Gold Moves Away From Session Lows
Gold made an attempt to settle below the support level at $4300 – $4320 as traders focused on stronger dollar and rising Treasury yields.
The yield of 2-year Treasuries climbed above the 4.76% level as bond traders bet that Fed will raise rates at the next meeting in October. According to FedWatch Tool, the probability of a rate hike in October is 53.1%.
The yield of 10-year Treasuries moved above 4.97%, while the yield of 30-year Treasuries climbed above the key 5.30% level. Bessent’s buybacks did not manage to provide sufficient support to long-dated bonds.
It remains to be seen whether higher yields will put material pressure on gold markets as traders may start buying gold in case the situation in bond markets gets out of control.
U.S. dollar gained ground against a broad basket of currencies as traders focused on hawkish comments from Fed’s Collins. Stronger dollar is bearish for gold and other dollar-denominated commodities.
In case gold manages to settle below the $4300 level, it will head towards the next support, which is located in the $4160 – $4180 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.
On the upside, gold needs to settle above the $4400 level to have a chance to gain upside momentum in the near term. In this case, gold will head towards the resistance level at $4480 – $4500.
Silver Stays Near $66.00 As Gold/Silver Ratio Pulls Back
Silver remains stuck near the resistance at $65.00 – $66.00 as traders gold/silver ratio pulled back towards the 65.50 level. A move below the 65.00 level will open the way to the test of the 63.00 level, which will be bullish for silver.
If silver manages to settle above the $66.00 level, it will head towards the $68.00 level. A move above $68.00 will open the way to the test of the psychologically important $70.00 level.
On the support side, a move below $65.00 will push silver towards the 50 MA at $63.28. If silver pulls back below the 50 MA, it will head towards the support level at $61.00 – $62.00.
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See all Gold forecastsPlatinum Tests Resistance At $1780 – $1800
Platinum gains ground as traders focus on the pullback in the oil markets, which was driven by Trump’s comments on Iran. President Trump has recently said that U.S. negotiated with Iran for three hours. Palladium markets are down by -0.5%, which is bearish for platinum.
From the technical point of view, platinum continues its attempts to settle above the resistance level at $1780 – $1800. In case platinum manages to settle above the $1800 level, it will head towards the next resistance at $1870 – $1890. A move above the $1890 level will open the way to the test of the $1950 level.
On the support side, platinum must settle below the $1780 level to gain downside momentum in the near term. In this case, platinum will head towards the 50 MA at $1738.
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