Key Insights
- Gold moved back above the $1955 level.
- Silver rebounded after the recent pullback.
- Platinum remains under pressure despite weaker U.S. dollar.
Gold
Gold stays range-bound as traders are cautious ahead of the Fed decision. U.S. dollar’s pullback provided some support to gold markets, but traders are not ready for big moves.
Gold receives strong support near the $1940 level but it needs to get above the strong resistance area in the $1965 – $1985 range to have a chance to gain sustainable upside momentum.
Silver
Silver rebounded after the recent pullback as traders focused on weaker dollar and lower Treasury yields.
The current trend remains bullish as silver managed to quickly rebound after the sell-off.
Platinum
Platinum remains under pressure amid recession worries. The recent news from China, which plans to provide additional support to the economy, did not boost platinum markets.
RSI is close to the oversold territory, and platinum markets are close to a material support level, so platinum could try to rebound if the Fed is not too hawkish.
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