If a breakdown below the trendline triggers and it is sustained, the bearish decline may continue to lower potential support areas. A key potential trend support level is around the 200-Day MA, now at $3.03. It turns out that a prior interim swing high of $3.02 from October previously signaled a bull breakout of a large symmetrical triangle and the continuation of a developing uptrend. It would not be unusual to see another test of support around that initial breakout level, or an attempt.
Return to 200-Day MA Looks Possible
Following a reclaim of the 200-Day MA in September last year there was one initial pullback that successfully tested support around the 200-Day line. That low was followed by a steady rise that eventually reached the current trend high and 2025 high of $4.90. Also, following an initial upside breakout through $3.02, natural gas eventually pulled back and successfully found support around the $3.02 price area at the end of January. Since the 200-Day MA has converged around the $3.02 price level, it may act like a magnet if the trendline is broken.
Support Zone Shows Confluence from $3.08
Furthermore, there is also an initial target for a falling ABCD at $3.08. That target expands the potential support zone from around $3.08 to $2.99. The lower value is the interim swing low from late January. It adds to the potential significance of the support zone since it points to a similar price area.
Since the 50-Day MA was broken to the downside again last Friday, the 200-Day line becomes a potential target. Also, if the trendline also fails as support, the next lower trendline becomes an eventual target. This doesn’t mean that either of the lines will be reached, but it does reflect intensifying selling pressure.
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Silver price bounces back sharply to near $30.30 as market expectations for the Fed to cut interest rates in June swelled.
Fed Powell warned that Trump tariffs could lead to higher inflation and unemployment.
The demand outlook for Silver as an industrial metal has weakened.
The price of silver (XAG/USD) is up almost 2.4%, nearing $30.30, during North American trading hours on Monday. The white metal bounces back strongly after a bloodbath on Thursday and Friday as traders have become increasingly confident that the Federal Reserve (Fed) could cut interest rates in the June meeting.
According to the CME FedWatch tool, traders have completely pared their bets, favoring an interest rate reduction in June.
Traders have raised Fed dovish bets as Fed Chair Jerome Powell has signaled concerns over the United States (US) economic outlook after President Donald Trump swept reciprocal tariffs on all its trading partners.
“We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,” Powell said on Friday.
However, the industrial demand for Silver has turned sluggish as Trump’s tariffs have stemmed concerns over the global economic outlook, especially in China, which has been slapped with 54% tariffs.
Silver has applications in various industries, such as Electric Vehicles (EV), electronics, and solar energy. Given that China is the manufacturing hub of the world, a higher degree of tariffs on them impacts its manufacturing sector, which eventually hits Silver’s demand.
Theoretically, heightening global economic tensions increase the appeal of precious metals, such as Silver, but fears of a slowdown in its industrial demand weighs on its price.
Silver technical analysis
Silver price recovers to test the breakdown region of the Ascending Triangle chart formation near its upward-sloping border around the August 8 low of $26.45. The horizontal resistance of the above-mentioned chart pattern is plotted from the October 22 high of $34.87
Technically, the breakdown of the Ascending Triangle pattern indicates results in a volatility expansion, which leads to higher volume and formation of wide ticks.
The 14-day Relative Strength Index (RSI) rebounds slightly after turning oversold around 27.00. This indicates that the recovery move appears to be a short-lived one, and investors should brace for more weakness.
Looking down, the August 8 low of $26.45 will act as key support for the Silver price. While, the April 4 high of $32.00 will be the major barrier.
Silver 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.
As bearish sentiment builds in oil markets, major banks are slashing their price forecasts for both Brent and WTI, citing mounting recession risks, the U.S. tariff shockwave, and a surprise uptick in OPEC+ supply.
Goldman Sachs led the downgrades, issuing its second cut in days. The bank now sees Brent averaging $58 and WTI at $55 in 2026, down $4 per barrel from its prior estimate, and well below earlier projections of $62 and $59, respectively. It follows a 5.5% cut to its 2025 Brent forecast on Friday and a sharply reduced view on demand, now pegged at just 300,000 bpd growth for 2024—half its earlier outlook.
