Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests New Highs As Traders Wait For Trump’s Comments On Iran

Gold Is Heading Towards The $4800 Level

Gold rallied as traders reacted to the news from the Middle East. U.S. President Donald Trump said that U.S. was ready for a ceasefire in case Iran reopened the Strait of Hormuz.

Iran said that it would not reopen the Strait of Hormuz until the U.S. and Israel stopped attacking the country. From a big picture point of view, U.S. and Iran traded demands to end the war. Traders view these demands as a starting point for serious negotiations.

It should be noted that Trump is expected to talk about the duration of the Iran war in his address to the nation tonight. His comments may have a significant impact on gold price dynamics, so traders should be prepared for fast moves.

WTI oil pulled back below the psychologically important $100 level as traders bet on de-escalation in the Middle East. Falling oil prices provided support to riskier assets, which was bullish for gold.

Despite its traditional safe-haven status, gold continues to trade as a riskier asset as the market attracted speculative traders after a historic rally in recent years.

U.S. dollar moved lower against a broad basket of currencies as demand for safe-haven assets declined. Falling dollar provided additional support to gold and other precious metals.

Gold settled above the resistance level at $4660 – $4680 and moved towards the $4800 level. If gold settles above $4800, it will head towards the next resistance level, which is located in the $4860 – $4880 range. A move above the $4880 level will push gold towards the 50 MA at $4954.

Silver Tests New Highs Amid Rising Demand For Precious Metals

Silver gained ground as rebound continued. Gold/silver ratio climbed towards the 63.00 level, limiting silver’s gains.

At this point, gold/silver ratio settled in a range between the support at 61.50 and the resistance at 66. If gold/silver ratio moves out of this range, it will have a good chance to gain momentum. A move below the 61.50 level will provide material support to silver markets.

From the technical point of view, silver settled above the support at $71.00 – $72.00 and is trying to settle above the $76.00 level. In case this attempt is successful, silver will head towards the nearest resistance level at $78.00 – $79.00. A successful test of this level will open the way to the test of the next resistance at $84.00 – $85.00.

On the support side, silver needs to settle back below the $71.00 level to have a chance to gain downside momentum in the near term.

Platinum Tests The $1950 Level

Platinum tests new highs amid rising demand for precious metals. Weaker dollar and geopolitical hopes provide significant support to platinum markets. Palladium prices are up by +0.7%, which is bullish for platinum.

Platinum managed to settle above the resistance level at $1880 – $1900 and is trying to settle above the $1950 level. In case this attempt is successful, platinum will head towards the resistance level, which is located in the $2040 – $2060 range.

If platinum manages to settle above $2060, it will move towards the 50 MA at $2134. RSI is in the moderate territory, so there is plenty of room to gain upside momentum in case the right catalysts emerge.

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