Crude oil price approached the key resistance 68.70$, noticing that the price begins to rebound bearishly by today’s open, to support the chances of continuing the overall bearish trend, waiting to break 67.05$ to confirm opening the way to head towards the next negative target that extends to 65.50$.
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dogwifhat’s currency price (WIFUSD) fell in the intraday levels, amid the dominance of the main downward trend in the short term, with negative pressure due to trading below the 50-day SMA, coupled with negative signals from the RSI after reaching overbought levels.
Therefore we expect more losses for the price, targeting the support of $0.06597, provided it settles below the resistance of $1.07640.
An upside breakout would signal a breakout of the rising parallel channel that shows some degree of symmetry within the price structure of the uptrend. Caution is warranted as there is a strong risk of a false breakout. Nonetheless, the next higher target zone is from around $4.70 to $4.72, derived from two extended Fibonacci levels. A little higher is a potential significant target zone as it would complete a 38.2% Fibonacci retracement of the full decline that began following the $10.03 peak in 2022. The 38.2% level is at $4.77.
Bullish Monthly Signal
Today’s rally triggered a bull trend continuation signal on the monthly chart (not shown) as last month’s high of $4.78 was exceeded. A daily close above that high will provide some confirmation of strength indicated by the upside breakout. Moreover, notice the pullback to a new retracement low of $3.74 on Monday that occurred before buyers stepped in and took back control.
A decisive bull breakout of a small wedge followed, and the day ended in a strong position near the highs of the day. Can demand remain strong enough for a breakout through the top of the channel? Possibly. But it may then quickly run out of bullish momentum. However, it will depend on whether it occurs before a minor pullback or not.
Slingshot Setup
The initial decline yesterday that occurred before a sharp rally was a clue that bullish momentum could accelerate. There was a confluence of several indicators around that price area, including the 50-Day MA, 20-Day MA, and 50% retracement. When multiple indicators point to a similar price it tends to be significant.
For a look at all of today’s economic events, check out our economic calendar.
Silver gains some positive traction for the second straight day, though it lacks follow-through.
The technical setup warrants some caution for bulls and positioning for further appreciation.
Bears might wait for a convincing break below the 100-day EMA before placing fresh bets.
Silver (XAG/USD) attracts buyers for the second straight day on Tuesday and moves further away from a nearly four-week low, around the $30.85-$30.80 region touched last Friday. The white metal climbs to the $31.80-$31.85 region during the first half of the European session, back closer to the overnight swing high, and seems poised to appreciate further.
From a technical perspective, the XAG/USD showed some resilience below the 100-day Exponential Moving Average (EMA) last Friday. The subsequent move up validates the near-term constructive outlook for the commodity. That said, oscillators on the daily chart are yet to confirm a positive bias and warrant some caution before positioning for any further appreciation.
Hence, any further move up is likely to confront some resistance near the $31.65 region ahead of the $32.00 mark. Some follow-through buying beyond the latter could trigger a short-covering rally and lift the XAG/USD to the $32.40-$32.45 hurdle. Bulls might then aim to surpass the $33.00 round-figure mark and test the February monthly swing high, around the $33.40 area.
On the flip side, the daily trough, around mid-$31.00s, now seems to protect the immediate downside ahead of the $31.20 area and the $31.00 mark. The latter coincides with the 100-day EMA pivotal support, which if broken decisively will be seen as a key trigger for bearish traders and make the XAG/USD vulnerable to accelerate the fall towards the $30.25 support zone.
The downward trajectory could extend further toward the $30.00 psychological mark en route to the $29.55-$29.50 horizontal support. The XAG/USD could eventually drop to the $29.00 round figure and December 2024 swing low, around the $28.80-$28.75 area.
XAG/USD daily 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.
Adobe’s stock price (ADBE) edged higher in the intraday levels while trying to recoup some recent losses, as it vented off oversold saturation in the RSI, while still suffering negative from trading below the 50-day SMA, amid the dominance of the main downward trend in the medium term, while trading alongside the secondary short-term trend line.
Therefore we expect the stock to return lower, targeting the support of $403.75, provided the resistance of $465.70 holds on.
Pound Sterling (GBP) firmed against the US Dollar (USD) on Tuesday despite the days negative trading conditions.
At the time of writing, the Pound US Dollar exchange rate was trading at approximately $1.2735, up roughly 0.3% from the start of Tuesday’s session.
On Tuesday, the US Dollar (USD) had difficulty attracting buyers and weakened against several of its major counterparts.
While the ‘Greenback’ did recover somewhat from Monday’s losses following a Europe-led initiative to bring peace to Ukraine, USD exchange rates remained largely under pressure during Tuesday’s European trading session.
Moreover, despite a risk-averse market environment, the US Dollar failed to leverage its safe-haven status as geopolitical concerns and worries about the US economy diminished USD’s appeal.
