Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rallies As Iran President Says He Is Ready To End The War

Gold Tests New Highs As Oil Markets Dive

Gold rallied as traders focused on recent comments from Iran President, who said that Iran was ready to end the war. According to a news agency IRNA, Iran was seeking guarantees.

Earlier, U.S. Defense Secretary Pete Hegseth said that U.S. will intensify strikes against Iran if the country did not agree to a deal.

Oil markets pulled back as traders reacted to comments from Iran. WTI oil declined below the $101.00 level, while Brent oil pulled back towards $104.00 level. Falling oil prices boosted the appetite for risk, providing support to gold and other precious metals which continue to trade as riskier assets.

Falling Treasury yields have also served as a positive catalyst for gold markets in today’s trading session. The yield of 2-year Treasuries pulled back towards the 3.78% level as bond traders remained focused on recent comments from Fed Chair Powell.

Jerome Powell noted that the central bank could not impact the dynamics of energy prices. Traders have interpreted his comments as a sign indicating that Fed will not raise rates in case inflation moves higher due to high energy prices.

Today, traders had a chance to take a look at inflation reports from the EU. Euro Area Inflation Rate increased from 1.9% in February to 2.5% in March as rising energy prices have already impacted prices.

It should be noted that markets are forward-looking so geopolitical news have more impact on gold prices than inflation numbers. If the war in the Middle East ends, energy prices will move lower, which will be bullish for gold and other precious metals.

Currently, gold attempts to settle above the resistance level at $4660 – $4680. In case gold manages to settle above the $4680 level, it will head towards the next resistance at $4860 – $4880.

Silver Soared Amid Strong Demand For Precious Metals

Silver rallied as gold/silver ratio pulled back towards the 62.00 level. Falling gold/silver ratio indicates that speculative money is flowing into silver markets. If gold/silver ratio settles below 62.00, it will head towards the 60.00 level, which will be bullish for silver.

From the technical point of view, silver attempts to settle above the resistance level at $71.00 – $72.00. If silver settles above the $72.00 level, it will move towards the next 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 Attempts To Settle Above $1900

Platinum tests new highs as rebound continues. Falling oil prices provided strong support to platinum markets in today’s trading session. Palladium markets are up by more than 5%, which is also bullish for platinum.

Platinum found strong support near the $1800 level and rebounded above the resistance level at $1880 – $1900. If platinum stays above the $1900 level, it will head towards the next resistance, which is located in the $2040 – $2060 range. A move above the $2060 level will push platinum towards the 50 MA at $2144.

On the support side, platinum needs to settle back below the $1880 level to have a chance to gain downside momentum in the near term. In this case, platinum will head towards the support at $1785 – $1800.

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