Gold (XAUUSD), Silver, Platinum Forecasts – Gold Moves Away From Monthly Highs

Gold Stays Near The $4500 Level As Traders Take Some Money Off The Table

Gold is mostly flat as traders take some profits off the table after the strong rally and focus on rising Treasury yields.

The yield of 2-year Treasuries climbed above the 4.19% level, while the yield of 10-year Treasuries settled above 4.70%. The yield of 30-year Treasuries moved back above 5.25% despite Bessent’s comment, which indicated that U.S. Treasury could boost buyback above $4 billion per issue.

U.S. dollar gained ground against a broad basket of currencies as traders focused on rising Treasury yields. Stronger dollar is bearish for dollar-denominated commodities, including gold.

Oil prices tested new highs, raising worries about inflation. U.S. plans to put maximum economic pressure on Iran, which means that the conflict could drag on for months. The Strait of Hormuz could remain closed, which is bullish for oil markets. Higher oil prices may put more pressure on gold as traders could focus on inflation risks.

Currently, gold is trying to settle above the resistance level at $4480 – $4500. In case this attempt is successful, gold will head towards the next resistance, which is located in the $4630 – $4650 range. RSI remains in the moderate territory, so there is plenty of room to gain momentum in the near term.

On the support side, a move below the $4450 level will push gold towards the support level at $4360 – $4380.

Silver Tests New Highs As Rally Continues

Silver tested new highs as gold/silver ratio pulled back towards the 66.00 level. If gold/silver ratio settles below 66.00, it will head towards the 64.00 level, which will be bullish for silver.

Silver climbed above the resistance at $65.00 – $66.00 and is trying to settle above the $68.00 level. In case this attempt is successful, silver will head towards the next resistance, which is located in the $71.00 – $72.00 range.

On the support side, silver needs to settle below the $65.00 level to have a chance to gain downside momentum in the near term. In this case, silver will move towards the support level at $61.00 – $62.00.

Platinum Attempts To Settle Above The $1800 Level

Platinum is swinging between gains and losses as traders focus on dynamics of Treasury yields and react to the rally in the oil markets. Palladium markets are down by -0.5%, which is bearish for platinum.

From the technical point of view, platinum continues its attempts to settle above the resistance level at $1780 – $1800. If platinum manages to settle above the $1800 level, it will head towards the next resistance level at $1870 – $1890. A move above the $1890 level will open the way to the test of the $1950 level.

On the support side, a move below the $1780 level will push platinum back into the previous trading range, which is located between the support at $1680 – $1700 and the resistance at $1780 – $1800.

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