The NZDCAD price formed correctional bullish rebound recently after facing 50% Fibonacci correction level at 0.8035, in addition to stochastic rally towards 80 level, to notice recording some gains by settling near 0.8105.

Note that the current rebound won’t affect the main bearish track due to the frequent stability below 0.8240 resistance line in addition to the MA55 crawl below this resistance, thus, we will keep waiting to gather the negative momentum to manage to renew the pressure on 0.8035 level, while breaking it will open the way to target new negative stations, starting at 0.7980 as a first additional target.

The expected trading range for today is between 0.8035 and 0.8145

Trend forecast: Bearish

No change to platinum price bullish track as it remains consolidated within the bullish channel, depending on the stability of 970.00$ support line to confirm the previously suggested bullish scenario, reminding you that it is important to gather the positive momentum to reinforce the chances of reaching the positive stations located near 1005.00$ followed by reaching 61.8% Fibonacci correction level at 1018.00$.

We remind you that there will be a chance to postpone the bullish attack in case facing new negative pressures, which might push it to crawl below the current support and suffer some losses by crawling towards 958.00$ and 950.00$ levels before recording any new positive target.

The expected trading range for today is between 975.00$ and 1005.00$

Trend forecast: Bullish

• Silver trades at $32.35 after briefly touching a three-month high of $33.39.
• RSI remains bullish, but failure to confirm higher highs raises caution.
• Key support at $31.92; upside targets $32.50 and $33.00 psychological level.

Silver price edges higher and registered gains of over 0.70% on Monday as US financial markets remained closed in observance of Presidents’ Day. At the time of writing, XAG/USD trades at $32.35 as Tuesday’s Asian session begins, virtually unchanged.

XAG/USD Price Forecast: Technical outlook

The grey metal shifted from neutral to upward biased, though a quick rejection candle printed on February 14 after hitting a three-month high of $33.39 could pave the way for further downside.

The Relative Strength Index (RSI) remains bullish, but it is worth noting that as XAG/USD spiked past $33.00, the RSI failed to record a higher high, indicating that a ‘negative divergence’ looms.

If Silver drops below the February 17 swing low of $31.92, the grey metal would be poised to test the 100-day Simple Moving Average (SMA) at $31.15. A breach of the latter will expose the 50 and 200-day SMAs, each at $30.60 and $30.42.

On the other hand, if XAG/USD rallies past $32.50, the psychological $33.00 mark would be the key resistance. Once surpassed, the year-to-date (YTD) high would be up next at $33.39.

XAG/USD Price Chart – Daily

Silver price fluctuates within sideways track since yesterday, noticing that the EMA50 continues to support the price from below, waiting to gather positive momentum that assist to push the price to resume the expected bullish trend for the upcoming period, which its targets begin by testing 32.86$.

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• Silver trades at $32.35 after briefly touching a three-month high of $33.39.
• RSI remains bullish, but failure to confirm higher highs raises caution.
• Key support at $31.92; upside targets $32.50 and $33.00 psychological level.

Silver price edges higher and registered gains of over 0.70% on Monday as US financial markets remained closed in observance of Presidents’ Day. At the time of writing, XAG/USD trades at $32.35 as Tuesday’s Asian session begins, virtually unchanged.

XAG/USD Price Forecast: Technical outlook

The grey metal shifted from neutral to upward biased, though a quick rejection candle printed on February 14 after hitting a three-month high of $33.39 could pave the way for further downside.

The Relative Strength Index (RSI) remains bullish, but it is worth noting that as XAG/USD spiked past $33.00, the RSI failed to record a higher high, indicating that a ‘negative divergence’ looms.

If Silver drops below the February 17 swing low of $31.92, the grey metal would be poised to test the 100-day Simple Moving Average (SMA) at $31.15. A breach of the latter will expose the 50 and 200-day SMAs, each at $30.60 and $30.42.

On the other hand, if XAG/USD rallies past $32.50, the psychological $33.00 mark would be the key resistance. Once surpassed, the year-to-date (YTD) high would be up next at $33.39.

XAG/USD Price Chart – Daily

XAU/USD Current price: $2,899.45

• The US Dollar retains the soft tone seen in the previous week amid tariffs-related concerns.
• The Federal Open Market Committee will release the Minutes of its latest meeting on Wednesday.
• XAU/USD trades with a soft tone in the near term, but the downside remains limited.

Spot Gold trades uneventfully at around the $2,900 threshold, as United States (US) markets are closed due to the President’s Day holiday. Canada also celebrates a holiday called Family Day, although banks in some provinces remain open. Nevertheless, market activity is restrained, with choppy action across the FX board.

The US Dollar (USD) retains the weak tone triggered last week by relief headlines, as US President Donald Trump refrained from announcing detailed reciprocal tariffs. At the beginning of the week, President Trump announced levies on all aluminium and steel imports of 25%  and threatened to unveil more taxes later in the week, which he finally did not.

Meanwhile, higher-than-anticipated US inflation reaffirmed the Federal Reserve’s (Fed) hawkishness, adding pressure on the USD. The US macroeconomic calendar includes this week the Federal Open Market Committee (FOMC) Minutes from the January meeting.

