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Silver price plunges to near $32.15 as 90-day US-China trade truce dampens the demand for safe-haven assets.
Both the US and China agreed to lower tariffs by 115%.
Investors await Fed Powell’s speech for fresh monetary policy guidance.
Silver price (XAG/USD) is down over 1% to near $32.15 during North American trading hours on Wednesday. The white metal faces a sharp selling pressure as demand for safe-haven assets has fizzled out, with the United States (US) and China aiming to avert a more than a month-long trade war.
The white metal outperformed when the world’s two largest powerhouses entered a trade war after Beijing announced counter-tariffs against reciprocal tariffs imposed by US President Donald Trump in April.
Additionally, easing inflationary pressures have also diminished the demand for Silver. The US Consumer Price Index (CPI) data showed on Tuesday that the headline inflation fell to 2.3%, the lowest level seen in over four years.
Going forward, the next trigger for the Silver price will be the Federal Reserve (Fed) Chair Jerome Powell’s speech on Thursday. Investors would like to know whether Powell has turned dovish on the interest rate outlook after soft inflation data and a temporary US-China trade truce.
Silver technical analysis
Silver price trades in a Symmetrical Triangle formation on a four-hour timeframe. The chart pattern reflects indecisiveness among market participants. The near-term trend of the white metal is bearish as it trades below the 20-period Exponential Moving Average (EMA), which is around $32.70.
The 14-period Relative Strength Index (RSI) oscillates inside the 40.00-60.00 range, indicating a sharp volatility contraction.
Looking up, the March 28 high of $34.60 will act as key resistance for the metal. On the downside, the April 11 low of $30.90 will be the key support zone.
Silver four-hour chart
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.
GBP/JPY retraces to near 194.45 from the four-month high of 196.50 as the Japanese Yen outperforms.
BoJ’s Uchida expressed confidence in more interest rate hikes ahead.
The UK economy is expected to have grown strongly by 0.6% in the January-March period.
The GBP/JPY pair corrects to near 194.45 during European trading hours on Wednesday from its four-month high of 196.40 posted earlier in the day. The cross retraces sharply as the Japanese Yen (JPY) strengthens across the board after comments from Bank of Japan (BoJ) Deputy Governor Shinichi Uchida indicated that hopes of further interest rate hikes are still alive despite global economic uncertainty in the wake of tariffs announced by United States (US) President Donald Trump.
Japanese Yen PRICE Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Australian Dollar.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
-0.32%
-0.21%
-0.98%
-0.00%
0.04%
-0.12%
-0.41%
EUR
0.32%
0.12%
-0.66%
0.32%
0.36%
0.18%
-0.09%
GBP
0.21%
-0.12%
-0.80%
0.20%
0.24%
0.06%
-0.21%
JPY
0.98%
0.66%
0.80%
0.98%
1.02%
0.84%
0.56%
CAD
0.00%
-0.32%
-0.20%
-0.98%
0.04%
-0.12%
-0.40%
AUD
-0.04%
-0.36%
-0.24%
-1.02%
-0.04%
-0.16%
-0.45%
NZD
0.12%
-0.18%
-0.06%
-0.84%
0.12%
0.16%
-0.28%
CHF
0.41%
0.09%
0.21%
-0.56%
0.40%
0.45%
0.28%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
Japan’s underlying inflation and medium- to long-term inflation expectations are likely to temporarily stagnate. But even during that period, wages are expected to continue rising as Japan’s job market is very tight, Uchida said on Tuesday, Reuters reported.
Meanwhile, the Pound Sterling (GBP) trades calmly ahead of the flash United Kingdom (UK) Q1 Gross Domestic Product (GDP) data, which will be released on Thursday. The UK economy is estimated to have expanded at a robust pace of 0.6%, compared to 0.1% growth seen in the last quarter of 2024.
On the monetary policy front, the Bank of England (BoE) is expected to reduce interest rates further as the UK labor market has cooled down. The Office for National Statistics (ONS) reported that the ILO Unemployment Rate accelerated to 4.5%, as expected, from 4.4% in the three months ending February. In the same period, the economy added 112K fresh workers, significantly lower than the prior release of 206K.
GBP/JPY struggles to extend its upside above the horizontal resistance plotted from the March 27 high of 196.00. However, the outlook of the cross is still bullish as the 20-day Exponential Moving Average (EMA) slopes higher, which trades around 192.32.
The 14-day Relative Strength Index (RSI) retraces to near 60.00 from 67.00. A fresh bullish momentum would emerge if the RSI holds above the 60.00 level.
The pair could extend its upside to near the January 7 high of 198.26 and the psychological level of 200.00 after breaking above the four-month high of 196.40.
On the flip side, a downside move by the pair below the May 6 low of 190.33 will expose it to the March 11 low of 188.80, followed by the February 7 low of 187.00.
