Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats As Traders Take Profits After Rally

Gold Pulled Back From Multi-Week Highs

Gold pulled back as traders took some profits off the table after the strong rally, which was driven by tariff worries.

President Trump said that he would raise global tariffs to 15%, but he had not yet done so. Right now, the global tariff rate is set at 10%.

Tariff uncertainty boosted demand for safe-haven assets, which was bullish for gold. However, it looks that traders want to see more positive catalysts before they will be ready to push gold prices towards new highs.

The rebound in U.S. equity markets has also put pressure on gold in today’s trading session. Yesterday, software stocks got decimated as traders worried that AI will eliminate businesses of software companies.

The huge sell-off in IBM stock, which was triggered by new features of Anthropic’s Claude, served as a positive catalyst for gold as traders rushed for safety.

Today, the rebound in the U.S. equity markets signals that investors’ appetite for risk increased, so it’s not surprising to see that gold has found itself under pressure.

The absence of news from Iran has also served as a negative catalyst for gold prices. For days, traders waited for a potential U.S. strike against Iran. However, U.S. – Iran negotiations are set to continue, so geopolitical premium declined. Traders should note that geopolitical premium may skyrocket in case U.S. strikes Iran, which remains a viable scenario.

From the technical point of view, gold pulled back towards the nearest support level, which is located in the $5100 – $5120 range. A successful test of the support at $5100 – $5120 will open the way to the test of the next support at $4880 – $4900.

Silver Is Stuck Near Key Resistance At $86.00 – $87.00

Silver continued its attempts to settle above the resistance level at $86.00 – $87.00 as gold/silver ratio pulled back below the 59.00 level.

Gold/silver ratio is heading towards the 50 MA at 57.89. A move below this level will provide gold/silver ratio with an opportunity to gain additional downside momentum, which will be bullish for silver.

If silver manages to stay above the $57.00 level, it will move towards the next resistance at $95.00 – $96.00. A successful test of this level will push silver towards the psychologically important $100 level.

On the support side, a move below $86.00 will open the way to the test of the 50 MA at $82.73. If silver declines below the 50 MA, it will head towards the support at $78.00 – $79.00.

Platinum Is Mostly Flat As Traders Wait For Tariff News

Platinum is swinging between gains and losses as traders focus on the performance of gold markets and wait for tariff news.

Demand for platinum is heavily dependent on industrial demand, so Trump’s tariff policy is a key catalyst for platinum markets.

Palladium gained almost 2% in today’s trading session, but this move did not provide support to platinum prices.

Platinum remains stuck below the 50 MA at $2214. In case platinum settles above the 50 MA, it will move towards the resistance level at $2245 – $2265.

On the support side, a move below the $2100 level will push platinum towards the nearest support, which is located in the $2040 – $2060 range. RSI remains in the moderate territory, so there is plenty of room to gain momentum in the near term.

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