Gold, Silver, Platinum – Precious Metals Rebound From Session Lows

Key Insights

• Gold moved towards the $1930 level after an unsuccessful attempt to settle below $1900.
• Silver received strong support near the 50 EMA and moved back into the previous trading range. 
• Platinum failed to settle below the support at the $1000 level. 

Gold

Gold received support near the 20 EMA at $1900 level and rebounded towards the resistance at $1930. U.S. dollar’s pullback provided support to gold markets. It should be noted that traders are nervous ahead of tomorrow’s Fed decision, and today’s move looks like an ordinary shakeout. The real action will start tomorrow.

Silver

Silver has also made an attempt to gain downside momentum, but the pullback was quickly bought. The resistance area in the $24.00 – $24.50 range remains the key problem for silver bulls. If the Fed is dovish enough, silver will have a decent chance to get above this area.

Platinum

Platinum made an attempt to settle below the $1000 level but failed to develop sufficient momentum and rebounded above the $1015 level. From a big picture point of view, traders are waiting for the Fed decision.

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