Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats As Traders Prepare For A Long War In Iran

Gold Prices Decline As Traders Focus On Trump’s Hawkish Comments

Gold pulled back as traders focused on the strong rally in the oil markets and reacted to Trump’s comments on Iran.

President Trump indicated that U.S. will intensify strikes against Iran. In turn, Iran warned that “not a single person should survive” in case of a ground operation. Put simply, markets prepare for additional escalation in the Middle East.

WTI oil rallied above the $110 level as traders focused on Trump’s comments. Rising oil prices raised demand for safe-haven assets and put pressure on riskier assets.

Gold continues to trade as a riskier asset, so worries about a long war in the Middle East served as a negative catalyst for gold markets.

U.S. dollar gained ground against a broad basket of currencies as traders reacted to rising tensions in the Middle East. Strong dollar put additional pressure on gold and other precious metals.

Treasury yields moved lower in today’s trading session, but gold traders have mostly ignored the dynamics of yields and focused on geopolitical developments.

Interestingly, gold managed to rebound from session lows as some traders used the strong pullback as an opportunity to increase their long positions at attractive levels.

Currently, gold is trying to settle back above the resistance level at $4660 – $4680. In case this attempt is successful, gold will head towards the next resistance, which is located in the $4860 – $4880 range. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

On the support side, gold needs to settle below recent lows near $4550 to have a chance to gain downside momentum in the near term. In this case, gold will head towards the support level at $4400 – $4420.

Silver Pulls Back As Gold/Silver Ratio Jumps Above 64

Silver moved lower as gold/silver ratio climbed above the 64.00 level. From a big picture point of view, gold/silver ratio stays range-bound.

Rising energy prices are bearish for silver, which is dependent on industrial demand. That said, silver is also sensitive to fluctuations of risk appetite as speculative traders have flooded the market after the huge rally in late 2025 – early 2026.

Silver attempts to settle back below the support level at $71.00 – $72.00. If silver manages to settle below the $71.00 level, it will move towards the next support at $65.00 – $66.00.

On the upside, a move above the $75.00 level will push silver towards the resistance at $78.00 – $79.00.

Platinum Moves Higher As Traders Shrug Off Economic Worries

Platinum gains ground despite the rally in the oil markets. Palladium markets are up by almost 2%, providing additional support to platinum prices.

From the technical point of view, platinum continues its attempts to settle above the resistance level at $1880 – $1900. If platinum stays above the $1900 level, it will head towards the next resistance level at $2040 – $2060.

It should be noted that platinum’s ability to move higher when WTI oil prices are up by 12% is a sign of strength. The physical deficit in the market may provide additional support to platinum prices, although fluctuations of the risk appetite will also remain an important catalyst for the foreseeable future.

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