Gold, Silver, Platinum Forecasts: Middle East Strife Bolsters Demand for Safe Havens

Key Insights

• Middle East strife drives investors towards the safety of precious metals, pushing prices upward.
• Gold hovers in the overbought territory, as indicated by an RSI of 80, hinting at a possible short-term price adjustment.
• Silver and Platinum, while bullish, exhibit more tempered price growth, presenting potential opportunities for traders.

Gold (XAU/USD)

On October 13th, the XAU/USD showcased a dramatically bullish trend, trading at $1,928, a significant uptick of nearly 3.5% on a 4-hour timeframe. The metal’s pivot point is identified at $1,900. Resistances stand at $1,947, $1,982, and $2,021, while supports are anchored at $1,868, $1,850, and $1,811. The Relative Strength Index (RSI) reads at 80, pointing towards overbought conditions. The MACD value stands at 1.807, clearly above its signal line of 10.7, suggesting a potential upward momentum.

Gold’s price is currently above the 50-day Exponential Moving Average (EMA) of $1,897, indicating a short-term bullish trend. The chart reveals a downward trendline around $1,928, with a bullish breakout anticipated. The presence of a bullish engulfing pattern combined with a 50 EMA bullish crossover reinforces the buying trend.

In conclusion, yellow metal maintains a bullish outlook above $1,900. In the near term, gold may attempt to breach higher resistances.

Silver (XAG/USD)

Silver (XAG/USD) is demonstrating a robust bullish performance, trading at $22.65, marking a 4% increase on Friday on a 4-hour timeframe. Pivot for Silver is positioned at $22.08. The metal faces resistances at $22.58, $23.28, and $24.00, while supports lie at $21.36, $20.87, and $20.16.

The Relative Strength Index (RSI) stands at 65, reflecting a bullish sentiment. The Moving Average Convergence Divergence (MACD) value of 0.005 is slightly below its signal line at 0.122, hinting at potential downward momentum.

However, with the price trading above the 50-day Exponential Moving Average (EMA) of $21.86, a short-term bullish trend is indicated. In conclusion, the trend for Silver is bullish as long as it stays above $22.50. In the short term, Silver might test the immediate resistance levels.

Platinum

On October 13th, Platinum experienced a bullish momentum, trading around $883, marking a rise of nearly 2% on a 4-hour timeframe. This ascent is primarily attributed to its increased appeal as a safe haven.

The metal’s pivot point rests at $880.76. Immediate resistance levels are poised at $909.38, $941.4, and $969.34, while supports are discerned at $848.73, $820.11, and $788.09. The Relative Strength Index (RSI) is currently positioned at 55, which hints at a moderately bullish sentiment.

Furthermore, Platinum’s trading price is slightly above the 50-day Exponential Moving Average (EMA), which stands at $881.61, emphasizing a short-term bullish inclination. Conclusively, Platinum’s trend appears bullish as it sustains above the $881.60 mark.

In the imminent future, we might see Platinum challenging the immediate resistance of $909.

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