Gold, silver and platinum extend breakout moves as dollar weakens on macro pressure
Gold has led the advance by breaking out of a symmetrical triangle pattern
Precious metals are extending their upside streak this week as investor sentiment tilts away from the U.S. dollar. A mix of sour macroeconomic developments including the Moody’s downgrade of U.S. creditworthiness, stalling trade negotiations, and renewed concerns over tariffs have pushed the dollar to its weakest level in weeks, lifting demand for metals as alternative stores of value.
• Gold breakout above the symmetrical triangle triggered a golden crossover.
• Silver targets $33.24 supported by a bullish RSI and rising EMAs.
• Platinum consolidates as momentum eases around $1,035 after a 6% rally.
Gold has led the advance by breaking out of a symmetrical triangle pattern that had capped its price action for over a week. The breakout occurred on Tuesday during the North American session, confirmed by increased volume and a sharp move above the horizontal resistance at $3,267. That breakout move triggered a golden crossover on the four-hour chart, as the 20 EMA crossed above both the 50 and 100 EMA, forming a strong base now aligned above the $3,267 support.
Gold, silver, and platinum price dynamics (March-May 2025). Source: TradingView
By Wednesday’s European session, gold had rallied for a third straight day, rising 0.95% intraday to test the previous weekly high of $3,320. On the weekly scale, gold is up over 3%, with the daily RSI holding firmly in bullish territory, suggesting further momentum toward fresh highs if the current pace continues.
Silver and platinum supported by bullish price structure above rising EMAs
Silver followed a similar breakout structure after weeks of consolidating inside a mild bearish channel. It posted a sharp 2.4% gain on Tuesday, clearing the upper boundary of that channel. During Wednesday’s early session, silver pulled back briefly to retest that broken resistance as new support, before recovering to post a 0.26% gain by the European session. Price is now pushing toward the $33.24 level, where a double top pattern previously formed in past weeks. While the RSI has climbed into bullish territory, key support levels from $32.75 to the week’s low at $32.15 are now reinforced by a cascade of rising EMAs.
Platinum showed the strongest surge among the three metals. On Tuesday, it jumped more than 6%, extending further above the 1000 psychological barrier and topping out at 1058. The rally continued briefly into the Asian session on Wednesday, reaching $1,062 before pulling back slightly. RSI now reflects overbought conditions, and the price is consolidating around $1,035 which served as a strong resistance earlier and now acts as support. The 20 EMA on the four-hour chart is converging on this level, potentially providing the structure for a sideways range unless momentum returns strongly.
In summary, all three metals have taken advantage of the U.S. dollar’s weakness and macroeconomic concerns, with technical breakouts across the board confirming growing investor demand for safe-haven exposure.
Gold, silver and platinum face critical resistance zones as geopolitical risk fuels safe-haven bids. This development helped lift safe-haven sentiment and supported fresh bids across precious metals.
