The copper price has reinforced its bullish momentum by repeatedly fluctuating near the $4.9300 level, maintaining a positive stance within the boundaries of its ascending channel. Meanwhile, $4.8100 continues to serve as additional support in recent trading.

Currently, as the Stochastic indicator moves closer to the overbought zone, it could boost the price’s potential to gain the extra positive momentum needed to reach the channel’s resistance, which extends toward $5.000. This level represents a strong psychological barrier, so we recommend closely monitoring the price action once this target is approached.

Expected Trading Range for Today:

Between $4.8500 and $5.0000

Today’s Price Forecast: Bullish

The copper price has reinforced its bullish momentum by repeatedly fluctuating near the $4.9300 level, maintaining a positive stance within the boundaries of its ascending channel. Meanwhile, $4.8100 continues to serve as additional support in recent trading.

Currently, as the Stochastic indicator moves closer to the overbought zone, it could boost the price’s potential to gain the extra positive momentum needed to reach the channel’s resistance, which extends toward $5.000. This level represents a strong psychological barrier, so we recommend closely monitoring the price action once this target is approached.

Expected Trading Range for Today:

Between $4.8500 and $5.0000

Today’s Price Forecast: Bullish

• Silver price gains momentum to around $33.90 in Tuesday’s Asian session, adding 0.16% on the day. 
• Heightened economic uncertainty, geopolitical risks and rising demand underpin the Silver price. 
• The Fed interest rate decision will be the highlight on Wednesday.

Silver price (XAG/USD) extends its upside to around $33.90, its highest level since October 30, 2024, during the Asian trading hours on Tuesday, bolstered by the weaker US Dollar (USD). The escalating geopolitical tensions in the Middle East, economic uncertainty and growing industrial demand provide some support to the white metal. 

The mounting fears of a recession in the United States (US) and persistent uncertainty over trade relations weigh on investor sentiment, boosting safe-haven assets like Silver. Late Monday, US President Donald Trump said that he would be imposing both broad reciprocal tariffs and additional sector-specific tariffs on April 2. Trump has already imposed a 20% tariff rate in China and a 25% levy on steel and aluminum. He also announced a 25% tariff on Canadian and Mexican goods. 

Additionally, the rising geopolitical risks in the Middle East contribute to the Silver price’s upside. Israeli Prime Minister Benjamin Netanyahu said on Tuesday that Israel resumes military operations against Hamas across the Gaza Strip, adding that the country will act against the militant group with increasing military force.

Supply deficits and growing industrial demand create a strong tailwind for the white metal. According to the global investment company WisdomTree, investors own a significant portion of it and expect higher prices to encourage sales. Silver’s industrial demand has reached all-time highs, owing to its use in photovoltaic applications, 5G technology, and automotive electronics.  

The Federal Reserve (Fed) interest rate decision will be closely monitored on Wednesday. The US central bank is expected to hold its benchmark interest rate unchanged in a range of 4.25% to 4.50% at the March meeting. The primary focus will be on the Fed’s policy guidance. Any hawkish remarks from Fed officials could lift the Greenback and undermine the USD-denominated commodity price in the near term. 

The price of crude oil has risen in recent intraday trading, confirming the break of a short-term downward sub-trendline.

This move is supported by its continuous trading above its 50-day simple moving average.

Additionally, it is trading along an upward corrective trendline, with the onset of a positive RSI crossover after the indicator reached significantly exaggerated oversold levels relative to the price movement.

Our forecast indicates further corrective upward movement for oil in the upcoming sessions, especially if it manages to break the resistance at $67.95.

Such a breakthrough would confirm the bullish double bottom pattern, with the price then targeting the resistance level at $70.00 as the next price target.

• Gold price sits at all-time highs above $3,000 as Middle East tensions escalate.
• US Dollar finds haven demand as geopolitics outweigh economic uncertainties.
• Gold price eyes more upside as the daily technical setup stays bullish.

Gold price is holding firm in Asian trades on Tuesday, building on its record-setting uptrend. Escalating Middle East geopolitical tensions are the primary driver behind the latest leg up in Gold price.

Gold price capitalizes on geopolitical jitters ahead of Fed      

Reuters reported early Tuesday that a ceasefire between Israel and Hamas collapsed after Israeli military hit targets across Gaza, with Palestinian health ministry officials reporting at least 100 dead.

Israeli Prime Minister Benjamin Netanyahu’s office accused Hamas of “repeated refusal to release our hostages” and rejecting proposals from US President Donald Trump’s Mideast envoy Steve Witkoff.

In response, Hamas turned down the proposal of releasing 59 hostages still held in Gaza.

Further, some unconfirmed reports that an Iranian ship gathering intelligence was sunk by US forces as Gaza attacks took place added to the Middle East tensions. Over the weekend, US launched airstrikes on large-scale strikes on Yemen, targeting the Iran-backed militant group – Houthis. In response, Houthis attacked US vessels in the Red Sea.

Investors scurried to the traditional safe-haven Gold price on intensifying geopolitical risks as economic uncertainties linger on the Trump-induced global trade war.

White House reaffirmed on Tuesday that the reciprocal tariffs will go into effect on April 2. Meanwhile, US Retail Sales data for February rose less than expected, coming in at 0.2% on a monthly basis. The market forecast was for a 0.7% growth.

The data added to the US economic slowdown worries, helping Gold price stay afloat on Monday while the US Dollar (USD) continued to remain at the losing.

However, in Tuesday’s trading, the US Dollar finds fresh buyers on a flight to safety alongside Gold price. It remains to be seen if the Greenback can extend the rebound ahead of Wednesday’s US Federal Reserve (Fed) policy announcements.

That said, markets could resort to repositioning, cashing in on their Gold longs following the ongoing record-setting rally. For now, geopolitics will remain in the spotlight, driving the Gold price action in the sessions ahead.

Gold price technical analysis: Daily chart

Gold price looks to extend the upside break of an ascending triangle formation as confirmed last Thursday.

Having found acceptance above the $3,000 psychological barrier on Monday, Gold buyers now keep their sight on the $3,050 mark.

The 14-day Relative Strength Index (RSI) is grinding higher, prodding the overbought region near 69.50 at the press time. The leading indicator suggests that there is more room for the upside.   

If a correction sets in, Gold price could challenge the initial demand area near the $2,980 level.

The next downside caps are at the previous triangle resistance-turned-support at $2,956 and the 21-day Simple Moving Average (SMA) at $2,929.