Gold, silver and platinum face critical resistance zones as geopolitical risk fuels safe-haven bids
Gold eyes $3,245 breakout amid geopolitical tensions
Precious metals traded higher during Tuesday’s European session after comments from U.S. President Trump hinted at a possible complete U.S. withdrawal in future attempts to resolve the Russia-Ukraine conflict.
This geopolitical development helped lift safe-haven sentiment and supported fresh bids across gold, silver, and platinum.
Highlights
- Platinum extended its bullish streak above $1,000 supported by short-term EMA
- Gold trades near triangle resistance at $3,245 suggests breakout.
- Silver broader downtrend structure limits upside conviction.
The standout move came from platinum, which extended last week’s intraday bullish trend. Price climbed above both the psychological $1,000 level and the previous week’s high at $1,006. It also briefly breached March’s peak at $1,009.6, a price not touched in over six months. Momentum is backed by strong positioning above the 20, 50, and 100 exponential moving averages on the 1-hour chart, suggesting buyers still control short-term direction. RSI on both the daily and 4-hour charts remains in bullish territory, adding confidence to the upward trajectory.
Gold nears triangle resistance at $3,245 while silver targets an upper channel at $32.90
Gold, however, is approaching a potential turning point. The metal has been consolidating inside a symmetrical triangle pattern since last week. As of today, price is inching toward the top resistance trendline near $3,245, which coincides with selling pressure around the 50 and 100 EMA on the 4-hour chart.
Gold price dynamics (March-May 2025). Source: TradingView
The volume has declined as volatility compresses, and RSI is hovering near neutral on both the 4-hour and daily charts. A clean break above $3,245 could open the door toward $3,266. But given the lack of strong momentum, any break could be short-lived. If sellers step in, the nearest support below the lower trendline stands at $3,210 and then $3,167.
Silver has stayed inside a mildly descending channel since late April. Despite starting the week in a tight consolidation range, price dropped to $32.12 earlier today before bouncing off the mid-line of the channel. Currently trading near $32.40, silver is inching closer to liquidity pockets above Monday’s high of $32.6 and Friday’s peak of $32.7. A breach of these levels may prompt a retest of the channel's upper boundary around $32.90.
In summary, platinum leads the short-term upside, gold sits at the brink of a critical breakout or rejection zone, and silver is attempting to reclaim momentum within its broader downtrend. Price movement across all three metals is now tightly tied to geopolitical sentiment and technical breakout setups.
Gold and silver gained after a surprise U.S. credit downgrade triggered safe-haven demand. RSI and EMAs showed breakout signs as price approached key technical zones.
