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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tested The $3400 Level
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Key Points:
- Gold remains stuck below the psychologically important $3400 level.
- Silver moved lower amid profit-taking.
- Platinum gained 3.9% as traders remained bullish.
Gold
Gold is mostly flat as traders wait for Fed decision. Falling Treasury yields did not provide support to gold markets as traders were not ready for big moves ahead of the key event of the week.
If gold manages to settle above the $3400 level, it will head towards the resistance at $3490 – $3500.
Silver
Silver pulls back as traders take some profits off the table near multi-year highs.
From the technical point of view, silver needs to settle above the resistance at $37.30 – $37.50 to gain additional upside momentum in the near term.
Platinum
Platinum tests new highs as the strong rally continues. Platinum has already climbed above the resistance at $1275 – $1280 and is trying to settle above the $1300 level.
In case this attempt is successful, platinum will move towards the next resistance level at $1335 – $1340.
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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