Gold Rallies After Dovish Remarks From Powell

(December 1, 2023 - Vladimir Zernov)

Traders bet that Fed will start cutting rates in the first half of 2024.

Key Insights

• Gold managed to settle above the $2060 level as traders focused on dovish comments from Fed Chair Powell. 
• Silver moved above the resistance at $25.30.
• Platinum remained stuck below the $935 level amid demand worries.

Gold

Gold tests new highs as traders bet that the global rate hike cycle has come to an end.

A successful test of the resistance at $2055 – $2065 will open the way to the test of the $2100 level.

Silver

Silver is moving higher, supported by U.S. dollar’s pullback and falling Treasury yields. Dovish comments from Fed Chair Powell served as an additional bullish catalyst for precious metals markets.

In case silver settles above the $25.30 level, it will head towards the next resistance at $26.00 – $26.15.

Platinum

Platinum remains stuck near the resistance at $925 – $935 as traders remain worried about the health of China’s economy, which is an important catalyst for platinum demand.

A move above the $935 level will push platinum towards the resistance at $990 – $1000.

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