Crude oil price settles around 71.50$ level, fluctuating near the bearish channel’s resistance line that appears on the chart, while the EMA50 forms continuous negative pressure against the price, to support the chances of declining again in the upcoming sessions.

Silver price provides more bullish bias to approach the intraday bullish channel’s resistance line that appears on the chart, which meets the waited target at 32.86$, getting continuous positive support by the EMA50, to reinforce the chances of continuing the rise in the upcoming sessions.

Further Weakness Likely Below $3.64

Further weakness towards lower potential support levels may follow a drop below today’s low of $3.64. Potential support around the 20-Day and 50-Day MA, currently from $3.53 to $3.56 will likely be tested. Notice that the 20-Day line crossed below the 50-Day line today. That relationship should continue to provide clues going forward. Natural gas completed a $1.38 or 31.6% bearish correction at the $2.99 low two weeks ago. Given the subsequent $0.81 or 27% advance, as of today’s high, it wouldn’t be surprising to see a rest before it may be ready to proceed higher.

Lower Support

Other price levels to watch for support include the prior interim swing high at $3.39 from early January and this week’s low at $3.35. The $3.39 price level is confirmed by the 50% retracement of the recent advance, which is $3.40. Further down is the 61.8% Fibonacci retracement at $3.03. The $3.30 price level is also the two-week low. Notice that in both cases, there are two indicators pointing to the same of similar price area.

Long-term Bull Trend Remains Intact

In the bigger picture, long-term bullish signals triggered the last quarter of 2024. There was the breakout of a large symmetrical triangle pattern and a bullish reversal of the long-term downtrend. The expectation is for the bull trend starting from the low of $1.52 to eventually continue once the correction is complete.

Notice that the recent swing low that followed the $4.37, an almost two-year high, successfully found support around the initial bull breakout area of $3.02. The subsequent bullish reaction indicates the low was likely significant and it established a higher swing high for the price structure of the uptrend.

For a look at all of today’s economic events, check out our economic calendar.

Possible Double Top Forms

Today’s price action will leave a small possible double top. The neckline and breakdown level were at Tuesday’s low of $2,864. However, that price area is currently the next potential support level. Another bearish piece of evidence from today is that it is a key reversal day that generated the second top of a possible double top pattern. Once the bearish evidence starts to stack up, the potential for a bearish correction strengthens.

Weekly Chart is Bearish

Moreover, on the weekly chart, gold is set to complete a bearish shooting star candlestick pattern this week. Therefore, a bearish weekly reversal signal will be triggered on a drop below this week’s low of $2,853. That would put gold in a position to test the 20-Day MA, now at $2,817. Notice that since the 20-Day line was reclaimed in early-January, the price of gold has stayed above the line. The line has not been tested as support since then.

Certainly, it is likely to represent support during the current bearish correction, if it does continue. If not, the most recent new high breakout level is at $2,790 and support may be seen around that price area. There is also monthly support a little lower at $2,772. Those two price levels can be considered as a potential support range from $2,790 to $2,772.

Test of Support at 20-Day MA Possible

Given current price patterns, including a bullish monthly breakout that triggered this month, a bearish correction should not negate the longer bullish pattern unless there is a drop below this month’s low of 2,772. Although the month is not yet complete, that low is also a weekly low and a drop below it is bearish on its own. However, for the intermediate bullish view to be retained the 20-Day MA should show support and lead to a bullish reversal.

For a look at all of today’s economic events, check out our economic calendar.

The GBPCAD price ended the correctional bearish decline by providing positive close above the bullish channel’s support line at 1.7700, to notice forming many bullish waves and achieve some gains by touching 1.7860 level followed by fluctuating near the MA55 at 1.7800.

The main stability within the bullish channel and stochastic positive momentum signals will increase the chances of gaining the positive momentum, to keep our bullish overview that might target 1.7890 followed by reaching 1.7960.

The expected trading range for today is between 1.7780 and 1.7890

Trend forecast: Bullish

Copper price confirmed its surrender to the bullish scenario by settling above the breached resistance that forms additional support now at 4.6900$, to notice approaching the first target at 4.8050$.

The price might form some sideways trades due to stochastic fluctuation within the overbought areas, to keep waiting to gather the positive momentum to ease the mission of surpassing 4.8050$ and reach new stations that might start at 4.8900$ and 4.9500$.

The expected trading range for today is between 4.7500$ and 4.8500$

Trend forecast: Bullish

• Silver price soars to near $33.30 despite multiple headwinds.
• US Trump didn’t reveal a detailed reciprocal tariff plan on Thursday.
• The Fed is expected to hold interest rates steady in the next three policy meetings.

Silver price (XAG/USD) surges over 2.5% to near $33.30 in Friday’s North American session, the highest level seen in more than three months. The white metal soars even though risks of a global trade war have paused temporarily and the Federal Reserve (Fed) is expected to maintain a restrictive monetary policy stance for longer.

US President Donald Trump seems short of imposing reciprocal tariffs than what market participants had anticipated. Investors had expected that Trump could unveil a detailed plan of reciprocal tariffs on Thursday. The assumption was based on his tweet at his Truth Social account that “Three great weeks, perhaps the best ever, but today is the big one: reciprocal tariffs!!! Make America great again!!!”, which came in early North American trading hours on Thursday.

However, Trump only passed an order to the Commerce and Treasury departments to prepare a plan on reciprocity, which confirmed that tariffs are not happening, at least for now.

This scenario diminished fears of global uncertainty, which is technically not favorable for the Silver price.

The impact of a delay in Trump’s reciprocal tariffs is visible on the US Dollar (USD), with the US Dollar Index (DXY) revisiting the four-week low around 106.80.

According to the CME FedWatch tool, the Fed is expected to keep interest rates steady in the next three policy meetings.

Silver technical analysis

Silver price breaks strongly above the key resistance of $32.50, which is plotted from the December 9 high. The outlook of the white metal was already bullish as the 20-day Exponential Moving Average (EMA) has been sloping higher, which trades around $31.60.

The 14-day Relative Strength Index (RSI) oscillates in the 60.00-80.00 range, suggesting that the momentum is strongly bullish.

Looking down, the December 9 high of $32.50 will be the key support for the Silver price. While, the October 31 high of $33.90 will be the key barrier.

Silver daily chart