Gold, silver and platinum stay confined in ranges despite hopes of Fed rate cuts post-CPI miss
Dollar dip limits metal losses
Precious metals have mostly moved sideways this week, struggling to build any meaningful direction even after softer U.S. inflation numbers raised hopes of future interest rate cuts.
Gold started the week on the back foot, dipping below $3,267 after Monday’s early sell-off. Since then, price action has stalled, stuck between the $3,267 resistance and the $3,200 support. On Tuesday, even as U.S. inflation came in below forecast—0.2% versus the expected 0.3%, gold failed to pick up steam. Instead, it printed a small indecisive candle and drifted lower again on Wednesday, down 0.75% so far today. Until price breaks out of this narrow range, traders are likely to stay on the sidelines. If $3,200 gives way, the next key level sits near $3,167.
Silver and platinum diverge as one consolidates and the other nears 7-month high
Silver started the week stronger than gold. It posted four straight daily gains, though each was relatively small and held inside the broader range between $31.90 and $33.70 that has capped price movement for nearly a month. On Tuesday, silver touched $33.25 before pulling back. The pullback continued during early Wednesday trading but has since recovered near $32.70. It’s still down 0.4% today but holds a 0.9% gain on the week.
Gold, Silver and Platinum price dynamics (Feb 2025 - May 2025). Source: TradingView
However, silver is still boxed in a broader 4-week consolidation between $31.90 and $33.70. The 20- and 50-day EMAs provided a springboard for Wednesday’s recovery. For bulls, reclaiming $33.25 would open the way toward the upper range resistance at $33.70. On the downside, a break below the EMAs will expose $31.90 once again.
Platinum has had a more active week. After facing rejection at the $1,000 psychological level earlier in the week, the metal found support at $973.50. It has since rebounded strongly, climbing over 1.4% today to retest the $1,000 level. The move has taken platinum above both the 20- and 50-day EMAs on the 4-hour chart. These EMAs are now acting as short-term support. If platinum price breaks above the weekly high of $1,006, it opens the door for a rally toward a seven-month high near $1,010.
Overall, softer inflation data has kept the dollar under pressure, limiting the downside in metals. But despite the supportive macro backdrop, the technical landscape shows a metals market still awaiting firm direction.
Precious metals recovered after doubts grew over the unclear U.S.-China tariff truce. Gold rebounded off Monday’s low as traders bought back near technical support.