GBP/JPY daily chart
Economic Indicator
Gross Domestic Product (QoQ)
The Gross Domestic Product (GDP), released by the Office for National Statistics on a monthly and quarterly basis, is a measure of the total value of all goods and services produced in the UK during a given period. The GDP is considered as the main measure of UK economic activity. The QoQ reading compares economic activity in the reference quarter to the previous quarter. Generally, a rise in this indicator is bullish for the Pound Sterling (GBP), while a low reading is seen as bearish.
Gold trades below key $3,200 support as bearish pressure builds after recent highs.
XAU/USD consolidates within a bullish pennant, signaling potential trend continuation if support holds.
A surge in momentum below $3,200 may trigger a deeper retracement toward key Fibonacci levels.
Gold prices remain under pressure as investors reassess the interest rate outlook and digest mixed signals from recent US economic data. At the time of writing, XAU/USD is down 2.23% on the day, trading below $3,200, extending a week-to-date decline of 4.26%.
The pullback reflects uncertainty surrounding the Federal Reserve’s (Fed) policy stance, as softer inflation data clash with firm labor market conditions. This macro backdrop has kept Gold range-bound just below its all-time high, with traders looking for fresh direction.
Gold bears test bullish pennant support
On the daily chart, Gold has formed a bullish pennant, a continuation pattern that typically signals a potential resumption of the prevailing uptrend. The April surge forms the flagpole, while current price action is consolidating within converging trendlines, indicating tightening market conditions and indecision among market participants.
However, the integrity of the pattern is now under pressure. Price has slipped below the 20-day Simple Moving Average (SMA), currently at $3,316.20, reflecting short-term weakness. Additionally, the Relative Strength Index (RSI) has declined to 47.13, pointing to neutral-to-bearish momentum. These developments suggest that the bullish setup may be faltering.
The immediate focus is on the horizontal support at $3,200, which marks the lower boundary of the pennant. With prices currently below this level, a confirmed break would invalidate the pattern and likely trigger a deeper correction. Conversely, a move above $3,300, particularly if it clears the descending trendline resistance, would reaffirm the bullish bias and potentially open the path to new highs.
Gold (XAU/USD) daily chart
Gold slips below $3,200 as bullish momentum fades
From a broader perspective, the weekly chart shows that Gold remains in a consolidation phase following its ascent to a record high of $3,500 in April. This advance was underpinned by safe-haven demand and market expectations of future interest rate cuts. However, the rally was quickly met with profit-taking, evidenced by a long upper shadow on the weekly candle — a signal of rejection and growing resistance.
Since that peak, Gold has traded within a narrow horizontal band between $3,200 and $3,300, representing a pause in the uptrend rather than a full reversal. The long-term bullish structure remains intact, supported by an ascending trendline originating from the January low. Importantly, price is still holding above the 23.6% Fibonacci retracement level at $3,291, drawn from the January low to the April high.
Gold (XAU/USD) weekly chart
While the broader trend favors the bulls, the near-term outlook hinges on how price behaves within the pivotal $3,200–$3,300 range.
A decisive breakout above $3,300, especially if accompanied by rising momentum and a break of descending trendline resistance, would confirm the continuation of the broader uptrend. In this scenario, Gold could retest the $3,450–$3,500 area.
A confirmed breakdown below $3,200 would invalidate the pennant structure and expose Gold to deeper retracements, with support levels at $3,161 (38.2% Fibonacci) and $3,057 (50.0%) offering potential downside targets.
Until a breakout occurs, Gold is likely to remain range-bound, with short-term direction dictated by incoming macroeconomic data and Fed policy signals.
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.
GBP/USD benefited from the broad-based US Dollar (USD) weakness on Tuesday and gained nearly 1% on the day. The pair preserves its bullish momentum and trades at a fresh weekly high near 1.3350 in the European session on Wednesday.
April inflation data from the US weighed on the USD on Tuesday, opening the door for a leg higher in GBP/USD during the American trading hours. The US Bureau of Labor Statistics reported that annual inflation, as measured by the change in the Consumer Price Index (CPI), edged lower to 2.3% in April from 2.4% in March. Read more…
GBP/USD primary count suggests a wave (C) bottom amid BoE’s hawkish tone
The GBP/USD 1-hour chart presents a compelling Elliott Wave structure, suggesting the potential completion of a corrective Wave (C) at the recent low near the 1.3140 region. According to the primary count, this could mark a significant inflection point, indicating that the pair may have bottomed out and is beginning a new impulsive rally.
This bullish shift coincides with macroeconomic commentary from Huw Pill, the Chief Economist at the Bank of England, who on Tuesday expressed concerns about inflationary pressures in the UK. Speaking at a London School of Economics conference, Pill emphasized. Read more…
This shift has lowered demand for traditional safe-haven assets like gold, which had surged amid global trade frictions earlier in 2025.
“The market is digesting a combination of dovish inflation data and geopolitical calm, which typically erodes the defensive premium embedded in gold,” said a commodities strategist at KCM Trade.
