Platinum posts fifth daily gains as gold drifts and silver regains footing
Platinum rallies toward $1,000, leading gains among precious metals.
Platinum has outperformed both gold and silver, starting the week strongly as the metal gained 1.45%, decisively breaking above the 0.786 Fibonacci resistance level that had capped prices throughout last week.
Today’s European session brought another 0.5% surge, lifting the price near $991, just shy of the psychological $1,000 price level. This marks the fifth consecutive daily gain for platinum, yet, technical momentum indicators continue to support the rally.
Both the daily and 4-hour RSI hold in bullish territory and are not yet overbought. Additionally, the golden cross between the 20 and 50-period moving averages adds further support to the case for sustained upside pressure.
Platinum price dynamics (Dec 2024 - April 2025). Source: TradingView
Gold continues to trade within a defined consolidation pattern, reflecting indecision by market participants. For the past four trading days, the price has been compressed between the descending triangle, resistance near $3,400 and support at $3,260. Today, April 29, gold opened near $3,345 and slipped by 0.8% during the Asian session, briefly touching $3,315 during the European session.
The structure of this tight range reflects thinning participation, as the daily chart shows a clear decline in trading volume, which helps explain the ongoing sideways movement. Reinforcing this indecision is the 4-hour RSI, which currently sits squarely at 50, reflecting a neutral environment. Until a breakout materializes, likely triggered by a fresh catalyst, the consolidation appears poised to extend into a fifth straight session.
Silver forms a bullish pin bar off 20-MA, as bulls eye $33.50 resistance
Silver, however, offers a contrasting picture of resilience and short-term bullish potential. After dipping to a three-day low yesterday, the price rebounded sharply off the $32.75 support level and the 20-period moving average, forming a bullish pin bar candle. The strength of that bounce saw price recover into the current session despite an early dip of 0.8% during today’s Asian session. Silver has surged back during the European session and now trades near $33.20. The daily RSI remains in bullish territory, and the technical rejection from support suggests that silver has room for further upside, especially if buyers continue to defend the $32.75 level.
Altogether, while gold consolidates in search of direction, silver attempts to reassert short-term bullish control and platinum leads the pack, driven by technical breakouts and consistent buying strength.
Gold and silver retreated after the dollar strengthened and trade tensions eased. Platinum held firmer despite the broader pullback in metals.
