Copper price didn’t move any thing until this moment, announcing its surrender to the dominance of the sideways bias temporarily until ending the contradiction between the main indicators, reminding you that the bullish scenario will remain valid, depending on the stability of the bullish channel’s support at $4.0500, besides the continuation of forming extra support at $4.2600 level, reducing the chances for suffering any extra losses.
While the price success in gaining the positive momentum will provide chance to begin achieving some gains, to expect its rally to $4.6300 initially, attempting to step above 100%Fibonacci correction extension level at $4.7500, to open the way for recording more of the gains in the upcoming period trading.
The expected trading range for today is between $4.2600 and $4.6300
The EURJPY pair leaned clearly above the extra support at 170.45, activating with the main indicators, achieving some gains by its fluctuation above the intraday barrier at 171.90.
Noting that the stability of the trading above 171.90 level is important, to reinforce the chances for resuming the bullish attack, to expect the extension of the trading towards 172.65, then targeting the bullish channel’s resistance at 173.80, while the return below 171.90 will force it to form new bearish correctional trading before resuming the suggested targets.
The expected trading range for today is between 171.45 and 172.65
Copper price didn’t move any thing until this moment, announcing its surrender to the dominance of the sideways bias temporarily until ending the contradiction between the main indicators, reminding you that the bullish scenario will remain valid, depending on the stability of the bullish channel’s support at $4.0500, besides the continuation of forming extra support at $4.2600 level, reducing the chances for suffering any extra losses.
While the price success in gaining the positive momentum will provide chance to begin achieving some gains, to expect its rally to $4.6300 initially, attempting to step above 100%Fibonacci correction extension level at $4.7500, to open the way for recording more of the gains in the upcoming period trading.
The expected trading range for today is between $4.2600 and $4.6300
Copper price didn’t move any thing until this moment, announcing its surrender to the dominance of the sideways bias temporarily until ending the contradiction between the main indicators, reminding you that the bullish scenario will remain valid, depending on the stability of the bullish channel’s support at $4.0500, besides the continuation of forming extra support at $4.2600 level, reducing the chances for suffering any extra losses.
While the price success in gaining the positive momentum will provide chance to begin achieving some gains, to expect its rally to $4.6300 initially, attempting to step above 100%Fibonacci correction extension level at $4.7500, to open the way for recording more of the gains in the upcoming period trading.
The expected trading range for today is between $4.2600 and $4.6300
You can see that the British Pound has broken pretty significantly to the upside during the trading session.
And we are now looking at a potential break above the 1.3350 level.
This is an area that I will be watching very closely as it has been important multiple times.
With that being said, I also recognize that there is the possibility this is as far as we go.
So, in other words, what I’m watching is how this closes for the session. If this thing closes a little bit more to the downside, that could very well end up being a sign that the U S dollar is still fighting. It’s a very real possibility, although I’m the first to look at it and suggest that perhaps it might be a little bit on the back foot right now.
If We Break Lower
If we do break down, I would anticipate that the same support level comes into the picture offering support right around the 200 day EMA or the 1.3150 region. If we break higher, we have the 50 day EMA and the previous trend line coming into the picture offering resistance. So even on a break higher, I don’t know that we’ve got the “all clear” to start going crazy buying the British pound.
Ultimately, I think you have to look at this very closely, but I think you have a potential trade setting up here. We’ll just have to wait and see if we can break above that 50 day EMA, then I think that’s a very strong sign for the pound. But if we can’t and we start to pull back from somewhere in this general vicinity, that could be a whisper that something’s not quite right. It’ll be interesting to see how this plays out. Traders continue to bet on what the Fed may or may not do, and that’s what most of this noise is about at the moment.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
Copper price didn’t move any thing until this moment, announcing its surrender to the dominance of the sideways bias temporarily until ending the contradiction between the main indicators, reminding you that the bullish scenario will remain valid, depending on the stability of the bullish channel’s support at $4.0500, besides the continuation of forming extra support at $4.2600 level, reducing the chances for suffering any extra losses.
While the price success in gaining the positive momentum will provide chance to begin achieving some gains, to expect its rally to $4.6300 initially, attempting to step above 100%Fibonacci correction extension level at $4.7500, to open the way for recording more of the gains in the upcoming period trading.
The expected trading range for today is between $4.2600 and $4.6300
Silver (XAG/USD) gains 0.39% to $37.88 amid broad US Dollar weakness; DXY drops over 0.50%.
Market sentiment lifted by corporate earnings and Apple–Trump joint $100B investment announcement.
Trump threatens 100% tariffs on foreign-made chips, exempts US-based production.
Silver Price advances during the North American session, up by 0.39% as the Greenback weakens more than 0.50%, as revealed by the US Dollar Index (DXY). At the time of writing, the XAG/USD trades at $37.88 after hitting a low of $37.31.
Sentiment improved due to earnings and Trump’s threat to impose 100% duties on chips. However, an exemption was made for companies producing items in the US, as Apple CEO and Trump announced a fresh $100 billion investment in the country.
