USD/CAD price settled mildly higher in latest intraday trading after taking a breather from the sustained rally yesterday, while collecting profits and venting off overbought saturation in the Stochastic as negative signals start to emerge from it.
It comes as the price breached a downward secondary trend line in the short term, while boosted by ongoing support due to trading above the 50-candle SMA.
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An initial target from the bull wedge is the beginning of the wedge at $4.26. That target was essentially satisfied today. Nonetheless, that doesn’t mean the advance is over, but maybe natural gas takes a rest first via a pullback or consolidation before attempting higher prices. Also, when adding the height in price to the breakout level, an alternative potential target of $4.40 is established. As with all targets they are estimates that may or may not be reached.
Drop Below $4.06 Points to a Likely Pullback
A decline below Monday’s low of $4.055 is a sign of further short-term weakening that could lead to a move lower to test prior resistance areas as support. Two initial price areas to watch for signs of support include prior support from the mid-March interim swing low at $3.96, and the 50-Day MA, now at $3.87. It is interesting to note that the breakout of the top line of the wedge occurred at a similar price area.
Following the reclaim of the 50-Day MA on February 13, the 50-Day line successfully tested as support in early-March and a higher swing low was established. Although the recent decline failed to find support at the 50-Day MA, the subsequent quick bullish recovery can be viewed as a successful test of support at the 50-Day line.
For a look at all of today’s economic events, check out our economic calendar.
AUD/USD price rose in latest intraday trading as it tries to recoup some recent losses, while also venting off oversold saturation in the Stochastic, especially as negative signals emerge from it.
It comes as the price is hurt by breaching the main upward trend line in the short term, with ongoing negative pressure due to trading below the 50-candle SMA.
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AUD/USD price rose in latest intraday trading as it tries to recoup some recent losses, while also venting off oversold saturation in the Stochastic, especially as negative signals emerge from it.
It comes as the price is hurt by breaching the main upward trend line in the short term, with ongoing negative pressure due to trading below the 50-candle SMA.
To get our more detailed analysis and 100% accurate signals provided by Best Trading Signal, subscribe to Economies.com VIP Club through the link below!
Silver prints a ‘high wave candle,’ signaling market indecision after 5% rally over four sessions.
A close above $34 keeps bullish momentum intact; targets lie at $34.58 YTD high and $35.40 October 2012 peak.
Break below $34 may trigger correction toward $33.51 support, with $33.00 as next bearish target.
Silver price falls slightly after hitting a daily high of $34.46, trading at $34.02 amid a strong US Dollar and falling US Treasury yields.
Market mood improved slightly, but traders are awaiting April 2, US Liberation Day, on which US President Donald Trump is expected to unveil tariffs. Speculation suggests that the US will apply 20% universal tariffs.
XAG/USD Price Forecast: Technical outlook
Silver remains upward biased, despite retreating somewhat as a ‘high wave candle’ forms. After climbing over 5% in the last four days, indecision keeps buyers and sellers from opening fresh aggressive bets, as they could be awaiting the closing price.
If XAG/USD closes above $34, this could be bullish and pave the way for further upside. The first resistance will be the year-to-date (YTD) high of $34.58. On further strength, the next ceiling level would be $35.00, followed by the October 2012 peak at $35.40.
Conversely, if XAG/USD falls below $34.00, the first support will be the March 31 low of $33.51, followed by the $33.00 figure.
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.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Gold price resumed its advance in latest intraday trading after trying to collect some recent profits and gather positive momentum to regain its footing, after reaching our price target of $3120, amid the complete dominance of the upward trend, while the price trades alongside the secondary short-term trend line.
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US President Donald Trump threatened to impose secondary tariffs on Russian oil.
The United States will release multiple employment-related figures this week.
XAU/USD trades near fresh record highs, retracements likely to attract buyers.
Fears dominated financial markets at the weekly opening, resulting in XAU/USD reaching an all-time high of $3,128.14. A near-term pullback attracted buyers, and Gold retains most of its early gains in the mid-American session.
Demand for the bright metal is directly related to market fears. Concerns revolve around United States (US) President Donald Trump’s tariffs. Market players are not only worried about the upcoming reciprocal tariffs announced for April 2, but also about fresh levies on Oil.
Trump offered an interview to NBC earlier in the day, and said he was “very angry” with Russian President Vladimir Putin, after the latter criticized the credibility of their Ukrainian counterpart Volodymyr Zelenskyy. Trump added that if he believes Russia is responsible for not reaching a ceasefire with Ukraine, he may impose secondary tariffs on Russian oil.
