Gold, Silver, Platinum Forecasts – Gold Retreats As Dollar Moves Higher

Key Insights

• Traders appear concerned about a hawkish Federal Reserve, pulling back on gold ahead of the Fed’s decision next week.
• Silver gains ground even as the U.S. dollar strengthens, indicating traders are using the pullback to go long on silver.
• Traders appear to be basing their bullish outlook for platinum on technical indicators rather than macroeconomic factors.

Gold

Gold pulls back as traders focus on U.S. dollar’s rebound. It looks that some traders are worried about hawkish Fed ahead of the Fed decision, which will be released next week.

From the technical point of view, gold remains stuck in the range between the support at $1910 and the resistance at $1935.

Silver

Silver is moving higher despite stronger U.S. dollar. Traders use the recent pullback as an opportunity to increase their long positions in silver.

In case silver settles above the $23.00 level, it will head towards the 200 MA at $23.45.

Platinum

Platinum is also moving higher as the rebound continues. Technical reasons are the main driver for this move.

Traders take some profits off the table after the strong move from August highs. In addition, some traders are ready to bet on a rebound near the strong support level.

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