Important DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party’s services, and does not assume responsibility for your use of any such third party’s website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.Risk DisclaimersThis website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.

Natural gas price lost the positive momentum yesterday, affected by stochastic stability below 50 level, forcing it to form bearish waves to settle near the support base at $3.460 level, to form strong and important resistance to detect the main trend in the upcoming trading.

The stability of the current support will reinforce the chances for regaining the bullish bias, to expect its rally towards $3.600, then attempts to reach the extra initial target at $3.830, while the continuation of the negative pressures and its decline below the current support will confirm its move to the bearish track, which forces it to suffer several losses by targeting $3.320 and $3.140 level.

The expected trading range for today is between $3.450 and $3.600

Trend forecast: Bullish

• Gold price holds recovery from monthly lows near $3,250 early Tuesday.
• US Dollar attempts a tepid bounce as markets look to reposition ahead of Powell’s Sintra appearance.
• Gold price tests key 50-day SMA barrier at $3,320 on the road to recovery, daily RSI stays bearish.

Gold price has paused its recovery from monthly lows early Tuesday, as the US Dollar (USD) finds fresh demand while the market mood turns cautious.

Gold price awaits Powell for fresh cues on Fed rate cuts

Traders seem to resort to position adjustments on their USD shorts, bracing for US Federal Reserve’s (Fed) Chairman Jerome Powell’s appearance for fresh cues on the timing of the next interest rate cut.

Fed Chair Powell participates in a policy panel alongside other key central banks’ chiefs at the European Central Bank (ECB) Forum on central banking in Sintra on Tuesday.

Markets continue to price in a 20% chance of the Fed trimming rates this month while predicting a 77% probability of a rate cut in September.

If Powell once again signals prospects of weaker-than-expected inflation, it would ramp up the Fed’s easing bets, triggering a fresh leg down in the US Dollar.

The dovish tone could help the non-yielding Gold price recover further ground.

However, if Powell surprises with some hawkish or prudent remarks, it could double down on the recent Gold price downtrend.

Besides, the focus will be also on the US JOLTS Job Openings data and US trade talks as the July 9 deadline approaches.

The Greenback faced a double-whammy on Monday and hit over three-year lows against its major currency rivals.

Increased concerns over US fiscal health ahead of the Senate’s efforts to pass President Donald Trump’s ‘big, beautiful’ spending bill weighed heavily on the US Dollar.

Meanwhile, investors remained wary over the potential US trade deals with Japan and the European Union (EU), especially after Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs despite good-faith negotiations.

Furthermore, the record-rally on Wall Street indices also hit the sentiment around the Greenback, allowing Gold price to stage a decent comeback on Monday.

Gold price technical analysis: Daily chart

Gold price tests the 50-day Simple Moving Average (SMA) at $3,320, having found support near the $3,250 psychological level on Monday.

On the road to recovery, Gold price recaptured the 38.2% Fibonacci Retracement (Fibo) level of the April record rally at $3,297 on a daily closing basis.

However, the 14-day Relative Strength Index (RSI) holds below the 50 level, raising doubts about the prospects of a sustained recovery from monthly troughs.

If Gold price settles Tuesday above the 50-day SMA at $3,320, the turnaround could gather strength toward the 21-day SMA at $3,350.

Further north, the 23.6% Fibo level of the same ascent at $3,377 will be challenged again.

On the flip side, acceptance below $3,297, the 38.2% Fibo level will open the door toward the monthly lows of $3,248.

Natural gas price lost the positive momentum yesterday, affected by stochastic stability below 50 level, forcing it to form bearish waves to settle near the support base at $3.460 level, to form strong and important resistance to detect the main trend in the upcoming trading.

The stability of the current support will reinforce the chances for regaining the bullish bias, to expect its rally towards $3.600, then attempts to reach the extra initial target at $3.830, while the continuation of the negative pressures and its decline below the current support will confirm its move to the bearish track, which forces it to suffer several losses by targeting $3.320 and $3.140 level.

The expected trading range for today is between $3.450 and $3.600

Trend forecast: Bullish

Platinum price attempted to renew the bullish attempts by its rally to $1377.40, but its neediness to the positive momentum that pushed it to form weak and sideways trading, to settle near $1342.00 approaching from the bullish channel’s support at $1330.00.

The current scenario depends on the strength of the mentioned support, its stability makes us expect forming bullish waves, to confirm its stability above $1366.00 level, to ease the mission of resuming the bullish attack and reaching the next target near $1400.00, while breaking the support and holding below it will confirm activating the attempts of gathering the gains by reaching $1303.00 initially followed by $1275.00.

