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Gold, Silver, Platinum Forecasts – Gold Is Mostly Flat As Traders Wait For Powell’s Comments
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Key Points:
- Gold settled near the $2570 level ahead of Fed decision.
- Silver pulled back as gold/silver ratio climbed above 84.50.
- Platinum declined below the $970 level.
Gold
Gold settled below the resistance at $2580 – $2590 as traders waited for Fed decision, which will be released soon.
In case Powell is dovish, gold will have a good chance to move above $2590 and test the $2600 level.
Silver
Silver is losing ground as gold/silver ratio moved back above the 84.50 level. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum.
A move below the $30.00 level will open the way to the test of the support at $28.75 – $29.00.
Platinum
Platinum pulled back below the $975 level as traders focused on the strong sell-off in palladium markets, which are down by more than 5% in today’s trading session.
If platinum settles below the $960 level, it will head towards the nearest support at $935 – $940.
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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