Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rallies As Rebound Continues

Gold Tests New Highs

Gold continues to move higher as traders stay focused on the disappointing Non Farm Payrolls report, which was released yesterday.

It should be noted that traders expect that Fed could raise rates in September, but market’s expectations have become less aggressive. Rising interest rates are bearish for gold that pays no interest, so recent changes in Fed policy outlook provided support to gold markets.

Short-covering may have provided additional support to gold prices in recent trading sessions. Previously, traders bet on aggressive rate hikes from the Fed. However, potential weakness of the job market changed the picture. Fed may be cautious as the central bank must also provide support to the job market.

U.S. dollar was mostly flat against a broad basket of currencies in holiday-thinned trading session. The dynamics of the American currency had no impact on gold markets today. Treasury markets were closed in observation of the Independence Day holiday.

Currently, gold is trying to settle above the resistance level at $4180 – $4200. In case this attempt is successful, gold will head towards the next resistance, which is located in the $4360 – $4380 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

On the support side, a move below the $4100 level will push gold towards the nearest support level at $4020 – $4040.

Silver Rallies As Traders Bet On Dovish Fed

Silver tests new highs as gold/silver ratio pulled back below the 67.00 level. In case gold/sivler ratio stays below 67.00, it will head towards the 66.00 level, which will be bullish for silver.

Recent changes in Fed policy outlook have provided significant support to silver markets, and the metal has decent chances to gain additional upside momentum in the near term.

In case silver manages to settle above the resistance level at $61.00 – $62.00, it will head towards the next resistance at $65.00 – $66.00. A move above the $66.00 level will open the way to the test of the 50 MA at $71.32.

On the support side, silver needs to settle back below the $60.00 level to gain downside momentum in the near term. If silver declines below $60.00, it will head towards the support at $56.00 – $57.00.

Platinum Tests The $1650 Level

Platinum is moving higher amid broad rally in precious metals markets. Palladium markets are up by +0.6%, providing some support to platinum.

Traders focus on the recent Non Farm Payrolls report and ignore the cautious rebound in the oil markets.

Currently, platinum attempts to settle above the resistance at $1600 – $1620. If platinum stays above the $1620 level, it will move towards the next resistance level at $1680 – $1700. A successful test of this level will open the way to the test of the $1800 level.

On the support side, a move below the $1600 level will push platinum back towards the support at $1500 – $1520.

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