Gold (XAUUSD), Silver, Platinum Forecasts – Gold Remains Under Pressure As Dollar Rebounds

Gold Attempts To Settle Below The $4600 Level

Gold remains under pressure as traders focus on strong dollar, rising Treasury yields, and the rally in the oil markets.

U.S. dollar gained ground against a broad basket of currencies as traders reacted to recent changes in Fed policy outlook. Some traders have already started to prepare for potential rate hikes in 2026.

The yield of 2-year Treasuries moved towards the 3.90% level, while the yield of 10-year Treasuries climbed above 4.37% as bond traders bet on hawkish Fed. Rising Treasury yields serve as a bearish catalyst for gold and other precious metals that pay no interest.

Brent oil prices moved above the $110 level as oil traders bet on additional escalation in the Middle East war. According to recent reports, U.S. is thinking about an operation to occupy Iran’s Kharg island, which is the center of the country’s oil exports. Such an operation would mark a major escalation in the conflict.

Gold has been trading like a riskier asset for weeks, so rising tensions in the Middle East put pressure on gold prices. It looks that leveraged players are forced to sell their long positions in gold. Short sellers may add to the pressure.

Currently, gold is trying to settle below the support level at $4660 – $4680. In case gold stays below this support level, it will move towards the next support, which is located in the $4400 – $4420 range. RSI is close to oversold territory, but there is enough room to gain downside momentum in the near term.

Silver Dives As Gold/Silver Ratio Jumps Above 65

Silver pulled back as gold/silver ratio climbed above the 65.00 level. In case gold/silver ratio moves towards recent highs near the 68.00 level, silver will find itself under more pressure.

Yesterday, silver made an attempt to rebound after the strong sell-off as some traders used the pullback as an opportunity to increase their long positions. However, silver has quickly started to move lower amid rising tensions in the Middle East.

If silver settles below the support level at $71.00 – $72.00, it will move towards the next support at $64.00 – $65.00. A move below the $64.00 level will provide silver with an opportunity to gain additional downside momentum. Most likely, many speculative traders have put their protective stops below $64.00, so such a move could trigger a wave of selling orders and margin calls.

Platinum Is Flat As Traders Shrug Off Economic Worries

Platinum is swinging between gains and losses as the market attempts to stabilize after yesterday’s volatility. Palladium prices are down by 1.6%, which is bearish for platinum.

The nearest support level for platinum is located in the $1880 – $1900 range. A successful test of the support at $1880 – $1900 will push platinum towards the next support level at $1785 – $1805. RSI remains in the moderate territory, so there is enough room to gain momentum in case the right catalysts emerge.

On the upside, a move above the $2000 level will open the way to the test of the resistance level at $2040 – $2060. From the technical point of view, platinum needs to settle above the $2060 level to have a chance to gain sustainable upside momentum in the near term.

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