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Gold, Silver, Platinum Forecasts – Gold Tests The $3040 Level As Fed Keeps Rates Unchanged
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Key Points:
- Gold is moving towards the $3050 level as traders stay bullish.
- Silver declined as gold/silver ratio settled above the 90 level.
- Platinum pulled back towards the $1000 level.
Gold
Gold stays close to historic highs after Fed decision. U.S. dollar pulled back from session highs, providing additional support to gold markets.
It should be noted that RSI is in the overbought territory, so the risks of a pullback are increasing.
Silver
Silver pulled back as gold/silver ratio climbed above the psychologically important 90 level.
In case silver settles below the $33.50 level, it will head towards the nearest support level, which is located in the $32.75 – $33.00 range.
Platinum
Platinum is losing ground as traders continue to take profits off the table after the strong rally from March lows.
A move below the $1000 level will open the way to the test of the support level at $980 – $985.
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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