Gold, silver and platinum prices see bearish breakdown amid global tariff hit
Gold hits record high before pulling back amid tariff fears.
Precious metals have experienced heightened volatility as geopolitical tensions, specifically U.S. tariffs, add significant pressure to market sentiment.
Gold, silver, and platinum are all seeing distinct price movements influenced by a blend of risk-off sentiment, market speculation about U.S. economic policy, and shifts in technical levels.
Gold, the standout in the precious metals complex, reached a new all-time high of $3168 per ounce earlier in today's Asian session. However, the rally fizzled out as the metal retraced more than 2% during both the Asian and European trading sessions. The precious metal has since found support near the 50 EMA at $3085, hitting a 3-day low of $3088. As of the North American trading session, gold is hovering around $3110. The key near-term support level for gold remains $3085, which may act as a buffer to further downside risk in the near future.
Silver, meanwhile, is undergoing a more pronounced decline. The metal is down 3.5% on the day, breaking below the crucial support at $32.75 and reaching a 3-week low of $32.35. The decline, however, could be halted by an upward trendline that has defined the broader bullish momentum. This support is now expected to emerge between $32.30 and $32.20, making it a critical level to watch for potential reversals.
Gold, silver, and platinum price dynamics (March - April 2025). Source: MT4.
Platinum also finds itself in a bearish trend, marking its third consecutive day of declines. After breaking below the $969 support level, platinum reached a 3-week low at $962. The violation of this support has turned it into resistance, and should the decline persist, further support lies at $957. This highlights platinum’s current vulnerability to further downside moves unless it can reclaim some of the recently lost ground.
Precious metals react to shifting technical levels amid fears of U.S. economic slowdown
Technically, silver and platinum are showing signs of deeper bearish pressure, with their daily RSI values approaching the 40 level, indicating that further downside may be on the horizon. However, broader market developments, particularly the implementation of reciprocal tariffs by the U.S. government, have led to fears of a global economic slowdown. These concerns have created a risk-off environment in the markets, which typically benefits safe-haven assets like gold.
As global markets remain on edge, investors should stay alert to further developments in U.S. trade policy and economic conditions, which could shape the trajectory of these metals in the coming days.
Gold, silver, and platinum rose as the market reacted to recession fears and tariff announcements. Investors turned to these metals as safe havens amid economic uncertainty.
