Gold and silver extend gains on dollar weakness while platinum shreds gains
Gold and silver rally on weaker dollar as platinum lags
Gold and silver prices opened the month of May on a strong note, boosted by a weaker dollar and fresh concerns tied to new tariff threats.
Gold surged by 2% today, reaching $3,359 per ounce during the European session, making it one of the strongest intraday gains in recent weeks. This push comes as the market responds to pressure on the dollar, driven by fundamental concerns weighing on U.S. economic credibility.
Highlights
-Gold jumps 2% from 20-day EMA support to test a four-week high
-Silver rallies 1.65% intraday and eyes breakout from 8-day consolidation
-Platinum slides 1.1% as technical weakness deepens toward EMA support
Gold’s move today started from June’s opening price of $3,289, which aligned with the 20-day EMA support. The rally brought the metal to within reach of last week’s high at $3,366. RSI on the 4-hour chart has now climbed to 63.3, the highest level since the final two days of last week. This confirms that bullish momentum is building, and a breakout above $3,366 would take gold to a four-week high, thus attracting fresh interest from short-term buyers.
Gold, silver, and platinum price dynamics (March-May 2025). Source: MT4
Silver price action has mirrored gold throughout today’s trading. Silver found support earlier in the day at the 20-day EMA and rallied by 1.65% from a low at $32.95 to a high at $33.57. That high briefly exceeded the previous week’s peak of $33.56. However, price has since pulled back and trades at $33.31 during the overlap of the late European and early North American sessions. Silver is now trading inside a sideway consolidation range between $32.61 and $33.70, a pattern that has held for the last eight days. The 4-hour RSI has moved into bullish territory, suggesting that price may retest the upper end of this consolidation. A strong catalyst would be needed to force a clear breakout above $33.70.
Platinum nears key $1,032 EMA support as sellers extend post-Friday sell-off
In contrast to gold and silver, platinum has struggled. As of the latest session, platinum trades at $1,045, down 1.1% from the daily open. This decline follows Friday’s 2.45% drop, which erased a portion of May’s earlier gains. Price briefly attempted a rebound earlier today but was rejected at $1,058. The current decline now moves toward support at $1,036. If this level breaks, the next potential cushion sits at the 20-day EMA near $1,032.
Today’s session highlights a divergence in performance across the precious metals space. Gold and silver are responding to macro-driven support, while platinum’s rejection and failure to hold key levels suggest soft underlying demand. Unless platinum finds support soon, its technical picture may continue to weaken through the week.
Gold and silver rebounded after early losses triggered by a stronger dollar following the tariff ruling. Platinum traded sideways as it failed to break out of its weekly range.
