Gold (XAUUSD), Silver, Platinum Forecasts – Gold Moves Higher As Treasury Yields Pull Back

Gold Attempts To Settle Back Above $4550

Gold is moving higher as traders focus on the pullback in the oil markets. Oil prices are down by 3% as U.S. said that Middle East ceasefire was in place despite Iran’s attack on UAE.

U.S. dollar moved lower against a broad basket of currencies as demand for safe-haven assets declined. It should be noted that the pullback was modest as traders remained cautious amid geopolitical uncertainty. Weaker dollar is bullish for gold as it makes the metal cheaper for buyers who have other currencies.

Treasury yields pulled back as traders reacted to geopolitical developments. The yield of 2-year Treasuries declined towards the 3.93% level, providing support to gold markets. Importantly, the yield of 30-year Treasuries pulled back below the psychologically important 5.00% level. Traders should stay focused on the yield of 30-year Treasuries as the potential move above the 5.00% level may have a major impact on global markets.

Currently, gold is trying to settle back above the support level at $4530 – $4550. In case gold manages to settle above the $4550 level, it will move towards the nearest resistance, which is located in the $4660 – $4680 range. A move above the $4680 level will push gold towards the 50 MA at $4808.

On the support side, gold needs to settle below the support at $4530 – $4550 to gain downside momentum in the near term. In this case, gold will move towards the next support at $4350 – $4370.

Silver Tested The $74.00 Level As Traders Bought The Dip

Silver gained some ground as traders focused on the pullback in Treasury yields and reacted to recent developments in the Middle East.

Gold/silver ratio moved towards the 62.50 level, which was bearish for silver. In case gold/silver ratio climbs above 62.50, it will head towards the 65.00 level, putting additional pressure on silver markets.

Silver made an attempt to settle above the $74.00 level but lost momentum and pulled back. In case silver settles below the $73.00 level, it will head towards the nearest support at $71.00 – $72.00. A successful test of this support level will open the way to the test of the next support at $65.00 – $66.00.

On the upside, a move above the $75.00 level will push silver towards the resistance at $78.00 – $79.00. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

Platinum Gained Ground As Oil Markets Pulled Back

Platinum moved higher amid rising demand for precious metals. Palladium markets gained 1.1%, which was bullish for platinum.

From the technical point of view, platinum settled in a range between the support at $1880 – $1900 and the resistance at $2040 – $2060. Platinum needs to move out of this range to gain additional momentum.

A move below the $1880 level will push platinum towards the next support at $1780 – $1800. In case platinum climbs above the $2060 level, it will head towards April highs near the $2140 level. In the near term, platinum will remain sensitive to geopolitical news and fluctuations of the appetite for risk.

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