Gold (XAUUSD), Silver, Platinum Forecasts – Fed Cut Bets and Dollar Weakness Keep Metals Bullish

Metals Rally as Fed Cut Expectations Drive Trend: Gold, Silver, and Platinum Outlook

Gold held firm on Thursday, closing at $3,631.65, just below the recent high of $3,674.70. The move continues to be supported by weak U.S. labor market data and a strong consensus that the Federal Reserve will cut rates next week. CME FedWatch pricing shows a 94% probability of a 25-basis-point cut, with jobless claims climbing to 263,000 and nonfarm payrolls revised sharply lower.

The dollar index dropped to $97.57, while 10-year Treasury yields slipped below 4%. This environment favors non-yielding assets like gold, which remains in a well-defined uptrend.

Gold is building higher tops and higher bottoms, with momentum holding above the 50-day simple moving average at $3,395.30. The recent bottom at $3,593 is the key support pivot, and the trend remains bullish as long as that level holds. Immediate upside levels are $3,674.70 and $3,730, with $3,780 as the next extension target if buying pressure continues.

Silver: Bullish Structure Intact Above $41.03

Silver extended its 2025 rally on Thursday, pushing through the previous top at $41.67 before stalling at $41.77. The trend remains up, supported by a clear sequence of higher tops and higher bottoms off the August low at $36.96.

Support is now defined at the $41.03 pivot. Below that, $40.73 and $40.40 are minor bottom support levels. Silver remains well above its rising 50-day simple moving average at $38.60, reinforcing the bullish structure. As long as silver holds above $41.03, the path remains open toward $44.22, the next major upside level.

Platinum: Supported But Lagging the Leaders

Platinum closed at $1,383.10 on Thursday, holding above the 50-day simple moving average at $1,367.20. The metal continues to trail gold and silver but remains in a constructive pattern. Since rebounding from the August bottom at $1,296.60, platinum has formed a higher bottom and recently topped at $1,438.30.

The trend is still valid above $1,367.20, but price needs to push through $1,438.30 to extend the move. A breakout above that top would open the way toward $1,475. For now, the metal is consolidating within its structure and holding trend support.

Conclusion: Trend is Bullish Across the Board

Gold, silver, and platinum remain in confirmed uptrends, backed by Fed rate cut expectations, soft U.S. economic data, and a falling dollar. Gold leads with strong momentum and support at $3,593. Silver is building strength above the $41.03 pivot, and platinum is holding its trend above $1,367.20. As long as these key levels remain intact, the trend bias across the metals complex stays bullish.

More Information in our Economic Calendar.