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Gold, Silver, Platinum Forecasts – Gold Tests The $1850 Level

By:
Vladimir Zernov
Published: Sep 29, 2023, 17:39 GMT+00:00

Precious metals remain under pressure ahead of the weekend.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • Gold is losing ground as traders worry about potential rate hikes. 
  • Silver tests the key support in the $22.25 – $22.50 range. 
  • Platinum moved back towards the $900 level. 

Gold

Gold
Gold 290923 Daily Chart

Gold tests new lows as traders remain worried about potential rate hikes from the Fed.

In case gold settles below the support at $1845 – $1855, it will head towards the next support level at $1805 – $1815.

Silver

Silver
Silver 290923 Daily Chart

Silver continues its attempts to settle below the strong support in the $22.25 – $22.50 range amid a broad pullback in precious metals markets.

If silver declines below the $22.25 level, it will head towards the support in the $21.20 – $21.50 range.

Platinum

Platinum
Platinum 290923 Daily Chart

Platinum pulled back towards the $900 level as traders focused on the general weakness of the precious metals sector.

It should be noted that platinum has recently received strong support in the $880 – $890 range, so it remains to be seen whether it could gain additional downside momentum ahead of the weekend.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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