Advertisement
Advertisement
Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulls Back As Traders Prepare For Fed Decision
By:
Key Points:
- Gold attempts to settle back below the $4200 level.
- Silver made an attempt to settle above $61.50.
- Platinum pulled back towards the $1640 level.
Gold
Gold moved lower despite U.S. dollar’s pullback and falling Treasury yields. Traders are not ready for big moves ahead of Fed Interest Rate Decision.
In case gold declines below the support at $4170 – $4180, it will move towards the 50 MA at $4096.
Silver
Silver tested new highs but lost momentum and pulled back as traders decided to take some profits off the table after the strong rally.
The technical picture remains bullish as silver settled above the resistance level at $58.60 – $58.80.
Platinum
Platinum suffered a sell-off after yesterday’s rally. Palladium markets have also found themselves under strong pressure.
A successful test of the support at $1620 – $1630 will push platinum towards the 50 MA at $1596.
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.
Advertisement