Gold, silver, and platinum prices are experiencing a surge in the market as traders brace themselves for the upcoming Federal Reserve decision. Gold, after a recent sell-off, is rebounding and currently trading above the $2300 mark. Analysts predict that if gold manages to stay above this level, it could potentially reach the 50 MA at $2343. Meanwhile, silver has also started to recover from recent lows, with the gold/silver ratio pulling back towards 77.50, offering additional support to silver. Traders are eyeing a potential move above the $30.00 level, which could pave the way for testing resistance levels at $30.90 – $31.20. Platinum, on the other hand, is on an upward trajectory amid a broader rebound in the precious metals market. However, palladium markets are facing pressure, raising uncertainties about platinum’s ability to surpass the nearest resistance at $975 – $985. If platinum manages to settle back above $985, it is likely to head towards the resistance zone at $1010 – $1020. The reaction to the upcoming Fed decision and subsequent comments from Fed Chair Powell are expected to dictate the near-term dynamics of silver market. Market analysts highlight that the recent sell-off in gold was reigned in by the $2295 – $2305 support range. Currently, gold is attempting to gain upside momentum, with a potential target level of $2350. Furthermore, short sellers in the silver market are taking profits following a strong move, signaling a positive outlook for silver. As for platinum, its continued effort to settle above $950 is attracting attention, with the prospect of reaching the resistance at $975 – $985. Traders are closely monitoring RSI levels and key catalysts that may propel platinum further. The economic calendar for today includes various events that will impact the market’s direction. With experts like Vladimir, an independent trader with extensive experience in financial markets, offering insights, investors are navigating the market with caution. Stay tuned for further updates on gold, silver, and platinum forecasts amidst the ongoing market dynamics and anticipation of the Fed decision.
