Gold, silver rebound from early lows as platinum consolidates within weekly range
Gold rebounds 0.37% from intraday low
Precious metals are showing mixed performance on Thursday, May 29, as gold and silver rebound from early session weakness while platinum stays confined in a narrow range.
The initial downward pressure during the Asian session followed a strong U.S. dollar gap up, driven by news that the Court of International Trade blocked President Trump’s global tariffs. The development strengthened the dollar, pressuring metal prices early in the session.
- Gold rebounds 0.37% from intraday low, reclaiming $3,280 support
- Silver rises 1.5% after defending 50-day EMA near $32.68
- Platinum holds steady in narrow range after last week’s sharp rally
Gold began the day breaking below its five-day support base at $3,280, marking a short-lived bearish move to $3,245 in early Asian trade. The dip also dragged the 4-hour RSI into bearish territory. However, sentiment shifted later in the session as gold recovered above the breached support, now trading near $3,298 in the European session.
Gold, silver, and platinum price dynamics (March-May 2025). Source: MT4
The 0.37% intraday gain highlights a strong rebound, while the 4-hour RSI now climbs back toward neutral. A move into bullish territory could align the short-term indicator with the already bullish daily RSI, reinforcing the next bullish target at the previous day’s high of $3,327.2. The reclaimed $3,280 now acts as immediate support.
Silver and platinum both test range boundaries as momentum slows into month-end
Silver followed a similar pattern, initially dropping to a five-day low at the 50-day EMA near $32.68. But support held, and buyers pushed price higher into the European session, where it now trades above the previous day’s high at $33.42. The 1.5% intraday gain erases losses from the previous two days, although silver is still trading slightly lower on the week. The key resistance at $33.70 continues to cap upside movement. That level has rejected multiple breakout attempts, and a sustained close above it would mark a major shift in momentum. The 20 and 50-day EMAs continue to provide strong base support for near-term pullbacks.
Platinum, in contrast, stays range-bound, reflecting consolidation following last week’s strong rally. After opening near $1,076, price found support once again at the lower end of this week’s range and now trades near $1,083, up 0.5% intraday. The metal has fluctuated between $1,074 and $1,096 since Monday. This consolidation appears to be a technical pause, driven by overbought RSI conditions following last week’s strongest weekly price surge in four years. A breakout above $1,096 could drive platinum to new multi-month highs, while a move below $1,074 may signal profit-taking and downside correction from last week’s rally.
Today’s rebound in gold and silver suggests firm buying interest at key technical levels, while platinum continues to digest its recent rally within a well-defined consolidation. Traders are watching for breakout confirmation across the board as volatility compresses.
Gold, silver and platinum rose as traders' positioned ahead of the FOMC decision. Prices bounced from key technical zones after a shaky start to the week.
