Copper price started today by providing new negative close below 50% Fibonacci correction level at 4.5400$, confirming its surrender to the previously suggested bareish scenario to repeat its fluctuation near 4.4900$ level.

We expect to get more negative momentum by stochastic to start targeting the negative stations, located near 4.4100$ and 4.3200$ now.

The expected trading range for today is between 4.4100$ and 4.5600$

Trend forecast: Bearish

Platinum price resumed the negative attempts, surpassing the first target at 950.00$, confirming its preparation to provide more negative attempts on the near-term and medium-term basis.

Also, the EMA50 forms additional barrier now at 960.00$, and stochastic provides the negative momentum, to increase the chances of attacking 941.00$ level, while breaking it might extend losses towards 920.00$ on the near-term basis.

The expected trading range for today is between 941.00$ and 960.00$

Trend forecast: Bearish

• Silver price declines to near $32.00 even though US President Trump has confirmed that the 25% tariff plan on Canada and Mexico is intact.
• The US Dollar steadies as investors digest weak US flash S&P Global Services PMI for February.
• Investors seek fresh developments on peace talks for calling off war in Ukraine.

Silver price (XAG/USD) falls for a straight third trading day and declines to near $32.00 in European trading hours on Tuesday. The white metal weakens even though United States (US) President Donald Trump has confirmed that his plans of imposing 25% tariffs on Canada and Mexico on March 4, which were delayed by a month, are on.

“The tariffs are going forward on time, on schedule,” Trump said during a press conference on Monday.

President Trump postponed his tariffs plans after his North American peers agreed to criminal enforcement at borders to restrict the flow of fentanyl and illegal immigrants. Tariffs by the US on its close peers are expected to heighten political risks and weigh on the global economic outlook. Such a scenario remains favorable for precious metals, such as Silver.

Meanwhile, steadiness in the US Dollar (USD) after a recovery move from its fresh 11-week low has weighed on the Silver price to some extent. The US Dollar rebounds as investors digest weak flash US S&P Global PMI data for February, which was released on Friday. The PMI report showed that the Services PMI, which gauges activities in the services sector, contracted for the first time after expanding for 25 straight months.

Going forward, investors will focus on Russia-US peace talks to end the war in Ukraine, which has entered its fourth year. Geopolitical tensions increase the safe-haven demand of the Silver price.

On Monday, French President Emmanuel Macron met Donald Trump to avoid a quick ceasefire deal and discussed military guarantees to Ukraine, Reuters report.

Silver technical analysis

Silver price retraces after failing to extend its upside above the February 14 high of $33.40 on Thursday. The outlook of the white metal remains bullish as the 50-day Exponential Moving Average (EMA) has been sloping higher, which trades around $31.40.

The 14-day Relative Strength Index (RSI) falls inside the 40.00-60.00 range, suggesting that the bullish momentum has faded. However, the bullish bias remains intact.

Looking down, the upward-sloping trendline from the August 8 low of $26.45 will act as key support for the Silver price around $30.00. While, the October 22 high of $34.87 will be the key barrier.

Silver daily chart

Brent oil price continued to rise to test 74.00$ level, noticing that the price consolidates below this level after attempting to breach it in the previous sessions, accompanied by witnessing clear negative signals through stochastic, which overlaps negatively now.

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XAU/USD Current price: $2,877.59

• US President Donald Trump rectified tariffs will come into effect on March 4.
• The US will publish the January PCE Price Index on Friday.
• XAU/USD fell to fresh weekly lows, with another leg south likely.

Spot Gold trades near a fresh weekly low of $2,867.76 on Thursday as risk aversion fueled demand for the safe-haven US Dollar (USD) across the Forex board. The United States (US) released relevant macroeconomic data, which fell short of impressive.

On the one hand, the US confirmed the annualized Q4 Gross Domestic Product (GDP) at 2.3% in the second estimate of the figure, although quarterly Personal Consumption Expenditures Prices suffered an upward revision to 2.4% from the previous estimate of 2.3%, and the core PCE prices were even higher, hitting 2.7% from the previous 2.5%.

On the other hand, Initial Jobless Claims rose to 242K in the week ended February 22, much higher than the 221K anticipated by market players. Also, Durable Goods Orders were up 3.1% in January, beating expectations of 2%. Finally, Pending Home Sales fell by 4.6% in the same month, much worse than the -1.3% expected.

However, what actually triggered fears was US President Donald Trump. After suggesting tariffs on Canada and Mexico will start in April on Wednesday, Trump rectified himself and clarified levies will go into effect on March 4 as scheduled. He also added an additional 10% tariff on China on the same date and said that reciprocal tariffs would come into effect on April 2.

Other than that, the US will publish on Friday the January Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s (Fed) favorite inflation gauge. The PCE Price Index is foreseen up 0.3% on a monthly basis and by 2.5% from a year earlier.

XAU/USD short-term technical outlook

The daily chart for the XAU/USD pair shows an increased bearish potential, as it is breaking below a bullish 20 Simple Moving Average (SMA), the first time below it since January 7. The pair remains far above bullish 100 and 200 SMAs, yet technical indicators maintain their firmly bearish slopes, approaching their midlines from above.

In the near term and according to the 4-hour chart, XAU/USD extended its slide below the 20 and 100 SMAs, with the shorter gaining downward traction above the longer one. Technical indicators, in the meantime, have resumed their slides near oversold readings, maintaining a strong bearish momentum and anticipating lower lows ahead.

Support levels: 2,867.70 2,852.90 2,839.10

Resistance levels: 2,894.80 2,907.60 2,925.60