Gold (XAUUSD), Silver, Platinum Forecasts – Gold Moves Lower As Traders Take Profits Ahead Of Fed Decision

Gold

Gold moved lower as traders took some profits off the table ahead of Fed decision, which will be released soon.

From a big picture point of view, traders stay bullish and expect that Fed will cut rates and highlight the weakness of the labor market.

Silver

Silver pulled back as gold/silver ratio climbed towards the 88.00 level. Profit-taking served as the key catalyst for the move.

In case silver settles below the support at $41.30 – $41.50, it will head towards the next support level, which is located in the $39.80 – $40.00 range.

Platinum

Platinum is under pressure amid broad pullback in precious metals markets. Currently, platinum attempts to settle below the 50 MA at $1379.

In case this attempt is successful, platinum will head towards the support level at $1345 – $1350.

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