Gold, Silver, Platinum Forecasts: Metals React as Fed’s ‘Restrictive’ Stance Awaits Inflation Ease

Key Insights

• Gold (XAU/USD): Floating above the 50-day EMA ($1850), gold’s gleam could intensify if it remains north of $1850.
• Silver (XAG/USD): At $21.90, Silver’s 1.45% ascent reflects the weight of geopolitical shifts.
• Platinum: Navigating choppy waters near $870, yet its RSI at 51 paints a hint of bullishness.

Fed Officials Divided on Future Interest Rate Adjustments

Federal Reserve officials had different opinions on the future adjustments of interest rates during their September gathering, according to recent fundamental updates. The main idea was to keep the rates high until there is concrete evidence of inflation returning to 2%.

Although the September meeting concluded without any rate increases, there are speculations of potential hikes in the near future.

Gold (XAU/USD)

On October 11, the technical outlook for the XAU/USD pair displayed a modest upward movement, settling at $1,884.45, a gain of +0.49% within the 4-hour chart timeframe. The pivot point for the precious metal is established at $1864. Critical resistance levels are situated at $1880, $1896, and extending up to $1915.

On the flip side, the yellow metal finds immediate support at $1853, with subsequent layers at $1844 and $1832. The overall trend for XAU/USD seems to tilt bearish, particularly if it lingers beneath the notable double top resistance of $1880.

However, surpassing this marker could signal a bullish sentiment. In the short run, investors are keeping a close eye on these essential benchmarks, anticipating the precious metal to either challenge or stabilize around these resistances and supports in the approaching trading days.

Silver (XAG/USD)

On October 11, Silver, represented as XAG/USD in the trading sphere, showcased a favorable incline, ending the session at $22.160, reflecting a gain of +0.94%. Within the confines of the 4-hour chart timeframe, the pivot point for this metal stands firm at $21.49.

On the resistance frontier, immediate opposition is identified at $22.29, followed by $23.00 and further stretching to $23.81. In contrast, Silver’s defensive line or support is grounded at $20.80, with additional layers positioned at $19.99 and $19.28.

Drawing a conclusion from the technical and fundamental dynamics, the overall sentiment for Silver remains bullish, especially if it sustains above the $21.75 threshold.

Platinum

On October 11, Platinum, an often overlooked precious metal, showcased its position in the trading domain. Per the 4-hour chart, it was trading at $887. The pivotal point for Platinum is pegged at $884. In terms of resistance, the metal encounters its first hurdle at $912, succeeded by $944, and stretching up to $973. On the flip side, the immediate support level is pinpointed at $852, with subsequent fallback positions anchored at $823 and $792.

Factoring in the current trading price along with the essential metrics, Platinum exudes a bullish stance, particularly as it stays afloat above the $880 benchmark. Traders and investors are advised to keep a keen eye on these decisive levels in the forthcoming sessions, as they are poised to steer future price trajectories for this valuable metal.

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