XAG/USD Price Forecast: Technical outlook
From a technical perspective, the Silver price is neutral-biased, from a price action point of view, capped on the upside by the 20-day SMA at $38.04. However, sentiment turned slightly bullish, as seen by the Relative Strength Index (RSI), which cracked the index neutral line three days ago.
If XAG/USD ends daily above the 20-day SMA, look for a rally toward $39.00. Further resistance lies above, with the July 25 high of $39.19, followed by the YTD peak at $39.52.
Conversely, if XAG/USD finishes the session below $38.00, this could prompt sellers to drive the grey metal below he August 5 daily low of $37.31, sponsoring a slide towards $37.00. On further strength, the grey metal could reach the 50-day SMA at $36.73.
XAG/USD Price Chart – Daily
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Potential support is indicated around a long-term uptrend line and anchored volume weighted average price (AVWAP) line (light blue) begun from the 2024 trend low. The AVWAP line is now at $2.96, and it can be used like a moving average line. Notice that although natural gas dipped below the AVWAP briefly the past few days, it quickly recovered. There was only one daily close below that line, which was on Monday.
Given the long-term nature of the indicators marking support, a bottom may have been reached. Therefore, today’s upside breakout should be followed by additional signs of improving demand. If this scenario does not materialize and natural gas continues to test the support zone, a more substantial consolidation base may develop.
Above $3.13 Shows Strength
A sustained breakout above a recent interim swing high at $3.13 will provide the next sign of strength. But the more significant price level is around the lower swing high from July 29 at $3.19. That is also a weekly high. A sustained breakout above that level will trigger a bullish reversal as a lower swing high will be broken, and a weekly reversal will trigger as well. Today’s advance increases the chance that a higher swing low will be established but a rally above it will provide a stronger indication.
Weekly Bull Pattern Possible
If the week ended today, a potentially weekly bull hammer would be established. That would provide another sign that the support zone may hold. Nonetheless, since there are only two more trading days to the week, the week may yet end with a bull hammer candlestick pattern. If it does, a breakout above the weekly high will provide a bullish reversal signal on the weekly chart starting next week.
For a look at all of today’s economic events, check out our economic calendar.
The US dollar was a bit noisy against the Japanese yen during early Wednesday trading, but I wouldn’t read too much into the action. It just looks like we are trying to find some type of floor here. If we do, in fact, get that floor, then a break above the 148 yen level sends this market higher, perhaps as high as 151 yen. Pullbacks at this point still look at the 50-day EMA and possibly 146 yen as support.
AUD/USD Technical Analysis
The Australian dollar has rallied quite nicely, but it is coming into quite a bit of noise just above that, I think, will keep it somewhat muted, unfortunately, for those who are bullish on the Aussie. Given enough time, I would anticipate that the Australian dollar could very well sell off if we start to see US dollar strength in general, as the Australian dollar has been one of the weaker performing currencies against the greenback over the last several months, despite the fact that it has been positive.
I prefer to fade signs of exhaustion if and when we get them. I just don’t know if and when we will get them. The 0.6550 level remains a magnet for price. If we break down below the 0.6375 level, then I think the real selling begins.
For a look at all of today’s economic events, check out our economic calendar.
Gold price retraces to near $3,360 as three-day upside move hits pause.
Traders remain confident of Fed’s interest rate cuts in September.
US President Trump will announce Fed Kugler’s replacement this week.
Gold price (XAU/USD) corrects to near $3,360.00 on Wednesday after a three-day winning streak. The precious metal retraces even as traders remain increasingly confident that the Federal Reserve (Fed) will resume its monetary-expansion cycle in the September policy meeting.
Lower interest rates by the Fed bode well for non-yielding assets, such as Gold.
Traders raised Fed dovish bets significantly as the United States (US) Nonfarm Payrolls (NFP) report for June has shown signs of a slowdown in the labor demand.
Meanwhile, US President Donald Trump has stated that he will announce Fed Governor Adriana Kugler’s replacement this week. Market experts believe that the entry of Trump’s candidate in the rate-setting committee will favor lower interest rates, given that Trump has criticized the Fed, especially Chairman Jerome Powel, a number of times for supporting a restrictive monetary policy stance.
Also, US President Trump has narrowed list of potential candidates as the successor of Jerome Powell. We’re also looking at the Fed chair, and that’s down to four people right now, Two Kevins and two other people,” Trump said in an interview with CNBC on Tuesday. His comments signal that White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh are potential candidates to step in place of Powell.
Gold technical analysis
Gold price trades inside the Symmetrical Triangle formation, which indicates indecisiveness among market participants. The yellow metal oscillates around the 20-day Exponential Moving Average (EMA), which trades near $3,323, indicating a sideways trend.
The 14-day Relative Strength Index (RSI) wobbles inside the 40.00-60.00, suggesting a sharp volatility contraction.
Looking down, the Gold price would fall towards the round-level support of $3,200 and the May 15 low at $3,121, if it breaks below the May 29 low of $3,245
Alternatively, the Gold price will enter an uncharted territory if it breaks above the psychological level of $3,500 decisively. Potential resistances would be $3,550 and $3,600.
Gold daily chart
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
