Gold, Silver, Platinum Forecasts – Platinum Bucks Bearish Trend with More Than 3% Gain

Gold

Gold prices slipped to their lowest level in over two weeks, primarily due to a stronger dollar and higher bond yields. The U.S. dollar’s 0.4% rise to a near two-month peak made gold more expensive for other currency holders, while benchmark U.S. 10-year yields hit a near two-week high. Traders are focused on upcoming U.S. inflation data, especially the Personal Consumption Expenditures Price Index, which could influence the Federal Reserve’s interest rate decisions. Higher interest rates increase the opportunity cost of holding non-yielding bullion, contributing to the downward pressure on gold.

Silver prices declined, reflecting weakness in other precious metals, as market caution prevailed ahead of key U.S. inflation data. The U.S. PCE inflation data, critical for shaping the Federal Reserve’s monetary policy, has pressured precious metals due to uncertainties about interest rate cuts. The Fed’s cautious stance, with officials like San Francisco Fed President Mary Daly emphasizing the need for rates to remain steady until inflation trends towards 2%, added to the pressure. Upcoming personal income and spending reports, including inflation readings, and final Q1 GDP data, are highly anticipated for further market direction.

Silver prices are testing the support level around $28.66, just below the 50-day moving average of $29.19. The RSI at 45.35 suggests weak momentum. Resistance levels are noted at $30.89, $31.21, and $32.26. A close below the support may lead to further declines, while holding above it could result in consolidation.

Platinum

Platinum prices are sharply higher today. Apparently, they have not been impacted by the broader decline in precious metals or the stronger U.S. Dollar. Weak gold and strong platinum usually means traders are unwinding bear spreads. It could also mean that speculators may have caught wind of the expected supply shortage.

Platinum prices have rebounded to test resistance around $1,015.999, above the 50-day moving average of $987.352. The RSI at 57.69 indicates strengthening momentum. Key resistance levels are $1,020.549 and $1,036.831, with support at $985.416 and $974.950. A breakout above resistance may signal further gains, while a rejection could lead to consolidation.