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Gold, Silver, Platinum Forecasts – Gold Soars 2.2% As Traders Prepare For Fed Decision
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Key Points:
- Gold starts the week on a strong note.
- Silver did not manage to settle above $32.50 as gold/silver ratio tested new highs.
- Platinum pulled back below the $950 level.
Gold
Gold gains ground as traders prepare for Fed Interest Rate Decision, which will be released on Wednesday.
If gold stays above the $3300 level, it will head towards the nearest resistance, which is located in the $3350 – $3360 range.
Silver
Silver moved higher as traders focused on the strong performance of gold markets.
However, gold/silver ratio climbed towards the 102.50 level, so it remains to be seen whether silver manages to gain sustainable upside momentum.
Platinum
Platinum is moving lower amid demand concerns. Palladium is down by 1.7%, which is bearish for platinum markets.
In case platinum settles below the $950 level, it will move towards the nearest support at $930 – $935.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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