Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rebounds From Multi-Month Lows

Gold Moves Higher As Traders Ignore Rising Treasury Yields

Gold rebounded from session lows as traders bought the dip despite rising Treasury yields and stronger dollar.

The yield of 2-year Treasuries climbed above the 4.12% level, while the yield of 10-year Treasuries moved above 4.40% as bond traders focused on U.S. economic data.

JOLTs Job Openings  increased from 7.585 million in April to 7.594 million in May, compared to analyst forecast of 7.3 million. The better-than-expected job market report highlighted the strength of the U.S. economy and pushed Treasury yields higher. Traders bet that Fed will raise rates to fight inflation, which is bearish for gold markets.

U.S. dollar gained ground against a broad basket of currencies, supported by rising Treasury yields. Strong dollar is bearish for gold and other dollar-denominated commodities as it makes them more expensive for buyers who have other currencies.

Gold traders also focused on geopolitical developments. Jared Kushner and Steve Witkoff arrived in Doha, Qatar, to continue negotiations between U.S. and Iran. Qatar said that Kushner and Witkoff would not meet Iranian officials directly. Oil markets pulled back as traders bet that U.S. and Iran would ultimately reach a comprehensive deal. Falling oil prices provided some support to gold markets today.

Currently, gold is trying to settle back above the support level at $4020 – $4040. In case this attempt is successful, gold will move towards the next support, which is located in the $4180 – $4200 range.

On the support side, a move below the $3950 level will open the way to the test of the next support at $3880 – $3900.

Silver Gains Ground As Traders Bet On A Rebound

Silver gained strong upside momentum as gold/silver ratio pulled back towards the 67.50 level. If gold/silver ratio settles below 67.50, it will head towards the 66.00 level, which will be bullish for silver.

The nearest resistance level for silver is located in the $61.00 – $62.00 range. In case silver climbs above the $62.00 level, it will head towards the next resistance at $65.00 – $66.00. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

On the support side, silver needs to settle below the support at $56.00 – $57.00 to have a chance to gain downside momentum in the near term.

Platinum Remains Under Pressure

Platinum is losing ground as traders worry about the slodown of global economy despite the recent pullback in the oil markets. Palladium markets are down by -1.3%, putting additional pressure on platinum.

Platinum failed to climb above the resistance at $1600 – $1620 and pulled back towards the $1500 – $1520 level. In case platinum settles below $1500, it will head towards the next support level, which is located in the $1420 – $1440 range. RSI is close to the oversold territory, but there is enough room to gain additional downside momentum in case the right catalysts emerge.

On the upside, a move above the resistance at $1600 – $1620 will open the way to the test of $1700 level.

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