Gold, Silver, Platinum Forecasts – Gold Retreats As Traders Worry About Hawkish Fed

Gold

Gold is losing ground as traders focus on Fed decision, which will be released tomorrow. Traders are worried that Fed may be more hawkish than previously expected, which is bearish for gold.

In case gold declines below the $2620 level, it will head towards the nearest support level at $2580 – $2590.

Silver

Silver tested new lows as pullback continued. At this point, silver needs additional positive catalysts to gain upside momentum.

If silver declines below the $30.00 level, it will move towards the support level at $28.75 – $29.00.

Platinum

Platinum remains stuck near the resisance at $935 – $945. Demand for commodities declined ahead of Fed decision, and it remains to be seen whether platinum manages to settle above $945 in the near term.

On the support side, a move below the $920 level will push platinum towards the support level at $895 – $905.

For a look at all of today’s economic events, check out our economic calendar.