Gold (XAUUSD), Silver, Platinum Forecasts – Bullish Momentum Builds Across Metals

Gold (XAU/USD)

Fundamentals
Gold remains near record highs, buoyed by soft U.S. inflation data and heightened expectations of monetary easing. August’s unexpected decline in producer prices, alongside a weak nonfarm payrolls report, reinforced the view that the U.S. economy is losing momentum. Traders are now pricing in a 90% probability of a 25 basis point cut at the Federal Reserve’s September 16–17 meeting. Analysts suggest the Fed may cut rates more than twice before year-end, a scenario that historically supports gold. Uncertainty around the central bank’s independence—highlighted by the legal attempt to remove Fed Governor Lisa Cook—adds further risk premium.

Technicals
Gold touched an intraday high of $3,674.70 before settling around $3,648.06. Price remains comfortably above the 50-day SMA ($3,389.4), reinforcing the bullish structure. Resistance is forming near $3,750, and a daily close above this level could initiate a push toward $3,900. Initial support rests at $3,593 and $3,511, with deeper support at the 50-day average.

Silver (XAG/USD)

Fundamentals
Silver is benefiting from the same dovish macro tailwinds as gold. With inflation easing and labor market data weakening, the metal is gaining momentum on expectations of falling real yields. Silver’s dual role as a monetary and industrial metal adds an extra layer of interest as markets react to shifting economic expectations.

Technicals
Silver climbed 0.8% to trade at $41.19, holding strong above its 50-day SMA ($38.5). It reached a recent high of $41.67, marking a key resistance level. A breakout here could open the path toward $42.50. Support levels to watch include $40.40 and $39.88, with bullish momentum intact as long as price remains above the short-term trendline.

Platinum (XPT/USD)

Fundamentals
Platinum surged 1.7% to $1,395.05 on Wednesday, benefiting from broader strength in metals and speculation that softer monetary policy will support industrial demand. Though platinum’s price action is typically more volatile, it often follows gold’s lead in rate-sensitive environments.

Technicals
Price has reclaimed the 50-day SMA at $1,377 and is now stabilizing above it. Immediate resistance is seen at $1,400, followed by a key target near $1,430. Support sits at $1,366, with buyers likely to defend this zone if momentum stalls.

Outlook

All three metals maintain a bullish outlook, driven by dovish Fed expectations and strong technical positioning. Thursday’s CPI report will be pivotal for confirming this rally’s next leg.

More Information in our Economic Calendar.