Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rallies Above $5050 As Court Says Trump’s Tariffs Are Illegal

Gold Moves Higher As Court Rules Trump Exceeded His Authority On Tariffs

Gold gains ground as traders reacted to U.S. Supreme Court decision on Trump’s tariffs. The Court ruled that Trump exceeded his authority when imposing tariffs.

The Court did not rule whether importers should get refunds. According to analyst estimates, such refunds could total $170 billion. A lower court should decide on this issue.

U.S. dollar pulled back from session highs as traders reacted to Court’s decision. However, the move was not strong as Trump and his team had the time to prepare for such a scenario in order to continue the current tariff policy.

Gold also benefited from Trump’s recent comments on Iran. Trump said that he was considering limited military strikes against Iran. Yesterday, he said that he would make a decision in the next 10 – 15 days.

Interestingly, Trump’s comments on Iran did not trigger a major rally in gold or oil markets, as if such a move has been already priced in by markets.

However, traders should note that strong geopolitical moves are never fully priced in until they are made, so gold markets will certainly react in case the U.S. delivers strikes against Iran over the weekend.

Gold moved above the psychologically important $5000 level and is heading towards the nearest resistance at $5100 – $5120. If gold manages to settle above the $5120 level, it will move towards the next resistance level at $5430 – $5450.

Silver Tests The $82.00 Level

Silver soared towards the $82.00 level as gold/silver ratio declined below 62.00. Strong volatility in gold/silver ratio continues after a brief pause.

Speculative traders boosted silver purchases as they prepared for a potential strike against Iran and reacted to U.S. Supreme Court decision on tariffs.

From the technical point of view, silver climbed above the resistance at $78.00 – $79.00 and is trying to settle above the 50 MA at $81.67. If silver settles above the 50 MA, it will head towards the next resistance level at $86.00 – $87.00. A move above the $87.00 level will open the way to the test of the psychologically important $90.00 level.

Platinum Tests Weekly Highs

Platinum gained strong upside momentum amid broad rally in precious metals markets. Palladium markets gained 3%, which was bullish for platinum.

At this point, traders are not worried that potential strikes against Iran would lead to a huge rally in the oil markets, which could put pressure on global economy and reduce demand for platinum.

Today, platinum traders focused on U.S. Supreme Court decision on tariffs. Trump’s tariffs put significant pressure on the global auto industry, which is the key consumer of platinum. If Trump is forced to cancel tariffs, demand for platinum may increase.

It’s too early to say whether Court’s decision will have a major impact on Trump’s tariff policy. Trump has previously said that he had a plan in case the Court rules that tariffs are illegal. Most likely, traders will learn the details of the plan soon. Trump’s tariff strategy will surely have a material impact on platinum markets.

From the technical point of view, platinum settled above the resistance at $2040 – $2060 and climbed above the $2100 level. if platinum stays above $2100, it will head towards the 50 MA at $2197. A move above the 50 MA will push platinum towards the resistance at $2245 – $2265.

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