Gold, Silver, Platinum Forecasts – Cautious Bullish Trends Faces Profit Pressure

Gold Pulls Back as Dollar Firms and Sellers Step In

Gold eased Thursday as traders took profits following a multi-day rally and the U.S. dollar extended gains. A 0.3% rise in the dollar index made bullion more expensive for international buyers, triggering a modest retreat after prices reached their highest level since early May. While concerns over U.S. fiscal risks and global bond volatility continue to support safe-haven demand, immediate flows shifted in favor of the greenback.

Gold’s latest price action shows selling pressure just below resistance near $3,432.65 to $3445.64. Support sits around $3,246.90 to $3235.21, where buyers previously stepped in. The trend remains cautiously bullish, supported by the 50-day moving average at $3192.08, but upside momentum has stalled near key resistance.

Silver Drops After Hitting Heavy Overhead Resistance

Silver declined sharply Thursday as strong early-session gains reversed near a key resistance level. The metal was hit by profit taking and broader dollar strength, which undercut recent bullish sentiment. Despite longer-term tailwinds from industrial demand, the inability to hold gains near recent highs signaled fading conviction among buyers.

Price turned lower from resistance near $33.65 to $33.85 confirming selling interest at that level. Immediate support is around $31.75 to $31.45, where recent buying emerged. The trend has weakened short-term, tilting neutral to bearish after the latest rejection at resistance.

Platinum Surges Through Key Level in Bullish Breakout

Platinum jumped on Thursday, outperforming other metals as a clean breakout above the $1,000 mark drew in fresh buyers. Renewed interest in industrial commodities and bullish technical momentum contributed to the sharp move higher. With gold and silver stalling, platinum attracted relative strength bids, confirming its near-term leadership among precious metals.

Price closed well above support at $1,004.47 to $995.24 with no resistance in sight, other than the psychological $1100.00 level. The trend is firmly bullish following the breakout with the 50-day moving average guiding it higher at $976.97.

More Information in our Economic Calendar.