Gold, silver and platinum stage recovery after tariff-driven drop ahead of CPI data

Precious metals kicked off the week on a weak note, falling sharply on Monday after the U.S. and China agreed to a 90-day tariff truce.
While the announcement initially sparked risk-on sentiment and weighed on safe-haven assets, the lack of clarity surrounding the deal has started to trigger doubts among traders. This shift in sentiment has allowed gold, silver, and platinum to partially recover heading into Tuesday’s North American session.
Gold dropped 3.4% on Monday to a low near $3,207, finding support at the base of a broader symmetrical triangle on the 4-hour chart. The structure helped cushion the fall, although the recovery has so far been limited. On May 13, gold added 1%, peaking around $3,260 before stalling near short-term resistance. The price now trades around $3,250, held between the triangle’s lower boundary and a near-term resistance at the 20 EMA on the 4-hour timeframe, located at $3,280. RSI readings suggest momentum has faded—while the daily RSI has cooled to neutral, the 4-hour RSI sits in bearish territory, limiting upside conviction for now.
Silver and platinum eye upside breakout ahead of CPI inflation catalyst
Silver saw a similar intraday dip on Monday, reaching a 7-day low at $31.9 before staging a full recovery and closing the session with an indecision candle. That candle has since acted as a springboard. Silver is trading around $33.0 on Tuesday, holding firm inside a 4-week consolidation range between $31.9 and $33.7. Both daily and 4-hour RSI indicators are in bullish territory, indicating the potential for a breakout toward the March highs near $34.60 if price clears $33.7.
Gold, Silver and Platinum price dynamics (Nov 2024 - May 2025). Source: TradingView
Platinum posted a 2.3% decline on Monday but found support at the 20-day EMA around $975.3. Despite Monday’s bearish engulfing candle, buyers stepped in strongly on Tuesday, lifting the metal by 1.66% to $992.0. The $1,000 psychological level looms ahead, a barrier that stalled gains back in March. RSI conditions on both timeframes are supportive, and a clean break above $1,000 could open the path to retest the year-to-date high at $1,009.
While technical patterns suggest price pressure may be easing, traders are now eyeing the upcoming U.S. Core CPI report. A hotter-than-expected print could revive dollar strength and challenge the fragile rebound in metals. For now, caution is building as markets weigh the true impact of the tariff deal and await fresh inflation data to set the tone.
The U.S.-China tariff truce lifted the dollar and yields which reduced demand for gold, silver and platinum. Gold and silver broke support as traders sold off safe havens in favour of dollar assets.