Gold, Silver, Platinum Forecasts – Gold Moves Towards $1950 As Dollar Pulls Back
- Gold gained ground as traders focused on the pullback in Treasury yields.
- Silver moved above the $23.50 level.
- Platinum pulled back amid profit-taking.
Gold moves higher as U.S. dollar is losing ground ahead of the Fed decision. The pullback in Treasury yields provides additional support to gold markets.
If gold settles above the $1940 level, it will move towards the next resistance level, which is located in the $1975 – $1985 range.
Silver gained strong upside momentum as gold/silver ratio pulled back towards the 82.50 level.
A move above the 200 MA at $23.50 will push silver towards the next resistance at $24.25 – $24.50.
Platinum pulls back as traders take some profits off the table after the strong rebound from September lows.
From the technical point of view, platinum needs to stay above the support at $925 – $935 to have a chance to gain additional upside momentum in the near term.
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