Gold, silver, and platinum show demand amid softer dollar and U.S.-China tariff talks
On Friday, gold opened near $3,240 and clawed back some ground
Gold, silver, and platinum attempted a broad recovery during Friday’s European session, following a stretch of weakness earlier this week. The rebound comes just as geopolitical and macroeconomic signals begin shifting focus, notably, the U.S.-China tariff discussions and a softening U.S. dollar Index after testing key resistance.
Gold’s retreat from record highs extended into early May and recorded three consecutive bearish days, extending its retracement from its all-time high of $3,500 per ounce to the $3,200 support area. Thursday's session marked a key technical moment as the $3,200 level temporarily cushioned further losses. On Friday, gold opened near $3,240 and clawed back some ground, climbing 0.7% to trade around $3,260 during the European session. This rebound is occurring on rising volume, often a sign that buyers are beginning to step in raising the possibility of a retest of yesterday’s high at $3,288 and potentially the $3,400 level.
Silver mirrored gold’s mid-week weakness, dropping to a three-week low at $31.75 before a strong recovery erased most of those losses by Thursday’s close. Despite closing red, the session formed a bullish pin bar showing clear demand near the support zone.
Gold, silver and platinum price dynamics (April - May 2025). Source: MT4
Today, silver retested the $32.75 resistance area, which aligns closely with its 2-day exponential moving average. However, price has faded from $32.75 and is currently trading around $32.45, reflecting a mild intraday pullback. The lack of clear volume strength behind the move raises questions about its sustainability. Short-term support lies at $32.10, while the daily RSI’s recent shift into bearish territory suggests momentum is still fragile.
Platinum trades flat near $970 as 20-day and 100-day EMA hold price in tight range
Platinum has remained tightly coiled over the past two sessions. Thursday’s action saw a brief dip of 0.9%, but the metal rebounded to close unchanged. That neutrality has carried into today, with platinum making a brief advance to $975 before returning to near the session’s opening level.
Price continues to hover around the $970 mark, flanked by the 20-day and 100-day exponential moving averages. This zone could act as a springboard if broader precious metal sentiment turns more constructive. On the upside, $987 is the next resistance to watch; to the downside, a slip through $950 would likely signal trend exhaustion.
Market participants are also digesting recent comments from China’s Commerce Ministry, which stated that Washington has reached out to Beijing to reopen tariff talks. While details are sparse, this development may reduce near-term geopolitical hedging demand, potentially softening investor appetite for safe-haven metals like gold and silver.
Gold and silver fell for a third day as traders reduced expectations of Fed rate cuts, boosting the dollar. Platinum rebounded from a 6-day low despite broader weakness.
