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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests New Lows As Traders Prepare For Fed Decision
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Key Points:
- Gold attempts to settle below the $3300 level as traders focus on strong dollar.
- Silver pulled back towards the support at $37.30 - $37.50.
- Platinum suffered a strong sell-off ahead of Fed decision.
Gold
Gold tests new lows as traders focus on strong dollar, which is moving higher after the release of the encouraging GDP Growth Rate report.
A successful test of the support at $3275 – $3285 will open the way to the test of the next support level at $3200 – $3210.
Silver
Silver is under pressure as traders react to U.S. dollar’s rally and prepare for Fed decision.
A move below the support at $37.30 – $37.50 will push silver towards the next support level at $35.65 – $35.85.
Platinum
Platinum is under strong pressure amid broad pullback in precious metals markets.
In case platinum declines below the support level at $1345 – $1350, it will head towards the next support at $1300 – $1305.
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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