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Gold, Silver, Platinum Forecasts – Gold Attempts To Rebound As Traders Wait For Powell’s Comments

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Key Insights

  • Gold found support in the $1975 – $1985 range. 
  • Silver remained under pressure as gold/silver ratio tested new highs. 
  • Platinum pulled back after an unsuccessful attempt to settle above the strong resistance level.

Gold

Gold 131223 Daily Chart

Gold settled near the $1980 level as traders waited for Fed decision. Treasury yields are moving lower, providing some support to gold markets.

If gold manages to settle back above the $1985 level, it will head towards the resistance at $2015 – $2025.

Silver

Silver 131223 Daily Chart

Silver tests new lows as gold/silver ratio moved above the 87.50 level. In case gold/silver ratio settles above 88, it may gain additional upside momentum and move towards 90, which will be bearish for silver.

Silver is declining for 8th day in a row, but RSI remains in the moderate territory, so there is enough room to gain downside momentum.

Platinum

Platinum 131223 Daily Chart

Platinum failed to settle above the resistance at $925 – $935 and pulled back.

Most likely, platinum will need strong catalysts to have a chance to settle above the $935 level.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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