Gold, Silver, Platinum – Precious Metals Decline As Traders Prepare For Fed Decision
- Gold failed to settle above the $1930 level and pulled back.
- Silver gained downside momentum and moved below the $23.50 level.
- Platinum is testing the support at the psychologically important $1000 level.
Gold is trading near the $1920 level as traders wait for the Fed decision. The U.S. dollar is losing ground against a broad basket of currencies, but this move does not provide enough support to precious metals.
Silver is currently trying to settle below the $23.50 level. It looks that traders are worried that Jerome Powell will be more hawkish than expected. From a big picture point of view, silver remains stuck in a tight range. If silver gets out of this range, it will likely gain strong momentum.
Platinum declined below the $1000 level amid a broad sell-off in precious metals markets. RSI remains in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge. A successful test of the $1000 level will open the way to the test of the support at $980.
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