Platinum price formed a new bullish rally achieving $958.00 level, then rebound directly to settle near the barrier at $950.00 level, affected by the continuation of the contradiction between the main indicators.

The price might be forced to form mixed sideways trading, but the main stability above the support level at $920.00 represents a main factor that motivates the bullish trading, reminding you that the main targets settled near $966,00, and surpassing it will confirm regaining the main bullish bias, by its stability within the bullish channel’s levels that appear in the above image.

The expected trading range for today is between $940,00 and $966.00

Trend forecast: Bullish

• Silver price could aim for the upper boundary of the ascending channel near $33.50.
• The 14-day RSI holding at the 50 mark reinforces the ongoing bullish bias. 
• Immediate support is seen at the 50-day EMA around $32.21.

Silver price (XAG/USD) continues to show strength for the fifth consecutive session, trading around $32.30 per troy ounce during the Asian session on Tuesday. The technical analysis of the daily chart suggests a growing bullish trend, with the grey metal moving upward within an ascending channel pattern.

Silver price remains above both the nine-day and 50-day Exponential Moving Averages (EMAs), indicating strong short-term momentum. Furthermore, the 14-day Relative Strength Index (RSI) sits at the 50 level, reinforcing the active bullish bias.

On the upside, the XAG/USD pair may target the upper boundary of the ascending channel around $33.50. A decisive break above this level could strengthen the bullish outlook and pave the way for a retest of the six-month high at $34.59, last seen on March 28.

Silver price may find immediate support at the 50-day EMA near $32.21, followed by the nine-day EMA around $31.90. A break below this level could signal weakening short-term price momentum, potentially driving precious metals’ price toward the $31.50 support area. Further downside support lies at the seven-month low of $28.00, marked on April 7.

XAG/USD: Daily Chart

The crude oil price move downside in its recent intraday trading, affected by the negative pressure that comes from the EMA50, besides the stability of the stubborn resistance level at $61.50, attempting to gain some of the positive momentum that might assist breaching the resistance and surpassing its negative pressures. 

XAU/USD Current price: $3,221.69

• The US Dollar remains on the back boot despite a more optimistic mood.
• Upcoming central banks’ decision may bring some action into a quiet week.
• XAU/USD aims to resume its record rally, $3,300 in sight.

Gold prices held above the $3,200 mark on Tuesday, with the bright metal trading uneventfully around $3,220 a troy ounce. Financial markets maintain an optimistic mood on Tuesday, as no news is good news. United States (US) President Donald Trump has, so far, refrained from fresh threats of tariffs, while speculative interest hopes he could announce another round of exceptions, cooling down speculation that the trade war will dent global growth.

The shortened week due to the Easter holidays adds to the market’s quietness, although the US Dollar (USD) remains out of investors’ radar. The USD trades unevenly across the FX board, yet not far from its recent multi-month lows. Speculative interest still believes Trump’s levies will negatively affect economic progress in the world’s largest economy, while pushing price pressures higher.

The Bank of Canada (BoC) is set to announce its monetary policy decision on Wednesday, while the European Central Bank (ECB) will follow on Thursday. Other than that, the macroeconomic calendar has nothing relevant to offer. The BoC is expected to remain on hold, while the ECB will likely trim interest rates by 25 basis points (bps) each. The focus will be in both cases on policymakers’ views of the trade war and its impact on their future decisions.

XAU/USD short-term technical outlook

Technically, the daily chart for the XAU/USD pair shows that bulls have just paused, yet are far from giving up. Technical indicators resumed their advances within overbought levels, although with limited strength, given that the pair remains below the record high posted last Friday. Meanwhile, the pair stands above all its moving averages, which maintain solid bullish slopes, in line with the dominant bullish trend.

The near-term picture shows that, while technical indicators corrected extreme readings, the XAU/USD pair is consolidating. The 4-hour chart reading suggests XAU/USD could soon resume its run. At the same time, a firmly bullish 20 Simple Moving Average (SMA) provided intraday support, while extending its advance above also bullish 100 and 200 SMAs.

Support levels:3,214.60 3,193.30 3,181.15

Resistance levels 3,231.60 3,245.75 3,260.00

The CHFJPY succeeded to activate the bullish attack by its repeated stability above the breached bearish channel’s resistance at 173.95, which represents a strong support against the bullish attempts, to notice achieving several positive gains by reaching 176.45.

The current sideways fluctuation caused by stochastic attempt to exit the overbought level, which makes us wait for gathering extra positive momentum in the current trading, reinforcing the chances for attacking 176.75 barrier, and surpassing it will reinforce recording extra gains by reaching 177.40.

The expected trading range for today is between 174.85 and 176.70

Trend forecast: Bullish

The USDJPY price rose during its recent intraday trading, supported by the stability of the key support level at 142.25, providing temporary bullish momentum, especially with the emergence of positive signals from the Relative Strength Index (RSI), supporting the pair’s attempts to recover some of its previous losses.

Despite this rise, the overall trend remains bearish on the short-term basis, with the pair still trading along a minor bearish trend line, besides the continuation of the negative pressure as it remains below the EMA50.

Platinum price formed a new bullish rally achieving $958.00 level, then rebound directly to settle near the barrier at $950.00 level, affected by the continuation of the contradiction between the main indicators.

The price might be forced to form mixed sideways trading, but the main stability above the support level at $920.00 represents a main factor that motivates the bullish trading, reminding you that the main targets settled near $966,00, and surpassing it will confirm regaining the main bullish bias, by its stability within the bullish channel’s levels that appear in the above image.

The expected trading range for today is between $940,00 and $966.00

Trend forecast: Bullish