Gold, silver and platinum stay range-bound after weak U.S. data fails to trigger breakout
Dollar dip fails to lift metals
Precious metals are trading lower today, Friday, May 16, despite yesterday’s recovery that followed softer-than-expected U.S. Retail Sales and PPI data. The data pressured the U.S. dollar and Treasury yields, which briefly boosted bullion prices, but not enough to break out of their ongoing technical ranges.
Gold recovered briefly from this week's decline that had extended the previous week’s downtrend, briefly rebounding from lows near $3120 per ounce. The rebound was driven by a dip in the dollar and yields following the soft U.S. macro data. However, gold’s price action is now caught between the 20-day and 50-day exponential moving averages, which cap further gains. Resistance at $3267 and support at $3167 have boxed in the price for three consecutive days. As of Friday, gold is trading near $3200, dipping 1.2% for the day. The daily RSI failed to flip into bullish territory after yesterday’s bounce, suggesting a lack of follow-through momentum.
Silver and platinum gains are short-lived as both remain within consolidation zones
Silver shows a similar pattern of constrained movement. The metal has been consolidating between $31.70 and $33.70 for the fifth straight week. Yesterday’s brief recovery, which was also driven by the U.S. dollar weakness, fizzled below the $32.67 mark. As of Friday, silver is down 1.3% and trading near $32.15. Momentum indicators on both the daily and 4-hour charts are now pointing lower, increasing the likelihood of another retest of the $31.70 support level.
Gold, Silver and Platinum price dynamics (Feb 2025 - May 2025). Source: TradingView
Platinum had a stronger rebound on Thursday, finding support at the 20-day EMA and climbing as high as $995 before meeting resistance from a downward trendline. However, today’s session has seen the metal slide 1.6% to an intraday low of $978.60, before recovering slightly to trade near $987.00. The metal has been moving in a tight band below the $1000 psychological ceiling and above the $973.30 base level since last week. Despite the range-bound movement, the RSI is still holding in bullish territory, offering some support to the medium-term outlook.
Overall, the softer U.S. economic data gave precious metals a short-term boost, but it lacked the strength to break key technical barriers. The market appears to be waiting for more decisive catalysts before choosing a clearer direction.
Softer U.S. inflation boosted rate cut expectations but did not push gold or silver higher. Gold and silver stayed stuck in range as technical resistance capped any upward move.
