Stocks Remain Positive, Dollar Declines as Market Foresees Larger Fed Rate Cut
September 16, 2024Stocks Finish Flat, Dollar Strengthens Ahead of Fed Rate Decision
September 18, 2024Gold reached new highs as traders paid attention to the weakening U.S. dollar and decreasing Treasury yields. The Relative Strength Index (RSI) is approaching overbought levels, suggesting some traders are considering taking profits near historical peaks. Silver also saw highs above $31.00 before a reversal due to profit-taking. If silver falls below $30.50, it may target the crucial $30.00 mark. Platinum, on the other hand, experienced a pullback as traders booked profits following a strong recovery from September lows. A drop below support levels at $975 – $985 could push platinum towards the 50-day Moving Average at $950.