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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rebounds As Traders Buy The Dip
By:
Key Points:
- Gold is trying to settle back above the $4000 level.
- Silver moved back above the $48.00 level.
- Platinum gained 1% amid rising demand for precious metals.
Gold
Gold rebounds as traders use the strong pullback as an opportunity to increase their long positions.
A successful test of the resistance at $3990 – $4000 will open the way to the test of the next resistance level at $4170 – $4180.
Silver
Silver rallied above the $48.00 level as traders prepared for Fed Interest Rate Decision.
In case silver settles above $48.00, it will head towards the nearest resistance at $49.60 – $49.80.
Platinum
Platinum has also moved higher amid broad rally in precious metals markets. Traders bet that Fed will cut rates and signal that it is ready to continue the rate cut cycle.
If platinum climbs above the psychologically important $1600 level, it will get to the test of the resistance at $1620 – $1630.
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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