Gold, silver, and platinum slide as EMA death cross forms ahead of NFP data
Gold steadies as silver and platinum plunge
Gold, silver, and platinum prices faced heavy selling pressure this week, although gold managed to limit losses while silver and platinum extended declines.
The sharp moves come ahead of Friday’s U.S. Nonfarm Payrolls (NFP) report, which could provide further market direction.
Gold reached an all-time high of $3,168 per ounce yesterday but retraced 3.5% to a five-day low before finding support at $3,056. That level helped cushion losses, allowing gold to recover some ground. However, bearish momentum resurfaced in today’s Asian and European sessions, dragging the price to around $3,090, down 0.8% for the day.
EMA death cross in silver and platinum price charts suggests prolonged weakness
Silver saw its largest daily decline in 2025, plunging over 5% to a fresh four-week low. The decline continued today, breaking below the 100-day EMA at $31.90, touching a new four-week low at $31.20. The metal has lost 8% this week, erasing more than half of its first-quarter gains. The bearish momentum triggered a death cross between the 50 and 100 EMAs on the four-hour chart, suggesting further downside potential, with the next key support in view at $30.80.
Platinum price dynamics (Aug 2024 - April 2025). Source: MT4
Platinum has also been under pressure, recording a fourth consecutive day of losses. The metal has broken several key support levels and is now trading at $943, approaching a three-month low of $941. Like silver, platinum has formed a 50 and 100 EMA death cross on the four-hour chart, pointing to a broader bearish trajectory with the potential for multi-month lows.
The focus now shifts to Friday’s U.S. economic data, particularly the NFP report, with estimates ranging from 80,000 to 200,000 and a consensus at 135,000. Market participants will closely monitor Federal Reserve Chair Jerome Powell’s comments afterward, as expectations build for four rate cuts by year-end. Gold, silver and platinum are expected to react sharply to these developments. A weaker-than-expected jobs report may support precious metals if rate cut expectations increase, while a strong reading could pressure prices lower. Silver and platinum, already under selling pressure, may extend declines if sentiment remains bearish.
Gold, silver, and platinum prices are influenced by a blend of risk-off sentiment. Market speculation about U.S. tariff policy has heightened volatility in precious metals.