Fed Rate Outlook and Dollar Weakness Provide Support
Despite the downward drift, gold prices are finding some footing amid growing expectations of Federal Reserve rate cuts. The U.S. Consumer Price Index (CPI) rose 2.3% year-on-year in April, slightly below forecasts, while core CPI ticked up 2.8%.
With inflation softening, traders are now pricing in two rate cuts by year-end, starting as early as September.
A weaker U.S. dollar, which generally supports dollar-denominated commodities, has helped cushion gold’s losses. The Dollar Index (DXY) slipped below 101.60 on Tuesday, reflecting reduced expectations of aggressive tightening by the Fed.
Short-Term Forecast
Gold and silver remain range-bound short term, with key breakouts hinging on Fed signals and technical pivots.
Looking at the US dollar against the Japanese yen, we did pull back just a bit during the trading session here on Tuesday, as the market may have gotten a little bit ahead of itself on Monday.
At this point in time though, short-term pullback should end up being a buying opportunity in this currency pair, as the Japanese yen itself is being sold off against most things.
It’s also worth noting that speculators are net long, but commercials, the so-called smart money, is short three to one in the Japanese yen in the futures market. So that’s an extraordinarily bearish sign for the Japanese yen for this pair. The US dollar pulled back against most things. So, when you look around the horn here against the Japanese yen, most currencies had a very good day.
Despite the USD Dropping, this is About the Yen
So, this is a Japanese yen weakness type of story. The US dollar was sold off pretty drastically. So that’s the only reason this chart looks the way it does. Ultimately though, I think you’ve got a situation where traders will continue to look at this through the prism of a market that needs to sort out a lot of questions when it comes to risk appetite as is the main driver of this market, but you do get paid to hang on to it at the end of the day. And I do think that we are going to try to get 150 yen.
The 200 day EMA sits just below there. So, it’s possible that it could be a bit of a significant barrier. All things being equal, short-term pullbacks, I do think offer plenty of support near the 50 day EMA as well as the 145 yen level underneath offer in support. I am bullish in this pair. think we just made a major double bottom. We’ll have to wait and see if I’m right. But when you look at the longer term charts, you can see that it’s actually not even a double bottom. It’s a triple bottom that’s held at 140 yen. So that’s something to consider.
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.
Natural gas prices need positive momentum, which forces them to form weak trading by its continuous fluctuation near the initial support at $3.600, to face the moving average 55 as appears in the above image.
Gathering the positive momentum is important to decrease the chances for activating the bearish correctional track, depending on forming extra support at $3.440 level, to begin forming bullish waves, to press on the barrier at $3.780 level to find an exit for recording new gains in the upcoming period.
The expected trading range for today is between $3.550 and $3.780
Trend forecast: Bullish
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During the session on Tuesday, we saw a significant bounce from the crucial 50 Day EMA, an indicator that a lot of people will look at as potential support.
The fact that we bounced from there, and perhaps even more importantly the 1.11 level, suggest that there is still a certain amount of life left in the Euro still.
That being said, I am watching an area above to see if we get more selling pressure, because when I look at the longer-term charts it seems as if the momentum is starting to swing a little bit more favorably for the US dollar, although there are a lot of different things happening at the same time.
Technical Analysis
The technical analysis for this EUR/USD pair remains bullish, and the fact that we bounce from the 50 Day EMA is something worth noting. However, it would be foolish not to notice the fact that we just broke down through a 100 pips support range in the form of the area between 1.12 and 1.13. This is a market that got a little ahead of itself, and it is worth noting that the 1.12 level was the top of a massive consolidation range that we have been in previously. Because of this, if we do continue to fall from here, we may simply reenter the previous consolidation range as we’ve seen this market have a “throw over” to the downside, so one to the upside makes a certain amount of sense as well.
The size of the candlestick is reasonably strong, but when you look at it through the prism of what happened during the previous 24 hours, it still lacks true conviction. The one thing that does go for it is of course the fact that we bounce from the EMA, and of course the fact that the Euro has been bullish for the last couple of months. Ultimately though, I think we are about to see a lot of noisy behavior because the United States and Europe still do not have a trade agreement, which could cause some issues for the EU itself.
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.
Platinum price forced to provide slow sideways trading, due to the continuation of the main indicators’ contradiction, to keep its fluctuation near the $991.00 level, while the continuation of forming sold barrier at $1005.00 level will increase the chances for activating the negative track, to attack the moving average 55 at $965.00, then press on the support at $950.00.
While regaining the bullish bias requires forming a strong bullish rally, to surpass 61.8% Fibonacci correction level at to confirm its readiness to record new gains that begin at $1027.00, to confirm its readiness to record new gains that begin at $ 1027.00 and $1040.00.
The expected trading range for today is between $965.00 and $ 1000.00
Trend forecast: Bearish
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