Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulled Back Towards $5000

Gold Is Losing Ground Amid Profit-Taking

Gold is losing ground despite U.S. dollar’s pullback. U.S. Dollar Index, which measures the strength of the U.S. dollar against a broad basket of currencies, touched weekly lows near the 96.60 level.

Interestingly, falling Treasury yields did not provide support to gold markets. The yield of 2-year Treasuries declined towards the 3.45% level as traders reacted to the weak U.S. Retail Sales report. The report showed that Retail Sales were unchanged in December, compared to analyst consensus of +0.4%.

Lower Treasury yields may provide support to gold and other precious metals that do not pay interest. However, gold markets have mostly ignored yields and focused on geopolitical issues.

Profit-taking may have put some pressure on gold prices in today’s trading session. Gold gained 15% from the lows that were reached on February 2, so some traders decided to take money off the table.

Traders should expect that gold will stay volatile in the near term. A combination of weaker dollar, Fed policy uncertainty and geopolitical issues will drive volatility in gold markets.

Tomorrow, gold traders will focus on the Non Farm Payrolls data. The report will likely have a major impact on gold markets as it could change the Fed policy outlook.

In case Non Farm Payrolls data disappoints, gold may get more support as traders will bet on dovish Fed. That said, today’s weak Retail Sales data failed to provide sufficient support to gold markets as traders focused on profit-taking.

From the technical point of view, gold failed to settle above the resistance level at $5100 – $5200 and pulled back towards the $5000 level. If gold settles below $5000, it will head towards the nearest support, which is located in the $4880 – $4900 range.

Silver Retreats As Traders Take Profits After The Strong Rebound

Silver is down by roughly 3% as gold/silver ratio climbed back above the 62.00 level. Fluctuations of gold/silver ratio have served as one of the key catalysts for silver markets in recent months.

It should be noted that gold/silver ratio touched highs at 107 on April 22, 2025 before declining to 44 on January 26, 2026. Back in 2011, gold/silver ratio touched lows near the 32 level, and silver bulls hope that it would get back to such levels.

Silver markets remains extremely volatile, and there are no signs of stabilization. Silver prices must consolidate before the market could be ready for a sustainable move.

Silver made an attempt to settle above the $84.00 level but lost momentum and pulled back towards the $80.00 level. A move below the $80.00 level will lead to the test of the nearest support level at $78.00 – $79.00.

In case silver declines below the $78.00 level, it will head towards the next support, which is located in the $71.00 – $72.00 range. RSI is in the moderate territory, so there is plenty of room to gain downside momentum in the near term.

Platinum Tests Support At $2040 – $2060

Platinum continues its attempts to settle back below the support level at $2040 – $2060 amid broad pullback in precious metals markets.

Palladium declined towards the $1700 level, which was bearsih for platinum. Palladium and platinum often move in sync as they compete for industrial demand.

A successful test of the support at $2040 – $2060 will push platinum towards the next support level at $1880 – $1900. On the upside, a move above the 50 MA at $2134 will open the way to the test of the resistance level at $2245 – $2265.

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