Gold (XAUUSD), Silver, Platinum Forecasts – Silver Gains 6% Amid Rising Demand For Precious Metals

Gold Tests The $5250 Level

Gold is moving higher as traders focus on U.S. – Iran tensions and react to the pullback in the U.S. equity markets.

U.S. – Iran negotiations are set to resume next week, but traders worry that U.S. may strike targets in Iran to put more pressure on the country. According to recent reports, multiple countries advised their citizens to move out of Iran.

U.S. stocks remain under pressure amid worries about AI companies. The higher-than-expected PPI data put additional pressure on U.S. equities. Traders rushed to buy safe-haven assets, which was bullish for gold markets.

Weaker dollar also provided support to gold markets today. Interestingly, U.S. dollar lost ground against a broad basket of currencies despite higher-than-expected Producer Prices data.

Treasury yields moved lower, which was also bullish for gold and other precious metals. Lower yields are bullish for metals that pay no interest.

Currently, gold is trying to settle above the $5200 level. In case this attempt is successful, gold will move towards the next resistance, which is located in the $5430 – $5450 range. RSI is 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 support at $5100 – $5120 will push gold towards the next support level at $4880 – $4900.

Silver Tests New Highs As Gold/Silver Ratio Drops

Silver rallied as gold/silver ratio pulled back below the 56.00 level. The continuation of the downside trend in gold/silver ratio served as the key catalyst for silver markets in today’s trading session.

Gold/silver ratio managed to settle below the 50 MA at 57.42, which was a bullish sign for silver prices. In case gold/silver ratio pulls back below the 55.00 level, it will head towards the 50.00 level, providing additional support to silver.

From a big picture point of view, silver continues to recover after the strong sell-off from historic highs in late January. Speculative buyers have returned to the market, and silver is ready to gain additional upside momentum in the upcoming trading sessions.

The nearest resistance level for silver is located in the $95.00 – $96.00 range. If silver climbs above the $96.00 level, it will move towards the psychologically important $100 level. A move above the $100 level will open the way to the test of the next resistance at $103.00 – $104.00.

Platinum Gains 3.5% As Rally Continues

Platinum gained strong upside momentum amid broad rally in precious metals markets. Palladium prices were mostly unchanged in today’s trading session.

The pullback in U.S. equity markets did not put any pressure on platinum, and it looks that traders believe that AI-related weakness will have no impact on demand for platinum.

From the technical point of view, platinum managed to settle above the resistance level at $2245 – $2265 and is trying to settle above the $2350 level.

If platinum settles above $2350, it will move towards the resistance level at $2420 – $2440. RSI is in the moderate territory, so there is enough room to gain momentum in the near term.

On the support side, a move below the 50 MA at $2240 will push platinum towards the nearest support level, which is located in the $2040 – $2060 range.

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