Gold, silver, and platinum edge higher ahead of FOMC as price ranges tighten
Gold, silver, and platinum rise ahead of FOMC decision
Precious metals are trading higher on Wednesday, May 28, showing signs of renewed strength after a choppy start to the week.
Gold, silver, and platinum are each reacting to supportive technical zones and pre-positioning ahead of today’s key FOMC announcement in the North American session.
Highlights
-Gold holds $3,288 support and eyes breakout ahead of FOMC
-Silver hovers near weekly open as RSI strength hints $33.70 retest
-Platinum nears $1,102 peak despite overbought RSI on daily chart
Gold is leading the pack in terms of stability. After four days of back-and-forth trading anchored to an established support at $3,288.95, gold has gained 0.65% today and trades near $3,322. Tuesday’s decline was once again cushioned by the $3,288 base, which has acted as a technical floor in recent sessions. Momentum indicators continue to tilt bullish. The daily RSI is in positive territory and the 20-day exponential moving average is closing in on the support level, reinforcing its strength. If bullish momentum builds, a breakout toward the previous day’s high at $3,350 is in sight, followed by this week’s peak at $3,367.5. However, any failure to hold above $3,288 may drag gold lower toward the 50-day EMA near $3,200.
Silver and platinum may set directone post-FOMC as price tests key resistance levels
Silver has been slower to react, trading inside a broader consolidation zone between $33.70 resistance and $32.60 support over the past five sessions. Price is currently up 0.45% in the European session, rising from the day’s open at $33.25. The move builds on Tuesday’s recovery from a low at $32.76. If silver pushes through the weekly opening price of $33.43 and reclaims the previous day high at $33.52, it may turn the weekly bias to the upside. Both the daily and 4-hour RSI indicators support this move, showing strength that could lead to a retest of the critical $33.70 resistance.
Platinum shows the most aggressive push among the trio. Price is up 1.3% today, trading near $1,094 after building on gains from Tuesday’s low at $1,065. Platinum continues to trade within a defined range above $1,058 and below $1,100, but today’s advance brings the metal closer to the week’s high at $1,102. That level, if broken, would mark a multi-month peak not seen since June 2023. Despite entering overbought territory on the daily RSI, the uptrend shows little sign of slowing for now.
All three metals are showing directional intent, but traders are bracing for possible shifts following the FOMC meeting minutes later today. The release could spark volatility across the board, determining whether gold can break out of its tight range, silver can flip its weekly tone, and platinum can extend beyond key multi-month resistance.
Gold, silver and platinum pulled back after last week's rally due to renewed dollar strength. The retreat followed a technical pause near previous highs after momentum faded.
