Platinum climbs off 6-day low as gold and silver extend 3-day losing streak
Gold falls to $2,220 as Fed outlook boosts dollar, weighs on metals.
Precious metals extended their decline on Thursday, weighed down by renewed US dollar strength, as shifting expectations around the Federal Reserve's interest rate path pressured commodity markets.
Gold and silver are both in their third straight day of losses, with the greenback rallying as traders dial back bets on aggressive Fed rate cuts. This week’s surprise contraction in U.S. GDP has triggered a reassessment in policy expectations, fuelling demand for the dollar and squeezing metals lower.
Gold broke below its descending consolidation support, sliding to a two-week low near $2,220 in the European session. A bearish crossover between the 20 and 50 EMA on the 4-hour chart signals weakening momentum. However, the low breakout volume raises doubts about the strength of the move. The daily RSI, which is declining, remains above bearish territory, suggesting the longer-term bullish structure hasn’t fully broken yet.
Gold, silver and platinum price dynamics (April - May 2025). Source: MT4
Silver slips beneath 20- and 50-day EMA, while platinum stalls near resistance
Silver’s technical setup looks even more vulnerable. After opening below the 20-day EMA, it slipped beneath the 50-day as well, recording a 1.2% drop as of Thursday's European session to a low near $32.00. The 4-hour death cross at the $32.75 level reinforces near-term weakness, while the daily RSI has already crossed into bearish territory. Unless the metal regains its footing above key moving averages, the next downside target lies near $31.50.
Platinum, meanwhile, is showing signs of relative strength. After a weak start during the Asian hours that dragged prices to a 6-day low of $962, the metal rebounded in the European session and is now eyeing resistance at $970. The daily RSI is nearing bearish territory but hasn’t crossed it yet, leaving room for a potential upside continuation provided $970 is reclaimed. Failure at this resistance, however, could expose platinum to a fresh decline toward the $950 support area.
Gold held steady ahead of key U.S. data, while silver and platinum turned lower. Traders reacted to whether economic figures supported a slowing economy or renewed Fed tightening.