Secondary tariffs had already been announced on Venezuela, with Trump saying that he would place additional levies on countries that bought oil and gas from the South American country. Speculative interest rushed away from high-yielding stocks, with global indexes falling under strong selling pressure amid concerns that tariffs will have a negative impact on worldwide economic growth.
Data-wise, the focus this week will be on US employment-related data. The country will release the JOLTS Job Openings report on Tuesday and the ADP Employment Change survey on Wednesday. Finally on Friday, the country will release the March Nonfarm Payrolls (NFP) report.
XAU/USD short-term technical outlook
From a technical point of view, the daily chart for the XAU/USD pair shows it’s up for a third consecutive session, and despite overbought readings, there are no technical signs of a directional change. The pair develops far above all its moving averages, with a bullish 20 Simple Moving Average (SMA) gaining upward traction and currently at around $2,991.20. In the meantime, technical indicators stand at extreme levels, partially losing their bullish strength, yet still heading north.
The 4-hour chart for the XAU/USD pair shows indicators retreating from their tops, but are still at extreme overbought readings. At the same time, all moving averages aim north, with the 20 SMA accelerating further north at around $3,065.90. Buyers are still taking their chances on dips, although a steeper corrective slide is not out of the picture, given the extreme overbought conditions in multiple time frames.
Notice on the chart that last week’s new near-term trend high of $33.59 found resistance at the confluence of several indicators. They include the completion of a 100% target for a rising ABCD pattern at $34.51, and two trendlines that mark the top of rising parallel trend channels. There is a larger uptrend that begins from the August 2022 lows and a shorter advance starting from the December lows.
It can be argued that one of the top channel lines may not be in the perfect location. But the fact that the two lines converged around the same price at the time that silver was approaching, and then resistance was seen, followed by a one-day bearish reversal today, shows why confluence can be so useful.
Behavior Around 20-Day Moving Average Should Provide Clues
Since the 20-Day MA was reclaimed on March 11 there has been only one dip to test is at as support. That happened on March 21, and it established a higher swing low. Since resistance has been seen from a high of $34.59, a successful test of support at or above the 20-Day MA, now at $33.35, seems possible. If price is rejected from the area around the 20-Day line, it would be bullish for the short-term uptrend that starts from the late-February higher swing low (C).
That swing low found support around the 50-Day MA. If this or a similar scenario unfolds then silver may continue to challenge highs and resistance around the top channel lines. Whether that could lead to a sustainable advance or not remains to be seen. It is important to add that silver ended last week at its highest weekly closing price since October 2012. This is consistent with the bullish long-term patterns in the price of silver.
For a look at all of today’s economic events, check out our economic calendar.
The USD/JPY forecast indicates increasing panic over the global economy.
The yen was on the front foot at the start of the week.
Data showed that the US core PCE price index increased by a bigger-than-expected 0.4%.
The USD/JPY forecast indicates increasing panic over the global economy as Trump’s April tariffs loom. As a result, the yen soared on Monday amid safe-haven demand. On the other hand, the dollar collapsed as Treasury yields fell due to increased demand for bonds.
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The yen was on the front foot to start the week as market participants worried about new Trump tariffs beginning on Wednesday. The US president has promised a 25% auto tariff and reciprocal tariffs on almost all countries that trade with the US. As a result, experts are forecasting an escalation of the global trade war. At the same time, the rising cost of goods might drive inflation higher in most countries.
Weak global growth will mean an erosion of investors’ money. Therefore, many traders prefer to put their cash in safe-haven assets like the yen, gold, and US debt. The dollar has remained fragile since Friday despite data showing an unexpected surge in underlying inflation.
Notably, the core PCE price index increased by 0.4%. Meanwhile, economists had expected an increase of 0.3%. The inflation report will keep the Fed cautious. This week, traders will watch the US monthly employment figures.
USD/JPY key events today
Market participants do not expect any key economic reports today. Therefore, all focus will remain on the looming Trump tariffs.
USD/JPY technical forecast: Sentiment shifts with channel breakout
USD/JPY 4-hour chart
On the technical side, the USD/JPY price has broken out of its bullish channel, indicating a bearish shift in sentiment. Currently, the price trades well below the 30-SMA, and the RSI is nearing the oversold region. Therefore, the bearish bias is strong.
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Initially, the price made higher highs and lows within a bullish channel. However, the rally paused when bulls met the 151.01 resistance level. The price made a double top at this level, plus a bearish RSI divergence, signalling a looming reversal. Soon after, a surge in bearish momentum saw the price break below the 30-SMA. At the same time, the RSI dipped into bearish territory below 50.
Given the solid bearish momentum, the price will soon retest the 148.25 support level If the downtrend continues, USD/JPY will likely reach the 146.75 support level.
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