Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats Amid Profit-Taking

Gold Moves Lower As Traders Take Profits After Rally

Gold pulled back from session highs as traders took some profits off the table after the strong rally.

Treasury yields moved lower, but this move did not provide material support to gold markets. The yield of 2-year Treasuries declined towards the 4.22% level, while the yield of 10-year Treasuries settled below 4.69%.

FedWatch Tool indicates that there is a 50.1% probability that Fed will keep rates unchanged at the next meeting in September. In case the probability of a rate hike increases, gold may find itself under pressure.

U.S. dollar is swinging between gains and losses against a broad basket of currencies despite falling Treasury yields. The dynamics of the American currency did not have a material impact on gold price dynamics in today’s trading session.

Gold traders will also stay focused on the situation in the Middle East. Pakistan has recently said that U.S. and Iran could reach some kind of a deal. Oil traders remain cautious, and oil markets are up by 1%. In case U.S. and Iran reach a temporary deal, oil prices will move lower, providing additional support to gold markets.

In case gold stays above the resistance level at $4360 – $4380, it will head towards the next resistance, which is located in the $4480 – $4500 range. RSI remains in the moderate territory, so there is plenty of room to gain momentum in the near term.

On the support side, a move below the $4350 level will push gold towards the $4300 level. If gold manages to settle below $4300, it will head towards the nearest support at $4180 – $4200.

Silver Retreats As Gold/Silver Ratio Rebounds From Weekly Lows

Silver moved lower as gold/silver ratio rebounded above the 67.50 level. If gold/silver ratio settles back above the 50 MA at 67.38, it will head towards the 69.00 level, which will be bearish for silver.

From the technical point of view, silver made an attempt to settle above the resistance level at $65.00 – $66.00 but lost momentum and pulled back. In case silver settles below the $64.00 level, it will head towards the support at $61.00 – $62.00.

On the upside, a move above the $66.00 level will push silver towards the next resistance level at $71.00 – $72.00.

Platinum Pulls Back As Oil Prices Rise

Platinum remains stuck in a wide range between the support at $1680 – $1700 and the resistance at $1780 – $1800. Rising oil prices put some pressure on platinum markets today. Palladium markets were down by -1.3% in today’s trading session, which was bearish for platinum.

A successful test of the resistance at $1780 – $1800 will push platinum towards the next resistance level at $1870 – $1890. If platinum manages to settle above the $1890 level, it will gain additional upside momentum and move towards the $1950 level.

In case platinum declines below the $1680 level, it will head towards the 50 MA at $1659. A move below the 50 MA will open the way to the test of the $1600 level.

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