Gold (XAUUSD), Silver, Platinum Forecasts – Silver Dives 2.5% Amid Profit-Taking

Gold Remains Stuck Below The $5200 Level

Gold managed to gain some ground despite stronger dollar. The American currency moved higher against a broad basket of currencies as traders reacted to the better-than-expected Initial Jobless Claims report.

Treasury yields moved lower, providing support to gold markets. The yield of 2-year Treasuries pulled back towards 3.45%, while the yield of 10-year Treasuries declined towards the 4.00% level. Lower yields are bullish for gold that pays no interest.

U.S. – Iran negotiations were the key catalyst that pushed prices higher in today’s trading session. According to Iranian officials, the talks were “intense and serious”.

However, traders doubt that U.S. and Iran would reach a deal and prepare for a hawkish scenario, which implies a U.S. military strike against targets in Iran.

The strong pullback in U.S. equity markets also provided support to gold prices as traders rushed to buy safe-haven assets. SP500 declined by 0.95%, while NASDAQ fell by 1.6% as traders reacted to NVIDIA’s earnings report. Traders rush for safety amid AI-related worries.

From the technical point of view, gold continued its attempts to settle above the $5200 level. If gold manages to settle above $5200, it will move towards the next resistance level, which is located in the $5430 – $5450 range.

On the support side, gold needs to settle below the support at $5100 – $5120 to gain additional downside momentum in the near term. If gold declines below the $5100 level, it will head towards the next support at $4880 – $4900.

Silver Retreats As Traders Take Profits After Strong Rally

Silver pulled back as gold/silver ratio climbed above the 59.00 level. Gold/silver ratio failed to settle below the 50 MA at 57.61, which was a bearish development for silver markets.

The pullback in U.S. equity markets served as a negative catalyst for silver as the metal’s price is dependent on industrial demand. Rising demand for safe-haven assets did not provide support to silver markets as traders focused on buying gold.

Silver remains stuck near the key resistance level at $86.00 – $87.00. Silver has recently made several attempts to settle above the $90.00 level, but these attempts yielded no results.

In case silver pulls back below $86.00, it will head towards the 50 MA at 83.67. A move below the 50 MA will push silver towards the next support level, which is located in the $78.00 – $79.00 range.

Platinum Pulled Back Towards The $2200 Level

Platinum moved lower as traders rushed to take some profits off the table after the strong rally. Stronger dollar and the material pullback in U.S. equity markets served as additional bearish catalysts for platinum.

Palldaium was down by 3.4% in today’s trading session, which was also bearish for platinum markets.

From the technical point of view, platinum made an attempt to settle above the resistance at $2245 – $2265 but lost momentum and pulled back. If platinum declines below the $2200 level, it will head towards the nearest support, which is located in the $2040 – $2060 range.

On the upside, platinum needs to settle above the $2265 level to have a chance to gain sustainable upside momentum in the near term. In this scenario, platinum will head toward the next resistance level at $2420 – $2440.

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