Gold (XAUUSD), Silver, Platinum Forecasts – Gold Climbs Above $5200 Amid Tariff Uncertainty

Gold Rallies As Traders Focus On Tariff Issues

Gold tests new highs as traders focus on tariff uncertainty. The Supreme Court, which ruled that Trump’s tariffs were illegal, has changed the global trade landscape.

Nations are trying to evaluate whether their trade deals with the U.S. are still in play and what tariffs they should pay. The European Union has already frozen the ratification process of the trade deal with the U.S.

Perhaps, the EU wants to get a better deal after Trump’s defeat in the Supreme court. Meanwhile, President Trump warned that nations that would “play games” would face a “much higher Tariff”.

The U.S. administration plans to replace tariffs with a broad 15% tariff on imported goods. For some nations, the new 15% tariff is higher than what they paid under negotiated trade deals. Some countries, including notable winners like China, will pay less.

If there’s one word that describes the current situation, this word is “uncertainty”. At times when traders face uncertainty in global markets, they buy safe-haven assets like gold.

Not surprisingly, gold tests new highs, supported by tariff uncertainty. Gold moved above the resistance at $5100 – $5120 and is trying to settle above the $5200 level. In case this attempt is successful, gold will head towards the next resistance, which is located in the $5430 – $5450 range.

Silver Tests Resistance At $86.00 – $87.00

Silver gains ground as gold/silver ratio declined towards the psychologically important 60.00 level. From the technical point of view, gold/silver ratio needs to settle below the 50 MA at 58.08 to gain additional momentum in the near term. If gold/silver ratio heads towards the 55 level, silver will get more support.

Tariff uncertainty provided material support to silver in recent trading sessions. Fundamentally, silver prices are mostly dependent on industrial demand. However, investment demand increased in recent years, so silver is sensitive to tariff news.

Currently, silver is trying to settle above the resistance level at $86.00 – $87.00. If silver manages to settle above $87.00, it will move towards the next resistance level at $95.00 – $96.00.

Platinum Retreats Amid Trade War Worries

Platinum pulled back as traders focused on the risk of another round of trade wars after the Supreme Court decision on tariffs.

The EU has already stopped the ratification of the trade deal with the U.S.. Other countries may also restart negotiations in case they suddenly face higher tariffs than before.

Tariffs are a key topic for President Trump, so he will continue to pursue his tariff policy. Thus, traders should expect more news on the topic in the upcoming days.

Profit-taking has also put some pressure on platinum markets today. Traders decided to take some some money off the table after the strong rebound from the $2000 level.

From the technical point of view, platinum failed to settle above the 50 MA at $2205 and pulled back below the $2150 level. If platinum stays below $2150, it will head towards the nearest support level, which is located in the $2040 – $2060 range.

A successful test of the support at $2040 – $2060 will open the way to the test of the next support level at $1880 – $1900. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

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