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Gold, Silver, Platinum Forecasts – Gold Tests $2300 As Dollar Rebounds
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Key Points:
- Gold is trying to settle below the support at $2295 - $2305.
- Silver tests support at $28.75 - $29.00.
- Platinum is trying to settle below the $950 level.
Gold
Gold is under pressure as traders focus on Fed’s federal funds rate projections. The central bank expects a single rate cut in 2024, which is bearish for gold markets.
A successful test of the support at $2295 – $2305 will push gold towards the next support level at $2190 – $2200.
Silver
Silver tests support at $28.75 – $29.00 as gold/silver ratio climbed back above the 79 level.
A move below $28.75 will open the way to the test of the support level at $27.20 – $27.50.
Platinum
Platinum tests new lows amid broad sell-off in precious metals markets. Falling Treasury yields do not provide any support to platinum and other precious metals in today’s trading session.
From the technical point of view, platinum is moving towards the nearest support at $925 – $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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