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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Gains Ground As Traders Focus On Powell’s Fate
By:
Key Points:
- Gold attempts to settle above the $3350 level.
- Silver gains ground despite rising gold/silver ratio.
- Platinum rebounds after recent pullback.
Gold
Gold gains ground as traders focus on reports indicating that Trump could fire Fed Chair Powell. Trump has already noted that he did not plan to fire Powell, but these comments did not put material pressure on precious metals markets.
A move above the $3360 level will push gold towards the next resistance level at $3440 – $3450.
Silver
Silver gained some ground as traders focused on the strong performance of gold markets.
From a big picture point of view, silver markets stabilize after the pullback from multi-year highs.
Platinum
Platinum rebounded as traders focused on weaker dollar and falling Treasury yields.
If platinum climbs above $1450, it will head towards the resistance level at $1495 – $1500.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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