Gold (XAUUSD), Silver, Platinum Forecasts – Fed Easing and Supply Deficits Fuel Bullish Outlook

Gold

Gold closed at $3,643.08, up $8.96 or +0.25% on Friday, consolidating after reaching a recent peak of $3,674.70. The metal remains underpinned by expectations of a Federal Reserve rate cut on September 17, with Fed fund futures fully pricing in a 25-basis-point move.

Weak labor data, including revisions that cut 911,000 jobs from the past year, combined with rising jobless claims, have increased the likelihood of easing. Despite August consumer prices posting their sharpest rise in seven months, traders are prioritizing labor market weakness over sticky inflation. ETF inflows also support demand, with UBS projecting gold could reach $3,900.00 by mid-2026.

Technically, gold has minor support at $3,612.83, followed by a pivot at $3593.22. If this fails prices could see a steep retreat into the support cluster at $3500.20 to $3493.13. The 50-day SMA at $3,401.49 is controlling the trend.

A breakout over the record high at $3,674.7 keeps the trend intact, with upside momentum favored ahead of the Fed decision.

Forecast: Gold remains bullish in the short term with scope to retest $3,674.70 and extend toward $3,700.00 if Fed policy delivers as expected.

Silver

Silver last traded at $42.19, up 1.51% on the day and near its highest level in 14 years. Year-to-date, silver has advanced nearly 46%, driven by both investment flows and tight supply conditions. Analysts warn that LBMA vault stocks could be depleted within months if demand accelerates, adding to concerns about physical availability. Industrial demand from solar and energy storage continues to provide fundamental support, while dovish Fed expectations further bolster sentiment.

From a technical perspective, minor support levels are $40.73 and $40.40. A sustained move over this week’s high at $42.46 puts the market on course for an eventual move to $44.22.

Forecast: Silver retains a bullish outlook, with the breakout above $42.46 opening the way to test $44.22 in the short term.

Platinum

Platinum closed at $1,389.85, recovering from the August low of $1,296.60 and consolidating below resistance at $1,438.30. The metal has gained more than 54% this year, supported by a projected supply deficit of 850,000 ounces, its third consecutive annual shortfall. Investor interest has shifted into platinum as a value play relative to gold and silver, reinforcing its role in the broader precious metals rally.

On the technical front, platinum is holding above its 50-day SMA at $1,367.13. Key resistance is at $1,438.30, while support lies at $1,367.13 and $1,340.00. A breakout above $1,438.30 would strengthen bullish momentum.

Forecast: With fundamentals pointing to persistent supply deficits and technical support intact, platinum maintains a bullish bias toward retesting $1,438.30 in the short term. The direction hinges upon its reaction to the 50-day moving average at $1367.13.

More Information in our Economic Calendar.