Lyft’s stock price fell in the intraday levels amid negative pressure from trading below the 50-day SMA, while trading alongside the downward secondary trend line in the short term, thus readying to breach the current support of $12.00, with negative signals from the RSI after trying to vent off oversold saturation there.

Therefore we expect more losses for the stock, provided the support of $12.00 was breached, thus targeting the next one at $8.93.

Trend forecast for today:  Bearish 

XAU/USD Current price: $2,929.08

• Trade war tensions and poor United States data put the USD into sell-off mode.
• The European Central Bank will announce its monetary policy decision on Thursday.
• XAU/USD resumed its advance and aims to retest record highs.

XAU/USD trades near a fresh weekly high of $2,929.65, with higher highs in sight. The bright metal benefited from the broad US Dollar’s (USD) weakness, the latter affected by tepid United States (US) data and President Donald Trump’s massive tariffs in trade partners.

President Trump addressed Congress late on Tuesday and played down the potential negative effects of his latest round of tariffs. “. There’ll be a little disturbance, but we’re okay with that. It won’t be much,” Trump said, adding that reciprocal tariffs on trading partners will come into effect on April 2

Still, US Commerce Secretary Howard Lutnick suggested Trump’s administration may reduce or even roll back tariffs on the two neighbouring countries, spurring risk appetite throughout the first half of the day and harming the USD.

The Greenback fell further after the release of the US  ADP Employment Change report, showing that the private sector added 77K new positions in February, much worse than the previous 183K or the expected 140K. The ISM Services Purchasing Managers’ Index (PMI), on the other contrary, jumped to 53.5 in February from 52.8 in the previous month while surpassing expectations of 52.6.

The focus now shifts to the European Central Bank (ECB) expected to deliver another 25 basis points (bps) interest rates cut when it announces its decision on monetary policy on Thursday.  Other than that, investors will keep an eye on trade-war developments.

XAU/USD short-term technical outlook

The daily chart for XAU/USD shows it trades around its daily opening, while an intraday dip was quickly reverted, suggesting buyers are taking advantage of dips. The same chart shows Gold develops above all its moving averages, with a flat 20 Simple Moving Average (SMA) providing near-term support at around $2,906.25. Technical indicators, in the meantime, have turned directionless, with the Momentum indicator stuck around its 100 level.

The near-term picture shows the risk skews to the upside. In the 4-hour chart, XAU/USD pair is holding at the upper end of its recent range while advancing above all its moving averages. A bullish 20 SMA provides intraday support in the $2,890 area, while advancing below a still flat 100 SMA. Finally technical indicators turned firmly north within positive levels, reflecting persistent buying interest.

Support levels: 2,894.25 2,876.90 2,858.70  

Resistance levels: 2,927.90 2,941.40 2,956.10

Coffee price confirmed getting rid of the domination of the correctional bearish bias after touching 366.00 level, as the major indicators provided the positive momentum, to notice rallying above 382.50$ barrier recently and achieving some gains by reaching 400.70.

These factors allow us to continuing the bullish overview, to expect attacking 411.00 level soon, to form intraday obstacle against the bullish trades, while surpassing it will push the price to achieve additional gains by moving towards 422.00 followed by reaching the historical high at 440.45.

The expected trading range for today is between 392.00 and 411.00

Trend forecast: Bullish

Gold price shows new positive trades, and by taking a deeper look at the chart, we find that the price stops now at the neckline of the inverted head and shoulders’ pattern that appears on the chart, which means that surpassing the current areas will push the price to rise strongly and achieve our next positive target at 2956.90$ direct.

Coffee price confirmed getting rid of the domination of the correctional bearish bias after touching 366.00 level, as the major indicators provided the positive momentum, to notice rallying above 382.50$ barrier recently and achieving some gains by reaching 400.70.

These factors allow us to continuing the bullish overview, to expect attacking 411.00 level soon, to form intraday obstacle against the bullish trades, while surpassing it will push the price to achieve additional gains by moving towards 422.00 followed by reaching the historical high at 440.45.

The expected trading range for today is between 392.00 and 411.00

Trend forecast: Bullish

Natural gas price formed many bullish waves, taking advantage of its consolidation within the minor bullish channel, to notice recording new positive target by reaching 4.560$ followed by forming intraday rebound towards 4.320$ in order to gather the positive momentum again.

We will depend on the stability of 3.980$ support line, noting that the positive momentum coming by the major indicators will support the chances of confirming breaching 4.500$ barrier followed by starting to target new positive stations by rallying towards 4.760$ followed by reaching the bullish channel’s resistance line at 4.960$.

The expected trading range for today is between 4.200$ and 4.760$

Trend forecast: Bullish

• Silver price extends the rally to near $32.15 in Wednesday’s early European session, up 0.90% on the day. 
• The positive view of Silver prevails above the key 100-day EMA with the bullish RSI indicator. 
• The immediate resistance level emerges at the $33.00-$33.05 region; the key support level to watch is in the $31.15-$31.00 zone. 

Silver price (XAG/USD) extends its upside to around $32.15 during the early European session on Tuesday. The white metal edges higher amid uncertainty and trade war worries, which boost the safe-haven demand. 

Technically, the bullish trend of Silver remains in play as the commodity is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline near 55.00, displaying bullish momentum in the near term. 

The first upside target for white metal emerges at the $33.00-$33.05 region, representing the psychological level and the upper boundary of the Bollinger Band. Extended gains could see a rally to $33.40, the high of February 14. The additional upside filter to watch is 34.55, the high of October 29, 2024. 

On the other hand, the confluence of the round figure, the lower limit of the Bollinger Band, and the 100-day EMA in the $31.15-$31.00 zone act as key support levels for XAG/USD. Sustained trading below the mentioned level could see a drop to the next contention level at $29.52, the low of January 25.

Silver price (XAG/USD) Daily Chart

Coffee price confirmed getting rid of the domination of the correctional bearish bias after touching 366.00 level, as the major indicators provided the positive momentum, to notice rallying above 382.50$ barrier recently and achieving some gains by reaching 400.70.

These factors allow us to continuing the bullish overview, to expect attacking 411.00 level soon, to form intraday obstacle against the bullish trades, while surpassing it will push the price to achieve additional gains by moving towards 422.00 followed by reaching the historical high at 440.45.

The expected trading range for today is between 392.00 and 411.00

Trend forecast: Bullish

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$.

Upside Channel Breakout Possible

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.