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Gold, Silver, Platinum – Precious Metals Decline As Traders Prepare For Fed Decision

By:
Vladimir Zernov
Updated: Feb 2, 2023, 05:13 GMT+00:00

Traders reduce their risks as they fear that Fed may be more hawkish than expected.

Gold, Silver, Platinum – Precious Metals Decline As Traders Prepare For Fed Decision

In this article:

Key Insights

  • 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

Gold
Gold 010223 Daily Chart

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

Silver
Silver 010223 Daily Chart

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

Platinum
Platinum 010223 Daily Chart

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.

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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