Gold (XAUUSD), Silver, Platinum Forecasts – Gold Attempts To Rebound After Pullback

Gold Gains Ground As Traders Focus On Weaker Dollar

Gold attempts to rebound as traders focus on U.S. dollar’s pullback. U.S. dollar moved lower against a broad basket of currencies as traders rushed to take profits after the recent rally.

Treasury yields were mixed as bond traders evaluated their next moves. The yield of 10-year Treasuries settled near the 4.60% level, while the yield of 30-year Treasuries pulled back towards 5.13% after an unsuccessful attempt to climb above 5.16%.

Government bond yields in the European markets moved lower, while Japanese yields tested new highs. The situation in global debt markets will be among the key catalysts for gold in the upcoming trading sessions.

Traders also monitored the dynamics of oil markets. Oil prices moved higher as traders worried that U.S. could restart the military operation against Iran. Rising oil prices have served as a negative catalyst for gold in recent months as they reduced demand for risk assets. Gold continues to trade as a risk asset as its recent multi-month rally attracted speculative traders.

Currently, gold is trying to settle back above the support level at $4530 – $4550. In case this attempt is successful, gold will move towards the next resistance, which is located in the $4660 – $4680 range. A move above the $4680 level will push gold towards the 50 MA at $4716.

On the support side, gold needs to settle below the $4530 level to gain downside momentum in the near term. In this case, gold will head towards the next support, which is located in the $4350 – $4370 range.

Silver Rebounds As Gold/Silver Ratio Pulls Back

Silver is moving higher as gold/silver ratio pulled back towards the 59.00 level. In case gold/silver ratio settles below 59.00, it will head towards the 56.00 level, which will be bullish for silver.

The nearest resistance level for silver is located in the $78.00 – $79.00 range. In case silver manages to settle above the $79.00 level, it will head towards the next resistance level, which is located in the $85.00 – $86.00 range. RSI is in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge.

On the support side, silver needs to settle below the 50 MA at $76.83 to gain downside momentum in the near term. A move below the $75.00 level will push silver towards the support level at $71.00 – $72.00.

Platinum Stabilizes After Sell-Off

Platinum is swinging between gains and losses as the market stabilizes after the strong pullback. Some traders are ready to buy the dip despite geopolitical uncertainty. Palladium markets are down by -0.7%, which is bearish for platinum.

If platinum settles below the $1950 level, it will move towards the support at $1880 – $1900. A successful test of this level will open the way to the test of the $1800 level.

On the upside, a move above the 50 MA at $2006 will push platinum towards the nearest resistance at $2040 – $2060. In case platinum climbs above the $2060 level, it will head towards the $2140 level.

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