Gold, Silver, Platinum Forecasts – Gold Gains Ground As Dollar Pulls Back
- Gold moves higher as traders focus on the dynamics of U.S. dollar.
- Silver is heading towards the 200 MA at $23.50.
- Platinum tests resistance at $925 – $935.
Gold gains ground as U.S. dollar pulls back at the start of the week. Traders have started to prepare for the Fed decision, which will be released on Wednesday.
From the technical point of view, gold remains stuck in the $1900 – $1940 range. A move above the $1940 level will provide gold with an opportunity to gain additional upside momentum.
Silver continues to rebound from multi-week lows as traders focus on the dynamics of the U.S. dollar.
In case silver settles above the 200 MA at $23.50, it will head towards the next resistance in the $24.25 – $24.50 range.
Platinum tests resistance at $925 – $935 amid rising demand for precious metals.
In case this test is successful, platinum will head towards the next resistance, which is located in the $975 – $985 range.
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