Gold, Silver, Platinum Forecasts – All On-Track for Quarterly Gains

Gold

Gold prices edged lower on Friday but remained on track for a third consecutive quarterly gain. The market steadied following a key U.S. inflation report that aligned with expectations, increasing hopes for a Federal Reserve rate cut by September. Declining U.S. Treasury yields further supported gold, making it more attractive for investors. Traders are now pricing in a 68% chance of a September rate cut, up from 64% before the inflation data release, according to the CME FedWatch tool.

Gold is trading at $2,327.53, down 0.01%. The 50-day SMA at $2,337.58 acts as resistance. Key support levels are $2,305.35 and $2,294.30. Resistance levels are $2,390.93 and $2,401.88. The 14-day RSI at 49.47 indicates neutral momentum. If gold holds above $2,305, a retest of resistance levels is likely, suggesting a potential bullish trend.

Silver

Spot silver rose 0.6% to $29.23 on Friday, bolstered by data showing stable inflation. The Personal Consumption Expenditures (PCE) index reported no increase from April to May, leading to speculation of potential Federal Reserve rate cuts. San Francisco Federal Reserve Bank President Mary Daly highlighted the positive implications of the latest data, indicating policy effectiveness. With investor sentiment optimistic, silver is set for a quarterly gain, reflecting its resilience in the current economic environment.

Silver is trading at $29.17, up 0.67%. The 50-day SMA at $29.21 acts as resistance. Key support levels are $29.00 and $28.66. Immediate resistance is at $30.85, with stronger resistance at $31.21. The 14-day RSI is neutral at 47.44. If silver holds above $29.00, it could test higher resistance, suggesting potential bullish momentum.

Platinum

Platinum prices climbed 1.4% to $1,001.58 on Friday, driven by positive market sentiment following stable inflation data. The PCE index remained unchanged from April to May, suggesting controlled inflation and potential Federal Reserve rate cuts. This boosted investor confidence, contributing to platinum’s upward movement. As the market anticipates potential monetary easing, platinum is poised for a quarterly gain, reflecting its attractiveness amid a stabilizing economic outlook.

Platinum is trading at $995.61, up 0.81%. Support is at $985.41, with resistance at $1,010.83. The 50-day SMA is $989.57. The 14-day RSI at 51.70 indicates neutral momentum. If platinum maintains above the 50-day SMA, further gains are likely, with the next resistance at $1,020.55.