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Gold, Silver, Platinum Forecasts – Gold Retreats As Traders Wait For Powell’s Comments
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Key Points:
- Gold is losing ground as traders take some money off the table after the recent rally.
- Silver pulled back towards the $32.50 level.
- Platinum moved lower as demand for precious metals declined.
Gold
Gold pulls back as traders take some profits off the table ahead of the Fed decision, which will be released soon.
A move below the $3350 level will push gold towards the next support level at $3235 – $3245.
Silver
Silver pulled back towards the $32.50 level as gold/silver ratio climbed towards the 104.00 level.
If silver settles below $32.50, it will head towards the nearest support at $31.45 – $31.75.
Platinum
Platinum moved lower amid broad pullback in precious metals markets. Traders are cautious ahead of Fed decision.
From the technical point of view, platinum needs to settle below the support at $960 – $965 to gain additional downside momentum in the near term.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
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