Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rallies As Traders Prepare For U.S. – Iran Negotiations

Gold Tests Resistance At $4660 – $4680

Gold rallied as traders focused on the strong pullback in the oil markets. Oil prices were down by 7% amid signs of de-escalation in the Middle East.

According to recent reports, Iran was evaluating the latest U.S. proposal to end the war. The proposal includes gradual reopening of the Strait of Hormuz and the end of the U.S. blockade of Iranian ports.

Falling oil prices boosted demand for risk assets and provided material support to gold markets. Reports indicated that Iran was expected to send its response in the next two days.

If U.S. and Iran announce that they will start a new round of official negotiations, oil prices will find themselves under more pressure, which will be bullish for gold markets. Such negotiations could take place next week in Pakistan’s capital Islamabad.

Traders should note that geopolitical situation remains extremely volatile, so they should be prepared for fast moves.

Currently, gold is trying to settle above the resistance level at $4660 – $4680. If gold manages to settle above the $4680 level, it will head towards the 50 MA at $4799. A move above the 50 MA will open the way to the test of the resistance at $4860 – $4880.

On the support side, gold needs to settle below the support at $4530 – $4550 to have a chance to gain sustainable downside momentum.

Silver Rallies Amid Strong Demand For Risk Assets

Silver soared as gold/silver ratio pulled back below the 61.00 level. Rising appetite for risk provided significant support to silver markets. If gold/silver ratio settles below 61.00, it will head towards April lows near the 59.00 level, which will be bullish for silver.

The nearest resistance level for silver is located in the $78.00 – $79.00 range. A successful test of this level will open the way to the test of the next resistance at $85.00 – $86.00. 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 $75.00 level will push silver back towards the support at $71.00 – $72.00. This support level has been tested many times and proved its strength. A move below the $71.00 level will signal that silver is ready to gain additional downside momentum.

Platinum Attempts To Settle Above The Resistance At $2040 – $2060

Platinum climbed above the psychologically important $2000 level amid strong demand for precious metals. Palladium markets were up by 3.5%, providing additional support to platinum.

Falling oil prices are bullish for platinum, which is dependent on industrial demand.

From the technical point of view, platinum attempts to settle above the resistance level at $2040 – $2060. If platinum manages to settle above the $2060 level, it will move towards April highs near the $2140 level. In case platinum climbs above $2140, it will head towards the next resistance, which is located in the $2210 – $2230 range.

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