Goldman also hiked its U.S. recession odds to 45%, warning of a “sharp tightening in financial conditions” and policy uncertainty that is likely to curb capital spending. The firm hinted that a reversal of tariffs could lift prices above current forecasts, but for now, it’s preparing for prolonged weakness.
Citi dropped its near-term Brent forecast to $60 per barrel for the next three months, pointing to a $10 drop in prices since the tariff announcement. The bank is cautious on any short-term rally, advising investors to sell into strength unless a major shift in U.S. policy—or a dramatic supply response—materializes.
Morgan Stanley followed suit, cutting its Brent outlook for Q2 to $65 per barrel, down from $70. It now expects Brent to hover around $62.50 through the second half of the year.
This wave of forecast downgrades builds on market instability that had already taken hold before today. ING commodity analysts previously flagged the OPEC+ decision to increase output as a key factor driving recent oil price moves. According to ING, the shift was motivated by three pressures: U.S. sanctions on Venezuela and Iran, Washington’s push for lower prices, and a desire within OPEC+ to discipline overproducers like Iraq and Kazakhstan.
Risk-off sentiment intensified after U.S. President Donald Trump announced sweeping new tariffs affecting over 180 countries, including a 54% total tariff rate on Chinese goods. Global equity markets sold off sharply, with Dow futures falling over 1,300 points and the 2-year Treasury yield plunging 16 basis points to 3.52%, the lowest since September 2022. The equity market collapse forced investors to cover margin calls, prompting gold liquidations despite the metal’s safe-haven appeal.
Hawkish Powell Dampens Rate Cut Hopes
Federal Reserve Chair Jerome Powell signaled a more cautious approach on rate cuts, noting that the inflationary impact of the tariffs could be more persistent than initially anticipated. While markets had priced in as many as five rate cuts this year, Powell’s emphasis on inflation control suggests the Fed may delay any easing. The hawkish tone put further downside pressure on gold, as the likelihood of near-term rate cuts diminished.
Central Bank Buying and Recession Risk Provide Underlying Support
Despite Monday’s sharp drop, gold remains supported by ongoing central bank purchases and growing recession fears. China added to its gold reserves for a fifth consecutive month, while Deutsche Bank upgraded its year-end gold price forecast to $3,350, citing macroeconomic headwinds and safe-haven demand. Additionally, real yields are expected to stay low, providing a longer-term bullish backdrop for gold.
Natural gas price lost the positive momentum recently, which forces it to settle below the obstacle at 4,180$, to form a temporary negative rebound, to keep its stability above the extra support at 3,750$.
We expect the price affection by the sideways bias domination, to attempt to gain the required positive momentum, to expect targeting 4,050 level, then repeat the attempt of breaching the mentioned obstacle, while facing new negative pressures might push the price to resume the correctional decline, to suffer extra losses by reaching 3,560$ before any attempt to achieve the waited positive targets.
The expected trading range for today is between 3,750$ and 4,050$
Copper price began today’s trading with sharp negativity, where it approached from the main bullish channel’s support at 3.9500$, then attempts to recover clearly by bounding towards 4,3800$, getting advantage from stochastic attempt to exit the oversold level as appears in the above image.
we don’t suggest positive trading unless breaching the barrier at 4,5600$, to expect renewing the negative trading in order to renew the pressure on the main support, where breaking it will confirm its move to the bearish track, 3,8100 forms the initial negative target reaching 3,6600.
The expected trading range for today is between 4,000$ and 4,5200$
Platinum price continued to form negative trading to reach 890.00$, to begin decreasing the losses by its rebound above the support at 900.00$ level, which represents a historical support as appears in the above image, recovering some of the losses by its stability near 933.00.
Note that the price stability below the broken bullish channel’s support at 958.00$, which forms a main factor to confirm the negative scenario, therefore, we will keep waiting for gathering extra negative momentum, attempting to renew the pressure on the mentioned historical support, while breaking it will extend the losses towards 858.00$ and 880.00$.
The expected trading range for today is between 880.00$ and 945.00$
Silver price recovers some lost ground to near $30.05, adding 1.80% on the day.
