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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests New Highs As Traders Focus On Powell’s Dovish Comments
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Key Points:
- Gold tests resistance at $4170 - $4180.
- Silver declined towards the $52.00 level amid profit-taking.
- Platinum made an attempt to settle above the $1690 level but lost momentum and pulled back.
Gold
Gold tested new highs as traders reacted to Powell’s comments, who noted that labor market could find itself under pressure if Fed moved slowly.
A successful test of the resistance at $4170 – $4180 will push gold towards the $4200 level.
Silver
Silver tested new highs but lost momentum and pulled back as traders took some profits off the table after the strong rally.
In case silver settles below the $51.00 level, it will head towards the nearest support at $49.60 – $49.80.
Platinum
Platinum is swinging between gains and losses as traders take profits near multi-year highs.
A move above the $1680 level will open the way to the test of the resistance at $1730 – $1735.
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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