Gold, Silver, Platinum Forecasts – Gold Is Mostly Flat As Traders Wait For Powell’s Comments

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.