Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rebounds As Oil Markets Dive 5.5%

Gold Tests Resistance At $4530 – $4550

Gold rebounds as traders focus on the strong pullback in the oil markets. Brent oil pulled back below the $105.00 level as traders focused on the potential progress in U.S. – Iran talks.

According to a recent report, President Trump said that the U.S. was in the final stages of talks with Iran. Meanwhile, Iran warned that it would retailiate beyond the Middle East in case the country is attacked again.

Treasury yields pulled back as traders focused on geopolitical news. The yield of 2-year Treasuries declined towards the 4.05% level, while the yield of 10-year Treasuries pulled back below 4.60%. Falling yields provided significant support to gold markets.

U.S. dollar pulled back against a broad basket of currencies as demand for safe-haven assets declined. Weaker dollar is bullish for gold and other dollar-denominated commodities.

Currently, gold is trying to settle back above the resistance level, which is located in the $4530 – $4550 range. In case this attempt is successful, gold will move towards the next resistance, which is located in the $4660 – $4680 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

On the support side, a move below the $4450 level will open the way to the test of the nearest support level at $4350 – $4370.

Silver Rebounds As Traders Buy The Dip

Silver rallied as gold/silver ratio pulled back below the 60.00 level. If gold/silver ratio settles below 60, it will move towards the 58 level, which will be bullish for silver.

The strong pullback in the oil markets provided significant support to silver as demand for risk assets increased. Some traders are ready to bet that U.S. and Iran will reach a deal in the near term, which could trigger a rally in global markets.

The nearest resistance level for silver is located in the $78.00 – $79.00 range. If silver manages to settle above the $79.00 level, it will move towards the next resistance at $85.00 – $86.00.

On the support side, a move below the $75.00 level will push silver towards the nearest support level at $71.00 – $72.00. In case silver declines below the $71.00 level, it will gain additional downside momentum and head towards the $65.00 level.

Platinum Gains Ground As Oil Prices Fall

Platinum is moving higher amid broad rally in precious metals markets. Palladium markets are up by 1.1%, providing additional support to platinum.

Platinum is dependent on industrial demand so high oil prices could reduce demand for the metal. If oil markets continue to move lower, platinum may get additional support.

Platinum failed to settle below the support level at $1880 – $1900 and is trying to settle back above the $1950 level. In case this attempt is successful, platinum will head towards the 50 MA at $1996. A move above the 50 MA will open the way to the test of the resistance level at $2040 – $2060.

On the support side, a successful test of the support at $1880 – $1900 will push platinum towards the next support level, which is located in the $1785 – $1800 range.

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