Gold (XAUUSD), Silver, Platinum Forecasts – Gold Remains Stuck Near $4650

Gold Pulls Back From Session Highs

Gold is losing some ground as traders continue to take profits after the strong rally.

Treasury yields are moving lower as traders stay focused on Bessent’s plans to boost bond buybacks. The yield of 2-year Treasuries declined towards the 4.20% level, while the yield of 10-year Treasuries pulled back below 4.65%. It should be noted that falling Treasury yields did not provide material support to gold markets in today’s trading session.

U.S. dollar is losing some ground against a broad basket of currencies as traders focus on the weaker-than-expected CB Consumer Confidence report. The report showed that CB Consumer Confidence decreased from 90.2 in July to 89.4 in August, compared to analyst forecast of 90.2. Gold traders have ignored weaker dollar and focused on profit-taking.

Interestingly, falling oil prices failed to provide additional support to gold and other precious metals. Oil prices are down by -3.5% as traders bet that some oil would flow through the Strait of Hormuz.

From the technical point of view, gold continues its attempts to settle above the resistance level at $4630 – $4650. In case gold manages to settle above the $4650 level, it will head towards the next resistance level, which is located in the $4780 – $4800 range.

On the support side, gold needs to setlte back below the $4600 level to have a chance to gain downside momentum in the near term. In this case, gold will move towards the support level at $4480 – $4500.

Silver Stays Range-Bound

Silver is swinging between gains and losses as traders focus on the performance of gold markets. Gold/silver ratio settled near the 67.50 level, which was neutral for gold prices.

If silver manages to settle above the $69.00 level, it will head towards the nearest resistance level, which is located in the $71.00 – $72.00 range. A successful test of the resistance at $71.00 – $72.00 will open the way to the test of the next resistance at $77.00 – $78.00.

On the support side, a move below the $68.00 level will push silver towards the support at $65.00 – $66.00. If silver settles below the $65.00 level, it will head towards the 50 MA at $61.32.

Platinum Retreats After An Unsuccessful Attempt To Climb Above $1900

Platinum pulled back as traders ignored the pullback in Treasury yields. Falling oil prices did no provide additional support to platinum in today’s trading session. Palladium markets were down by -2%, which was bearish for platinum.

Platinum made several attempts to settle above the resistance level at $1870 – $1890 but failed to develop sufficient upside momentum and pulled back towards the $1850 level. In case platinum manages to settle below $1850, it will head towards the next support, which is located in the $1780 – $1800 range.

On the upside, platinum needs to settle above the $1890 level to gain additional upside momentum in the near term. In this case, platinum will head towards the next resistance at $1950 – $1970. A move above $1970 will push platinum towards the psychologically important $2000 level.

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