Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rebounds As Oil Markets Retreat

Gold Moves Higher As Oil Prices Pull Back

Gold gains ground as traders react to the pullback in the oil markets. Brent oil declined by -3.3% as traders hoped that U.S. and Iran were moving towards a deal.

Israel and Lebanon reached a conditional ceasefire agreement, which served as a bearish catalyst for oil markets and provided support to risk assets, including gold.

Traders should note that Israel is not at war against Lebanon. Israel is conducting a military operation against the militant group Hezbollah, which operates independently from the official government of Lebanon. According to recent report, Hezbollah would not recognize the deal between Israel and Lebanon.

Iran said that there was no recent progress in talks with the U.S., but traders remain optimistic and bet that both sides will ultimately agree to a deal.

Treasury yields pulled back as traders reacted to recent developments in the Middle East. The yield of 2-year Treasuries declined below the 4.05% level, while the yield of 10-year Treasuries settled below 4.47%. Falling Treasury yields provided additional support ot gold markets.

U.S. dollar moved lower against a broad basket of currencies as traders focused on the higher-than-expected Initial Jobless Claims report. Weaker dollar is bullish for gold and other dollar-denominated commodities.

The nearest resistance level for gold is located in the $4530 – $4550 range. In case gold manages to settle above the $4550 level, it will head towards the 50 MA at $4628. A move above the 50 MA will open the way to the test of the resistance at $4660 – $4680.

On the support side, a move below the $4425 level will push gold towards the nearest support at $4350 – $4370.

Silver Attempts To Settle Above $75.00

Silver moved higher amid rising demand for risk assets. Gold/silver ratio pulled back towards the 60.50 level, providing additional support to silver.

From the technical point of view, silver needs to settle above the 50 MA at $76.15 to gain additional upside momentum in the near term. In this case, silver will head towards the resistance at $78.00 – $79.00.

On the support side, the nearest support level for silver is located in the $71.00 – $72.00 range. A successful test of this level will open the way to the test of the next support at $65.00 – $66.00.

Platinum Gains Ground After Yesterday’s Sell-Off

Platinum rebounds amid rising demand for precious metals. Palladium markets are up by +2.2%, providing additional support to platinum.

Currently, platinum is trying to settle back above the resistance at $1880 – $1900. In case this attempt is successful, platinum will head towards the 50 MA at $1977. If platinum settles above the 50 MA, it will move towards the resistance level at $2040 – $2060.

On the support side, a move below the $1840 level will push platinum towards the support at $1780 – $1800. It should be noted that technical picture remains bearish despite today’s rebound. Platinum needs to settle back above the 50 MA to have a chance to gain sustainable upside momentum.

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