000 level.
- Silver gained ground as gold/silver ratio declined below the 100 level.
- Platinum rebounded towards the resistance at $895 - $900.
Gold
Gold tests new lows as traders worry that Fed may be forced to raise rates in order to fight inflation, which could be triggered by trade wars.
From the technical point of view, gold declined below the support at $2995 – $3005 and is moving towards the next support level at $2940 – $2950.
Silver
Silver rebounded from session lows as gold/silver ratio moved back below the psychologically important 100 level.
If silver manages to settle above the $30.00 level, it will head towards the resistance at $31.45 – $31.75.
Platinum
Platinum has also managed to rebound from session lows as traders bought the dip.
A move above the $900 level will push platinum towards the next resistance at $930 – $935.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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