On Tuesday, the Pound (GBP) traded within a broad range, maintaining its position against many currencies while showing some weakness in others.
This volatility was primarily due to the lack of UK economic data and a generally cautious market sentiment.
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After Monday’s positive trading, the market’s negative mood on Tuesday dampened the risk-sensitive nature of Sterling.
Investors were also hesitant to make significant moves on the Pound, ahead of important data releases later in the week.
On Wednesday, the key driver for the Pound US Dollar exchange rate will likely be the release of the latest services PMIs
from both the UK and the US.
The UK’s services PMI for February are expected to show a slight improvement. If the data meets these expectations, it could provide a boost to the Pound.
Additionally, Bank of England (BoE) Governor Andrew Bailey is set to deliver a speech. If his comments lean towards a
more hawkish stance, it could further strengthen the Pound.
For the US Dollar, the latest ISM services PMI for February is also forecast to rise, which could support the ‘Greenback’ in mid-week trading.
Moreover, the US will release its January factory orders, which are expected to show a rebound. This positive data could
further strengthen the USD exchange rates.
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US President Donald Trump’s trade war spurred global concens, stocks sell-off.
Resurgent demand for safety sent Gold prices to fresh one-week highs.
XAU/USD retreats from fresh weekly highs, retains its positive bias.
Spot Gold reconquered the $2,900 threshold early on Tuesday, following United States (US) President Donald Trump’s tariffs announcement. Levies on Canada and Mexico of 25% came into effect alongside an additional 10% on imports coming from China.
Canada responded with reciprocal tariffs, China with 15% levies on agricultural products, while Mexico announced tariffs and non-tariffs counter-measures will come next Sunday. As a result, risk aversion fueled demand for the bright metal and sent the US Dollar (USD) into a selling spiral throughout the first half of the day, as markets fear the unleashed trade war would affect US economic growth and boost inflationary pressures.
The USD recovered some ground after Wall Street’s opening, finally finding near-term demand of panic. US indexes, in the meantime, followed their overseas counterparts and are in sell-off mode, with the three major indexes down roughly 2% each.
XAU/USD short-term technical outlook
XAU/USD, in the meantime, retains the $2,900 mark but retreated from an intraday peak of $2,927.91. The daily chart shows the pair is up for a second consecutive day, with another leg north still in doubt. XAU/USD is currently battling to overcome a mildly bullish 20 Simple Moving Average (SMA) while the 100 and 200 SMAs recovered their upward slopes far below the current level. Technical indicators, in the meantime, advance with moderated strength and within neutral levels, not enough to confirm a higher high.
The near-term picture shows Gold corrected overbought conditions. In the 4-hour chart, XAU/USD hovers around a flat 100 SMA while developing far above bullish 20 and 200 SMAs. Technical indicators, in the meantime, retreated from their early peaks, maintaining their downward slopes, although well above their midlines.
Support levels: 2,894.25 2,876.90 2,858.70
Resistance levels: 2,927.90 2,941.40 2,956.10
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
How Are Weather and Storage Deficits Impacting the Market?
Natural gas demand is expected to ease midweek as weather models have reduced heating degree days by 5–6. While the current pattern brings colder systems across the U.S., milder breaks will limit overall demand. NatGasWeather projects only moderate demand early in the week before declining to low levels midweek.
On the supply side, storage levels are raising concerns. The latest EIA report shows a significant 261 Bcf withdrawal, bringing total working gas to 1,840 Bcf—561 Bcf below last year and 238 Bcf under the five-year average. The sharp storage deficit highlights the challenge of rebuilding stocks heading into the summer injection season, particularly with LNG exports drawing record volumes of supply.
Can LNG Exports and Production Trends Sustain the Rally?
LNG exports continue to play a major role in tightening U.S. supply. With export facilities running at full capacity, domestic inventories are being depleted at a faster pace. The market’s ability to replenish storage will depend on production levels, which have been rising but remain constrained by producer discipline.
A prolonged period of strong LNG demand and restrained domestic production could leave the market exposed to price spikes if summer cooling demand intensifies. European gas prices have also surged, reinforcing the bullish case for U.S. exports.
What’s the Market Outlook?
With natural gas futures reclaiming key levels and storage deficits widening, the market is set up for further upside. A break above $4.476 could trigger fresh buying, pushing prices toward $4.714–$4.805. However, traders should monitor weather trends and production updates closely, as a shift to milder forecasts or stronger output could limit the rally’s momentum.
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Platinum price started to get the positive momentum, to start covering the recently suffered losses, noticing its fluctuation near the MA55 at 959.00$.
Note that succeeding to hold above 950.00$ will increase the chances of providing new bullish trades, to attempt to record additional gains by targeting 971.00$ and 983.00$ levels, while settling below 950.00$ again will force it to activate the negative attack, to suffer many losses by moving towards 935.00$ first,
The expected trading range for today is between 950.00$ and 971.00$
