(Kitco News) – Gold has kicked off the week with a strong performance, while silver and platinum prices both slipped below key support levels with the Fed rate decision on deck, according to Vladimir Zernov, market analyst at FX Empire.
Zernov noted that gold is continuing to gain ground as investors position themselves ahead of the Federal Reserve’s interest rate decision on Wednesday afternoon.
“If gold stays above the $3300 level, it will head towards the nearest resistance, which is located in the $3350 – $3360 range,” he said.
Gold prices have continued to build on their gains from earlier in the session, with spot gold last trading at $3,334.89 per ounce for a gain of 2.90% on the daily chart.
Turning to silver, Zernov noted that prices appear to be following gold higher, but it’s unclear whether or not the gray metal can gain against gold.
The “gold/silver ratio climbed towards the 102.50 level, so it remains to be seen whether silver manages to gain sustainable upside momentum,” he said
Silver prices have struggled to hold above the key resistance at $32.500, but they remain within striking distance of that level on Monday afternoon, last trading at $32.473 for a gain of 1.44% on the session.
Platinum, by contrast, is losing ground against the broader precious metals complex, with prices declining amid concerns about demand.
“Palladium is down by 1.7%, which is bearish for platinum markets,” Zernov noted. “In case platinum settles below the $950 level, it will move towards the nearest support at $930 – $935.”
After hitting a session low of $956.70 at 11:20 a.m. EDT, platinum has regained some ground, but remains well down on the session, with spot platinum last trading at $962.80 per ounce for a loss of 1.60% on the daily chart.
