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Gold, Silver, Platinum Forecasts – Gold Tested The $3350 Level As Traders Focused On Powell’s Comments
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Key Points:
- Gold made an attempt to settle below the support at $3350 - $3360.
- Silver moved lower as traders continued to take profits near multi-year highs.
- Platinum suffered a sell-off after an unsuccessful attempt to settle above the $1340 level.
Gold
Gold is swinging between gains and losses as traders evaluate Powell’s comments and monitor the developments in the Middle East.
A successful test of the support level at $3350 – $3360 will push gold towards the next support level at $3235 – $3245.
Silver
Silver is moving lower as traders continue to take profits off the table after the strong rally.
In case silver settles below the $36.25 level, it will get to the test of the nearest support at $35.65 – $35.85.
Platinum
Platinum is under pressure after an unsuccessful attempt to settle above the resistance at $1335 – $1340.
If platinum settles below the support at $1275 – $1280, it will head towards the next support level at $1195 – $1200.
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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