Gold, Silver, and Platinum Market Analysis

Published: March 18, 2026

Author: Vladimir Zernov

Market Overview

Gold prices have recently retreated below the $4900 mark as traders shift their focus towards rising oil prices. Silver has also seen a decline, dropping below the $78.00 level, while platinum is testing support between $2040 and $2060.

Gold Market Analysis

Gold is currently trading around $4880, influenced by a rally in oil prices following geopolitical tensions in the Middle East. Specifically, Brent oil has surged above $108.00 due to military actions involving Israel and Iran, leading to increased demand for safe-haven assets. However, gold has not benefited from this demand as it is behaving more like a risk asset rather than a safe haven.

The U.S. dollar has strengthened against a basket of currencies ahead of the Federal Reserve's decision on interest rates, which is expected to remain unchanged. Traders are particularly interested in the FOMC Economic Projections and comments from Fed Chair Jerome Powell, especially regarding the potential for a more hawkish stance due to rising energy prices that could elevate inflation.

If the U.S. dollar continues to gain strength post-Fed decision, gold may face additional downward pressure.

Silver Market Analysis

Silver is experiencing a pullback, influenced by the broader sell-off in precious metals and concerns over rising oil prices. The gold/silver ratio is hovering around 63.00, indicating that if this ratio continues to rise, silver prices may decline further.

Currently, silver is attempting to settle below the support level of $78.00 – $79.00. A successful breach of this support could lead silver towards the next support range of $71.00 – $72.00. Conversely, for silver to gain upward momentum, it must reclaim the $78.00 – $79.00 support level, with a potential target of $86.00 – $87.00 if it surpasses $79.00.

Platinum Market Analysis

Platinum has also seen a decline, reflecting the overall bearish sentiment in the precious metals market driven by rising oil prices. The palladium market has dropped nearly 5%, adding to the bearish outlook for platinum.

From a technical perspective, platinum is attempting to settle below the support level of $2040 – $2060. If this level is breached, the next support is anticipated in the $1880 – $1900 range. On the upside, a move above $2100 could lead to testing resistance levels between $2245 and $2265.

Conclusion

Precious metals are expected to remain highly sensitive to the upcoming FOMC Economic Projections and comments from Powell. Additionally, interest rate decisions from the Bank of Japan, Bank of England, and European Central Bank will also significantly impact the precious metals market.