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Gold, Silver, Platinum Forecasts – Gold Remains Under Pressure Amid Falling Demand For Precious Metals
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Key Points:
- Gold settled below the $2640 level as traders prepared for Fed decision.
- Siver pulled back towards $30.20 as gold/silver ratio moved above 87.00.
- Platinum declined below the $930 level after an unsuccessful attempt to settle above the resistance at $935 - $945.
Gold
Gold is moving lower ahead of Fed decision. U.S. Dollar Index is trying to settle above the resistance at 107.10 – 107.30, which is bearish for gold markets.
A move below the $2620 level will push gold towards the nearest support level at $2580 – $2590.
Silver
Silver pulls back as gold/silver ratio climbed above the 87.00 level. From a big picture point of view, rising gold/silver ratio continues to put pressure on silver markets.
If silver moves below the $30.00 level, it will head towards the nearest support at $28.75 – $29.00.
Platinum
Platinum has recently made antother attempt to settle above the resistance at $935 – $945 but lost momentum and pulled back below the $930 level.
A move below the recent lows at $915 will push platinum towards the support level at $895 – $905.
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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