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

Gold Gains Ground As Oil Markets Fall

Gold rebounds as traders focus on the strong pullback in the oil markets. Oil prices are down by -4% as traders react to recent events in the Middle East.

According to recent reports, Iran sent oil tankers carrying 11 million barrels of crude through the Strait of Hormuz. U.S. has continued to attack targets in Iran but did not impose a naval blockade of the country’s ports, so Iran rushed to sell its oil.

Iran has also attacked targets in the region in response to U.S. attacks, which were triggered by Iran’s attacks on vessels in the Strait of Hormuz.

Recent reports suggest that Qatar and Pakistan are ready to get back to their roles as mediators in order to facilitate negotiations between U.S. and Iran.

Falling oil prices provided support to gold prices as Treasury yields fell. The yield of 2-year Treasuries declined towards the 4.16% level, while the yield of 10-year Treasuries settled near 4.53%. Lower yields are bullish for gold that pays no interest.

U.S. dollar pulled back against a broad basket of currencies as forex traders focused on falling Treasury yields. Weaker dollar provided additional support to gold markets.

The nearest resistance level for U.S. Dollar Index is located in the $4180 – $4200 range. A successful test of this level will open the way to the test of the next resistance at $4360 – $4380.

Silver Attempts To Settle Above The $60.00 Level

Silver rallied as gold/silver ratio pulled back towards the 68.50 level. Gold/silver ratio is moving lower when the appetite for risk is rising. In case gold/silver ratio settles below 68.50, it will head towards recent lows near the 66.00 level, which will be bullish for silver.

Currently, silver is trying to settle above the resistance level at $61.00 – $62.00. If silver manages to settle above the $62.00 level, it will head towards the next resistance at $65.00 – $66.00.

On the support side, a move below the $60.00 level will open the way to the test of the support at $56.00 – $57.00. A move below the $56.00 level will show that silver markets are ready to gain additional downside momentum.

Platinum Moves Higher Amid Strong Demand For Precious Metals

Platinum has also managed to gain upside momentum amid rising demand for precious metals. Palladium markets were up by +2.6%, providing additional support to platinum.

From the technical point of view, platinum attempts to settle above the resistance level at $1600 – $1620. If platinum manages to settle above the $1620 level, it will head towards the next resistance, which is located in the $1680 – $1700 range.

On the support side, platinum needs to settle back below the $1560 level to gain downside momentum in the near term. A move below the $1560 level will open the way to the test of the nearest support at $1500 – $1520. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

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