Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests $4650 Amid Rising Tensions In The Middle East

Gold Tests Resistance At $4660 – $4680

Gold continues its attempts to settle above the resistance level at $4660 – $4680 as traders focus on recent developments in the Middle East.

U.S. President Trump said that a whole civilization would die tonight in case Iran did not agree to a deal. He added that he did not want it to happen.

According to recent reports, U.S. delivered strikes against military targets on Kharg island, which is the center of Iran’s oil trade. Oil-related targets were not attacked.

Oil prices moved higher, although Trump’s remarks did not trigger a major rally. WTI oil climbed above the $115.00 level, while Brent oil settled above $110.00. At this point, traders are not ready to bet that something extraordinary would happen in Iran tonight.

U.S. dollar pulled back against a broad basket of currencies as traders focused on the weaker-than-expected Durable Goods Orders report. The pullback was not strong, so it had no material impact on gold prices dynamics.

Recent data suggests that China’s central bank was actively buying gold during the strong pullback. Central bank purchases served as the key catalyst behind gold’s rally in 2024 – 2025, so China’s actions are a sign of confidence in the market.

Treasury yields moved higher, putting some pressure on gold and other precious metals. Rising yields are bearish for gold that pays no interest.

From the technical point of view, gold needs to settle above the resistance at $4660 – $4680 to gain additional upside momentum in the near term. In case gold settles above the $4680 level, it will head towards the next resistance level, which is located in the $4860 – $4880 range.

Silver Retreats As Demand For Riskier Assets Declines

Silver is losing ground as demand for riskier assets declines amid tensions in the Middle East.

Gold/silver ratio climbed above the 64.50 level, which was bearish for silver. If gold/silver ratio settles above 65.00, it will head towards the 68.00 level, putting additional pressure on silver markets.

Currently, silver attempts to settle below the support at $71.00 – $72.00. This support level has been tested several times in recent trading sessions and proved its strength.

A move below the $71.00 level will push silver towards the next support at $64.00 – $65.00. If silver declines below the $64.00 level, it will head towards March lows near the $61.00 level.

On the upside, silver needs to climb back above $75.00 to gain upside momentum. In this case, silver will move towards the resistance level at $78.00 – $79.00.

Platinum Tests Support At $1880 – $1900

Platinum is moving lower as traders focus on rising oil prices. Platinum is dependent on industrial demand, so high energy prices may reduce demand for the metal. Palladium markets are down by -1.6%, putting additional pressure on platinum.

Platinum failed to settle above the $1950 level and pulled back towards the support level at $1880 – $1900. In case platinum declines below the $1880 level, it will head towards the support at $1785 – $1805.

A move below the $1785 level will push platinum towards the $1700 level. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

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