Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests Multi-Month Lows As Sell-Off Continues

Gold Tests Support At $4020 – $4040

Gold remains under strong pressure as traders focus on the strength of the U.S. dollar and worry about hawkish Fed.

U.S. dollar tested yearly highs against a broad basket of currencies as traders remained focused on Fed policy outlook. Strong dollar is bearish for dollar-denominated commodities as it makes them more expensive for buyers who have other currencies.

Treasury yields moved lower, but this move did not provide any support to gold markets. The yield of 2-year Treasuries pulled back towards the 4.15% level, while the yield of 10-year Treasuries declined towards the 4.40% level.

Gold traders have also ignored the sell-off in the oil markets. Oil markets were down by more than -3% as traffic through the Strait of Hormuz increased. At this point, falling oil prices do not serve as a positive catalyst for gold markets as traders are worried that Fed will be forced to raise rates.

Currently, gold is trying to settle below the support at $4020 – $4040. In case gold manages to settle below the $4020 level, it will head towards the next support, which is located in the $3880 – $4000 range. RSI is close to the oversold territory, but there is enough room to gain momentum in case the right catalysts emerge.

On the upside, gold needs to settle back above the $4050 level to have a chance to gain upside momentum in the near term. In this case, gold will head towards the resistance level at $4180 – $4200.

Silver Tests New Lows As Traders Focus On Hawkish Fed Policy Outlook

Silver tests new lows as gold/silver ratio climbed above the 68.00 level. In case gold/silver ratio settles above 68.50, it will head towards February highs near the 72.50 level, which will be bullish for silver.

From the technical point of view, silver settled below the key support at $61.00 – $62.00 and is trying to settle below the $58.50 level. If silver settles below $58.50, it will head towards the nearest support, which is located in the $56.00 – $57.00 range. A successful test of this level will open the way to the test of the support at $51.00 – $52.50.

It should be noted that the $61.00 level marked the 50% correction from historic highs, which were reached in early 2026. The market is extremely bearish, and silver has a solid chance to gain strong downside momentum in the near term. RSI has recently moved into oversold territory, but there is enough room to gain additional momentum in case the right catalysts emerge.

Platinum Attempts To Settle Below The $1600 Level

Platinum is under strong pressure amid broad sell-off in precious metals markets. Palladium is down by -5%, which is bearish for platinum.

Platinum pulled back below the support at $1600 – $1620 and is trying to settle below the $1575 level. In case platinum settles below $1575, it will head towards the next support at $1500 – $1520.

On the upside, a move above the $1620 level will push platinum towards the resistance level at $1680 – $1700.

If you’d like to know more about how to trade gold and silver, please visit our educational area.