Gold, silver, and platinum prices face resistance amid escalating U.S.-China tariff threats
Metals rebound, but trade fears limit price breakout
Precious metals are facing an uncertain price trajectory, as dovish expectations from the Federal Reserve fail to bolster the U.S. dollar.
While the weak dollar is expected to benefit the price of gold, silver, and platinum, the broader market sentiment, especially geopolitical developments, continues to weigh heavily on these assets.
U.S. President Donald Trump has threatened to impose a 50% tariff on Chinese imports, exacerbating an already fragile situation. This ongoing "tit-for-tat" war between the U.S. and China seems to be dampening risk appetite, and clouding the outlook on precious metals.
Gold, after three consecutive bearish days, found some support around the $2,956 level, a resistance point that capped February gains. This price level has now turned into support, providing some relief for the yellow metal. The price recovered slightly during the Asian and European sessions on Tuesday, April 8th, managing to reclaim the $3,000 psychological level. However, resistance at $3,055 looms in the near term, with support at $2,956, which is currently bolstered by the 50-day EMA. The 4-hour RSI has recovered from oversold conditions but remains in bearish territory, suggesting limited upside in the immediate future.
Gold, Silver, Platinum price dynamics (Oct 2024 - April 2025). Source: MT4
Silver and platinum trapped in intraday consolidation amid bearish RSI signal
Silver also followed a similar trajectory, bouncing off a multi-month low at $28.35 to face strong resistance around $30.80. As of today, silver is trading at $30.20, consolidating between the resistance at $30.80 and support at $29.70. Much like gold, its RSI remains in bearish territory, suggesting that the market sentiment could dampen its price movement unless a major catalyst emerges.
Platinum, like gold and silver, has been attempting to regain some ground following a sharp rebound from its multi-month low below $888. This marks the fifth time in 12 months that platinum has challenged the psychological $900 level, only to rebound into a bullish trend. The recent price recovery met resistance at $939, cooling off somewhat. As of now, platinum is trading at $924, after it had offset some of the gains in today’s Asian session. The 4-hour RSI, though recovered from oversold conditions, continues to show bearish momentum.
The release of the Federal Open Market Committee (FOMC) meeting minutes on Wednesday is another factor traders are watching closely. Market participants are reluctant to make aggressive bets ahead of the report, creating a wait-and-see attitude that may delay any meaningful breakout in precious metals prices.
Gold, silver, and platinum prices recovered after a weak dollar and falling yields. Volatility persisted as investors anticipated more trade tensions.