The concerns over tariff wars and potential global recession boost the safe-haven flows, supporting the Silver price.
Traders will take more cues from the US March CPI inflation data, which is due later on Wednesday.
The Silver price (XAG/USD) recovers to around $30.05 during the early European trading hours on Monday. The white metal edges higher as the fear of tariff wars and the potential global recession boost the safe-haven demand.
Silver price has witnessed heightened volatility since last week in response to the US imposing reciprocal trade tariffs on key trading partners. Mounting fears of recession over the impact of a global trade war triggered by US President Donald Trump’s reciprocal tariffs dampen market sentiment and undermine the precious metals.
Furthermore, strong industrial demand, especially from new-age industries like EVs and solar energy, creates tailwinds for the white metal. Gains are also expected in the consumer electronics market, as the development of artificial intelligence systems will continue to boost product offerings.
Silver generally moves with gold, but industrial applications such as electronics and photovoltaics account for more than half of world demand, which is estimated to be approximately 700.2 million troy ounces by 2024, according to the Silver Institute industry association.
Traders will keep an eye on the US Consumer Price Index (CPI) inflation data for March, which will be published later on Thursday. If the report shows cooler-than-expected inflation in the US, this might lift the Greenback and drag the USD-denominated commodity price in the near term.
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.
Goldman Sachs revised down its annual average price forecasts again for Brent and WTI crude in 2026, citing increased recession risks and the possibility of higher-than-expected OPEC+ supply.
In a note dated April 6, the bank cut its 2026 average price forecast by $4 for Brent to $58 a barrel and WTI to $55.
The Wall Street brokerage initially trimmed on Friday its 2026 average price forecast for Brent to $62 and for WTI to $59, and warned that the new estimates could be further reduced.
Goldman Sachs now expects oil demand to grow by 300,000 barrels per day (bpd) in 2025, down from its previous forecast of 600,000 bpd, and to increase by 400,000 bpd in 2026.
The bank attributes the reduction in demand growth to the negative influence of a weaker GDP, which outweighs support from a weaker dollar and lower oil prices.
“Oil prices would likely exceed our forecast if the Administration were to reverse tariffs sharply and deliver a reassuring message to markets, consumers, and businesses,” Goldman said.
Oil prices slid on Monday, deepening last week’s losses, as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude.
China on Friday struck back at the U.S tariffs imposed by President Donald Trump with a slew of counter-measures including extra levies of 34% on all U.S. goods and export curbs on some rare-earths.
Brent crude BRN1! was trading around $63.87 a barrel, as of 0321 GMT on Friday, while WTI CL1! was at $60.38.
“While the uncertainty around compliance and OPEC8+ production is very large, we still assume that the four months of OPEC8+ crude increases will total around 0.7-0.8 mb/d,” the bank added.
Gold price slumps to near $2,985 in Monday’s early Asian session.
The stock market selloff has prompted investors to cover losses.
Intensifying trade war and geopolitical risks could boost the safe-haven demand, benefiting the Gold price.
The Gold price (XAU/USD) faces some selling pressure to around $2,985 during the early Asian session on Monday, pressured by some profit-taking. The precious metal extends the decline as a fall in the US stock market has prompted traders to liquidate gold positions to create the necessary liquidity to cover losses in the stock market.
The recent sharp sell-off in the US stock market on Friday was about raising cash to cover margin calls after US President Donald Trump announced new reciprocal tariffs on goods from many countries. However, the downside for the yellow metal might be limited due to the supportive fundamentals. “Bargain hunters will rush in next week to buy cheap gold and silver, helping the precious metals to rally again,” said Rich Checkan, chairman and CEO of Asset Strategies International.
Additionally, the global economic uncertainties and escalating geopolitical tensions could boost the safe-haven flows, supporting the Gold price. Russians shelled more than 30 localities in the Kherson region, including residential areas of Kherson. Seven people were wounded, the Kherson regional military administration’s Oleksandr Prokudin reported. Despite the volatility,” gold is still a safe-haven place for many investors,” said Matt Simpson, a senior analyst at City Index.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
