Gold (XAUUSD), Silver, Platinum Forecasts – Silver Soars Above $90.00 As Rally Continues

Gold Tests The $5200 Level

Gold gains ground as traders remain focused on tariff uncertainty and react to JP Morgan’s new gold price forecast.

The investment bank believes that gold prices will reach the $6300 level by the end of the year. JPMorgan says that strong demand from central banks and investors will provide significant support to gold markets. Interestingly, the bank’s long-term gold price forecast stands at just $4500 per ounce.

U.S. President Donald Trump’s State of the Union Speech did not provide sufficient clarity on his tariff policy, which served as a positive catalyst for gold and other precious metals.

U.S. dollar pulled back against a broad basket of currencies, providing additional support to gold. Weak dollar is bullish for dollar-denominated commodities as it makes them cheaper for buyers who have other currencies.

Treasury yields were mostly unchanged as traders reacted to Trump’s speech. Fluctuations of bond markets did not have a material impact on gold markets today.

Gold settled above the support level at $5100 – $5120 and is trying to settle above the $5200 level. In case this attempt is successful, gold will head towards the next resistance level, 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.

Silver Tests New Highs As Gold/Silver Ratio Drops

Silver rallied above the $90.00 level as gold/silver ratio declined below the 50 MA at 57.73.

Falling gold/silver ratio has been the key positive catalyst for silver prices in recent months.

In case gold/silver ratio settles below the 50 MA, it will move towards the 55 level. A move below 55 will open the way to the test of the 50 level. This scenario would be extremely bullish for silver.

Fundamentally, falling gold/silver ratio indicates that speculative demand is rising. Demand from investors and traders is the key driver for silver’s recent rally. In case speculative traders are moving back to the market, silver has a chance to gain sustainable upside momentum.

From the technical point of view, silver moved above the resistance at $86.00 – $87.00 and is trying to settle above the psychologically important $90.00 level. If silver stays above the $90.00 level, it will move towards the next resistance at $95.00 – $96.00. A move above $96.00 will push silver towards the key $100 level.

Platinum Gains 7% As Traders Bet Tariffs Won’t Hurt Demand

Platinum soared as traders reacted to the rally in silver markets. Speculative interest is pushing platinum prices higher.

Interestingly, palladium markets have gained just 1.5% in today’s trading session.

From a big picture point of view, traders bet that Trump’s tariff policy will not be able to hurt demand for platinum after the Supreme Court ruled that his tariffs were illegal.

Current market sentiment is extremely bullish, and platinum is trying to settle above the resistance level at $2245 – $2265.

In case platinum manages to settle above the $2265 level, it will move towards the next resistance level, which is located in the $2420 – $2440 range. RSI remains in the moderate territory despite the strong rally, so there is plenty of room to gain momentum in the near term.

On the support side, a move below the 50 MA at $2224 will push platinum towards the nearest support level, which is located in the $2040 – $2060 range.

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