Gold, silver and platinum prices experience pullback amid de-escalating trade war
Gold drops to $3,260 as dollar strength pressures precious metals.
Precious metals have seen a significant cooling off after their recent rallies, driven by shifting market sentiment and a resilient U.S. dollar. Gold, after reaching a record high of $3,500 per ounce last week, has since corrected sharply, dipping to a low of $3,260.
The last three days of last week saw gold price recovery stalled below the $3,400 resistance level, a critical technical hurdle. As of today, April 28, gold opened at $3,330 but has declined by 1.6%, with current prices near $3,278 in the European session.
The price action is now centred around the $3,260 support level, which could either trigger a bullish recovery or open the door for further declines. Should this support level fail to hold, the next key support zone lies at $3,227, backed by the 20-day moving average. The sharp pullback is partly attributed to the strengthening of the U.S. dollar, which has kept gold prices in check despite falling U.S. Treasury yields, signalling reduced demand for the safe-haven asset.
Gold, Silver, and Platinum price dynamics (April 2025). Source: MT4
Silver has also been under pressure, although its price action over the past few weeks has been notably more bullish. After a solid 13% rally that saw silver reach a high of $33.70, the metal has started to cool off. On Monday, silver opened at $33.10, testing the $32.75 support level near the 20-day moving average during the Asian session. A recovery from this level has brought the price back to $32.97 in the European session, showing a modest 0.4% loss for the day. If silver’s recovery persists, it may revisit the $33.70 resistance. However, failure to hold above $32.75 could lead to a retest of the $32.10 support level.
Platinum bulls eye breakout above $981, $1,000 psychological level ahead
The cooling of gold and silver prices is largely due to the de-escalation of trade tensions between the USA and China, which has dampened the demand for safe-haven assets. Despite the decline in U.S. Treasury yields, a stronger dollar has pressured both metals, curbing their upside momentum.
In contrast, platinum is showing resilience. The metal has gained 0.47% today, marking its fourth consecutive bullish session. However, platinum continues to face the challenge of breaking above the $981 resistance level, which aligns with the 0.786 Fibonacci retracement level. Despite this, the 20-day moving average has provided support at $964, and a clear break above $981 could trigger a rally toward the psychological $1,000 level.
Across all three metals—gold, silver, and platinum—the daily RSI remains in bullish territory, highlighting their underlying strength, even as the metals face short-term pullbacks. The key question for traders is whether the recent cooling off will be temporary or if a deeper correction is in store, as the U.S. dollar remains firm and trade tensions ease.
Gold, silver, and platinum faced a correction as the U.S. dollar strengthened. Technical resistance and shifting macroeconomics weighed on precious metals, suggesting further downside.
