Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests New Highs As Rebound Continues

Gold Attempts To Settle Above $4150 Despite Rising Treasury Yields

Gold gains ground as traders ignore rising Treasury yields and bet on a rebound after the strong pullback from historic highs.

Treasury yields gained ground as traders reacted to the strong rally in the oil markets. WTI oil climbed towards the $87.00 level, while Brent oil settled above $94.00 amid rising tensions in the Middle East. The Strait of Hormuz remains closed. U.S. and Iran continue to attack each other, and no one shows any appetite for negotiations.

High oil prices will raise inflationary pressure and force the Fed to be more hawkish. Interestingly, gold traders ignore these risks and continue to buy gold. Perhaps, central banks have increased their gold purchases in July. We’ll have to wait for official data in August to confirm this hypothesis.

The nearest resistance level for gold is located in the $4180 – $4200 range. In case gold manages to settle above the $4200 level, it will get to the test of the 50 MA at $4253. A move above the 50 MA will open the way to the test of the resistance level at $4360 – $4380. RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

On the support side, a move below the $4100 level will push gold back towards the support at $4020 – $4040. In case gold declines below $4020, it will head towards the $3950 level.

Silver Tests The $60.00 Level as Gold/Silver Ratio Pulls Back

Silver is moving higher as gold/silver ratio made an attempt to setlte below the 69.00 level. A move below the 69.00 level will push gold/silver ratio towards 68.00, which will be bullish for silver.

The nearest resistance level for silver is located in the $61.00 – $62.00 range. A successful test of this level will open the way to the test of the next resistance at $65.00 – $66.00. A move above the 50 MA at $66.32 will signal that silver is ready to gain additional upside momentum.

On the support side, silver needs to settle back below the $59.00 level to have a chance to gain downside momentum in the near term. In this case, silver will head towards the support level at $56.00 – $57.00.

Platinum Gains Ground As Traders Ignore Rising Oil Prices

Platinum moved higher amid broad rally in precious metals markets. Palladium markets are up by +1.5%, providing additional support to platinum. Interestingly, traders are not worried that high oil prices will reduce industrial demand for platinum.

If platinum manages to settle above the $1650 level, it will head towards the resistance level at $1680 – $1700. A successful test of this level will push platinum towards the 50 MA at $1736.

On the support side, a move below the support at $1600 – $1620 will open the way to the test of the next support level at $1500 – $1520.

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