Gold, Silver, Platinum – Traders Stay Cautious Ahead Of The Fed Meeting

Key Insights

• Gold settled below the $1930 level and is slowly moving towards the next support at $1915.
• Silver is trying to get back above the 20 EMA. 
• Platinum is testing the support level at $1015.

Gold

Gold is losing some ground today as the U.S. dollar moves higher against a broad basket of currencies. Trading action is calm as gold traders prepare for the upcoming Fed decision, which will be released on Wednesday. It remains to be seen whether traders are ready for big moves ahead of this key event.

Silver

Silver is currently trying to settle back above the 20 EMA. Silver remains stuck in a range, and the situation will not change until strong catalysts emerge. In this light, it is hard to expect material moves from silver ahead of the Fed decision.

Platinum

Platinum is currently trying to settle below the support at $1015. RSI remains in the moderate territory, so there is enough room to gain additional momentum in case the right catalysts emerge. If platinum settles below $1015, it will head towards the psychologically important $1000 level.

For a look at all of today’s economic events, check out our economic calendar.