The expected trading range for today is between $1330.00 and $1382.00

Trend forecast: Bullish

Key Support at Last Week’s Low of $3.37

Last week’s higher swing low at $3.37 is more significant support as it is now part of the near-term bullish trend structure of higher swing lows. A bullish reversal following today’s low will be needed to further confirm trendline support. Support last week was seen at the confluence of the 61.8% Fibonacci retracement and the 200-Day MA. It was followed by a sharp one-day bullish reversal last Friday, which ended near the highs of the day.

The sharp bearish reversal seen today might be part of a shakeout before natural gas continues higher or the early signs of additional selling pressure that could lead to a break below the 200-Day MA and last week’s low. However, until then, the expectation is for the bullish trend to continue. It is contained within a long-term bull trend that began from the February 2024 lows.

Short-term Consolidation

On the daily chart, strength is not indicated until there is a rally above Friday’s high of $3.75. Therefore, given the relatively large price range for today, natural gas could trade within the range for a few days while it further test areas of dynamic support. Given its long-term nature and widespread use, the 200-Day is clearly showing support and needs to be respected unless signs of failure appear.

Finally, be aware that the swing low from last week is also a weekly low. Therefore, it takes on additional significance if it fails to hold. Moreover, that increases the chance for support to hold above that low as last week ended in a relatively strong position, in the top half of the week’s trading range.

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

Bull Hammer Forms

Moreover, Monay’s price action looks likely to complete a bullish hammer candlestick pattern. Notice that resistance at the high of the day of $36.23 was near the 20-Day MA. If the day ends with a hammer pattern and with the price of silver up for the day, there is the potential to reclaim the 20-Day line soon. An upside breakout will be triggered on a breakout above today’s high, which will also indicate a reclaim of the 20-Day line.

However, caution is warranted as silver is trading inside a small potential bull wedge consolidation pattern. The potential for follow-through in the near-term may be diminished due to activity within the pattern.

Bullish Pattern Forms Above Key Support

There is certainly the possibility that the wedge will continue to form as the pattern fills out. In addition to the wedge forming above an uptrend line, most of recent price action has occurred above a prior trend high at $34.87 as well. And last week a minimum 38.2% Fibonacci retracement of an internal upswing was completed, although support was found slightly above the $35.15 retracement level at $35.28.

Rally Above $36.84 Signals Wedge Breakout

Regardless of the potential for further consolidation within the confines of the wedge price structure, a bull breakout will trigger on a decisive rally above last week’s lower swing high of $36.84. That is also a weekly high. If the advance is subsequently confirmed by a breakout above the trend high of $37.32 from two weeks ago, it looks like silver could head towards the next higher target zone from $38.46 to $38.61.

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

At 12:34 GMT, Natural Gas futures are trading $3.582, down $0.157 or -4.20%.

Can Hot Weather Forecasts Sustain High Demand

Last week, forecasts from NatGasWeather and Atmospheric G2 pointed to strong heat across the southern two-thirds of the U.S., with highs in the 80s to 100s across major East Coast cities and strong cooling demand into early July.

However, the current price retreat suggests traders are reassessing whether the heat will translate into sustained demand pressure, especially as lighter demand persists across the northern third of the country with milder temperatures.

EIA Inventories and the Federal Reserve’s Inflation Path in Focus

Thursday’s EIA report added to bearish undertones, showing a +96 bcf injection, well above the consensus of +88 bcf and the five-year average of +79 bcf, signaling ample supply with inventories now 6.6% above the five-year seasonal average.

Additionally, easing geopolitical tensions, including the Israel-Iran ceasefire, have reduced near-term LNG disruption risks via the Strait of Hormuz, removing a bullish tailwind from the market.

LNG Exports, Rig Counts, and Production Trends Drive Supply Narrative

Lower-48 dry gas production remains solid at 105.2 bcf/day (+1.7% y/y), while gas demand sits at 74.3 bcf/day (+1.0% y/y). LNG net flows to export terminals remain firm at 14.8 bcf/day (+7.4% w/w).

Important DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party’s services, and does not assume responsibility for your use of any such third party’s website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.Risk DisclaimersThis website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.

Coffee price continued forming strong negative trading, to face 50%Fibonacci correctional level, which forms a strong support at 292.85, then bounces quickly towards 302.05 as appears in the above image.

We expect forming some mixed trading, but its repeated stability above the current support will  reinforce the chances for gathering the positive momentum and begin recovering the losses by targeting 313.60 level, reaching the barrier at 327.05.

The expected trading range for today is between 395.00 and 313.60

Trend forecast: Bullish