XAU/USD short-term technical outlook

From a technical point of view, the XAU/USD pair remains bullish. The daily chart shows that the pair consolidates at the lower end of Friday’s range, yet it also develops above all its moving averages, with a bullish 20 Simple Moving Average (SMA) providing dynamic support at around $2,826. The 100 and 200 SMAs remain far below the shorter one but retain their upward slopes. Technical indicators, in the meantime, retreated from extreme overbought readings but lost their downward strength well into positive levels.

In the near term, and according to the 4-hour chart, however, the XAU/USD pair is neutral-to-bearish. A flat 20 SMA provides immediate resistance at $2,908.10, while technical indicators lack directional strength yet hold below their midlines, suggesting buying interest is scarce. Finally, the 100 and 200 SMAs continue to advance below the current level, but far to become relevant in the near term.

Support levels: 2,889.80 2,876.90 2,863.50

Resistance levels: 2,908.10 2,925.10 2,942.50  

Moving Averages Provide Key Near-term Price Levels

Today’s pullback found support at a low of $3.55. That was a successful test of support around the 50-Day MA, currently at $3.57. A little lower is a range from $3.51 to $4.49, which combines the 20-Day MA at $3.51 and the 38.2% Fibonacci retracement level at $4.49. It provides the first more significant support level and is the minimum expected retracement from Fibonacci analysis.

That would be the first price zone where the possibility of a bullish reversal improves. Although it is only one day, the fact that support was seen around the 50-Day line is a bullish sign and it shows the market recognizing the level.

Deeper Pullback Likely if Moving Averages Fail

Nonetheless, a deeper pullback to test the lower support level would not be a surprise. The rally from the $2.99 low in December showed underlying strength as natural gas had gained $0.81 or 27.0% as of last week’s high. Strength was retained through much of the advance as evidenced by only one relatively minor pullback represented by a lower daily low. And the bigger picture in natural gas remains bullish as the uptrend price structure has not been violated.

The near-term uptrend adjusted the angle of ascent to align with the uptrend line that starts from the swing low from August 2024. Notice that the line was confirmed as support with the recent swing low of $2.99. That swing low provided a third touch of the trendline. Clearly, support was seen from that low as it led to a bullish reversal and rally.

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

Copper price failed to resume the bullish attack after facing 4.8100$ barrier, to activate the correctional track by crawling towards 4.6200$ now.

The frequent stability below the mentioned barrier and stochastic attempt to provide the negative momentum support the domination of the correctional bias, to expect crawling towards 4.5600$ and 4.5200$ levels soon, while breaching the barrier will open the way to record new gains that might start at 4.8900$.

The expected trading range for today is between 4.5600$ and 4.7400$

Trend forecast: Bearish

• Silver regains positive traction following an Asian session dip to sub-$32.00 levels. 
• Acceptance above the 100-day SMA and positive oscillators favor bullish traders. 
• Any corrective pullback could be seen as a buying opportunity and remain limited.

Silver (XAG/USD) attracts dip-buyers near the $31.90 region at the start of a new week and stalls its retracement slide from the highest level since October 30, around the $33.35-$33.40 area touched on Friday. The white metal sticks to positive bias through the first half of the European session and currently trades around the $32.35 zone, up nearly 0.50% for the day.

From a technical perspective, the recent breakout through the 100-day Simple Moving Average (SMA) and the emergence of fresh buying on Monday favor bullish traders. Moreover, positive oscillators on the daily chart suggest that the path of least resistance for the XAG/USD remains to the upside. That said, it will still be prudent to wait for some follow-through strength beyond the $32.55 horizontal barrier before positioning for any further gains. 

The XAG/USD might then aim to conquer the $33.00 round figure and climb further towards retesting Friday’s swing high, around the $33.35-$33.40 region. The momentum could extend further towards the $34.00 mark en route to the next relevant hurdle near the $34.45 zone and the $35.00 neighborhood, or the multi-year peak touched in October. 

On the flip side, weakness below the Asian session low, around the $31.90 area, might still be seen as a buying opportunity and remain limited near the 100-day SMA, currently pegged near the $31.20 region. Some follow-through selling, leading to a slide below the $31.00 mark, might shift the near-term bias in favor of bearish traders and pave the way for deeper losses. The XAG/USD might then test the $30.25 support before eventually dropping to the $30.00 psychological mark en route to the $29.55-$29.50 horizontal zone.

Silver daily chart

Super Mario Computer’s stock price (SMCI) rallied in the intraday levels, buoyed by trading above the 50-day SMA, amid the dominance of the upward correctional wave in the short term. However, despite the stock’s gains, it’s still moving alongside the main downward trend line in the medium-term, with negative signals from the RSI after reaching overbought levels. 

Therefore we stand neutral until the stock moves on the pivotal resistance of $51.00, and in case of a breach, it’ll open the door for more gains, thus targeting the resistance of $74.00.

Trend forecast for today: Neutral