Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rebounds As Dollar Pulls Back

Gold Moves Higher As Traders React To U.S. Retail Sales Data

Gold gains ground as traders focus on U.S. dollar’s pullback. The American currency is under pressure after weak Retail Sales report. The report showed that Retail Sales declined by -0.6% month-over-month in July, compared to analyst forecast of +0.1%. Weaker dollar is bullish for gold and other dollar-denominated commodities.

Interestingly, Treasury yields moved higher despite the disappointing Retail Sales data. The yield of 2-year Treasuries climbed above the 4.16% level, while the yield of 10-year Treasuries settled near 4.70%. Treasury yields gained ground as traders focused on rising oil markets. Rising Treasury yields did not put pressure on gold markets in today’s trading session.

FedWatch Tool indicates that there is a 67.4% probability that Fed will leave rates unchanged at the next meeting. The probability of a rate hike continues to decrease, which is bullish for gold markets.

Currently, gold is trying to settle back above the resistance at $4360 – $4380. In case gold manages to settle above the $4380 level, it will head towards the next resistance, which is located in the $4480 – $4500 range.

On the support side, a move below the $4300 level will open the way to the test of the support at $4180 – $4200.

Silver Remains Stuck Below The Key Resistance Level At $65.00 – $66.00

Silver gained some ground as gold/silver ratio remained stuck near the 67.50 level. In case gold/silver ratio settles below 67.50, it will move towards the 66.00 level, which will be bullish for silver.

From the technical point of view, silver continues its attempts to settle above the resistance level at $65.00 – $66.00. Silver has already made several attempts to climb above $66.00, but these attempts yielded no results. If silver moves above the $66.00 level, it will head towards the resistance level at $71.00 – $72.00. 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 $64.00 level will push silver towards the nearest support level at $61.00 – $62.00.

Platinum Rebounds As Traders Buy The Dip

Platinum rebounds after yesterday’s sell-off amid rising demand for precious metals. U.S. dollar’s pullback provided material support to platinum markets. Traders have ignored rising oil prices and higher Treasury yields. Palladium markets are up by +0.8% in today’s trading session, which is bullish for platinum.

Platinum failed to settle below the support level at $1680 – $1700 and is trying to settle back above the $1750 level. In case platinum manages to settle above $1750, it will head towards the resistance level at $1780 – $1800.

On the support side, platinum needs to settle below the support at $1680 – $1700 to have a chance to gain downside momentum in the near term. In this case, platinum will head towards the 50 MA at $1653. If platinum declines below the 50 MA, it will head towards the next support level, which is located in the $1600 – $1620 range.

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