• Silver reverses the previous day’s positive move, though it lacks follow-through.
• The setup supports prospects for an extension of over a one-month-old uptrend.
• Any meaningful slide could be seen as a buying opportunity and remain limited.

Silver (XAG/USD) attracts fresh sellers during the Asian session on Tuesday and drops back closer to the overnight swing low, around the $31.65-$31.60 area. The white metal, however, trims a part of its intraday losses and currently trades just below the $32.00 mark, down 0.45% for the day. 

From a technical perspective, the range-bound price action witnessed over the past week or so might be categorized as a bullish consolidation phase against the backdrop of the recent breakout through the 100-day Simple Moving Average (SMA). Moreover, oscillators on the daily chart are holding comfortably in the positive territory, suggesting that the path of least resistance for the XAG/USD is to the upside. 

That said, repeated failures to find acceptance and build on momentum beyond the $32.30 barrier make it prudent to wait for a breakout through the short-term trading range before placing fresh bullish bets around the XAG/USD. The commodity might then surpass the $32.65 area, the monthly swing high touched last Friday, and aim to reclaim the $33.00 round figure for the first time since early November.

On the flip side, the $31.65-$31.60 region now seems to have emerged as an immediate support. Any further weakness below the said support could be seen as a buying opportunity and remain limited near the 100-day SMA, currently pegged around the $31.20-$31.15 zone. This is followed by the $31.00 mark, which, if broken decisively, might prompt some technical selling and pave the way for deeper losses.

Silver daily chart

The EURJPY pair ended the recent negative attack by holding above the major support at 155.30, to notice reacting to stochastic attempt to exit the oversold areas by forming bullish wave and settle near 156.60.

The frequent stability above the mentioned support allows us to suggest the correctional bullish track to attempt to provide strong pressures on 157.25 barrier, while surpassing it will push the price to decrease its losses by rallying towards 158.50, while facing new negative pressures and crawling below 155.30 will confirm its preparation to resume the negative attack, to expect targeting the historical support at 154.40.

The expected trading range for today is between 155.80 and 157.25

Trend forecast: Bullish

Brent oil price traded with clear positivity yesterday to confirm breaching 76.00$, which stops the negative effect of the head and shoulders’ pattern that appears on the chart to head towards achieving more rise in the upcoming sessions, especially after surpassing the EMA50 and holding above it.

On Track to Close Strong

At the time of this writing, natural gas was trading in the top third of the day’s trading range and looks likely to close the day in a similar way. A daily close today above last week’s high of $3.44 would provide an additional sign of strength for the developing uptrend. Moreover, today’s advance triggered a breakout above a falling trendline, and the closing price will likely be above it, which would be a sign of strength.

Possibly, upward momentum can stay strong enough for the 50-Day line to be reclaimed and then further exceeded. There is a rising ABCD pattern (light blue) on the chart with an initial target at $3.58. It provides the possibility of this. Nonetheless, it is higher target whether approached on a breakout through the 50-Day line or following a bearish pullback.

Heading Towards Top of Range?

Another item that is supportive of a continuation higher is the wide range engulfing candle pattern on the weekly chart (not shown) with a range of $2.99 to $3.83. Rather than engulfing the prior price action, this candle overrides subsequent price action. Last week’s trading range was within the price range of the week before. And this week’s price range could easily do the same.

Last week’s wide range could provide an environment like trading inside consolidation. Once support is tested at the bottom of a range, which happened with the swing low and weekly low at $2.99, a swing back in the other direction, in this case up. A decisive breakout above the 50-Day MA would provide the next sign of strength and possible continuation of the advance.

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

• Silver price could further rise as the daily chart analysis suggests a persistent bullish bias.
• The pair may retest its three-month high of $32.65, reached on February 7.
• The nine-day EMA of $31.71 acts as immediate support.

Silver price (XAG/USD) rebounds from recent declines, hovering near $32.00 per troy ounce during Monday’s Asian session. A daily chart analysis indicates a sustained bullish trend, with the metal price advancing within an ascending channel.

The XAG/USD pair remains above the nine-day and 14-day Exponential Moving Averages (EMAs), signaling strong short-term momentum. Additionally, the 14-day Relative Strength Index (RSI) stays above the 50 mark, further supporting the prevailing bullish sentiment.

Silver price could encounter initial resistance at its three-month high of $32.65, last tested on February 7, aligning with the upper boundary of the ascending channel. A decisive breakout above this level could strengthen the bullish trend, potentially driving the XAG/USD pair toward the psychological mark of $33.00.

On the downside, support is found at the nine-day EMA at $31.71, followed by the 14-day EMA at $31.44, and the ascending channel’s lower boundary at $31.10. A breach below this key support zone could weaken the bullish outlook, exposing the XAG/USD pair to further downside toward its five-month low of $28.74, recorded on December 19.

XAG/USD: Daily Chart

Silver price faced clear negative pressure in the previous sessions, as it reached the key support at 31.63$, which forms good barrier against the price, noticing that the EMA50 meets this level to add more strength to it, while stochastic shows clear positive signals now.

XAU/USD Current price: $2,902.98

• US President Donald Trump gears up for another round of tariffs.
• Federal Reserve Chairman Powell’s testimony and US inflation coming up next.
• XAU/USD may correct gains in the near term, but market players seek higher highs.

Risk aversion keeps fueling Gold demand, with the bright metal conquering the $2,900 threshold on Monday. Demand for safety was boosted by comments from United States (US) President Donald Trump, who pledged to impose more tariffs over the weekend.

Speaking to reporters on Air Force One, President Trump said on Sunday he would introduce new 25% tariffs on all steel and aluminium imports into the US while adding that he would soon announce reciprocal tariffs to all countries that levy US goods and services. XAU/USD extended gains towards $2,911.21 during American trading hours, hovering nearby at the time of writing.  

Demand for safe-haven assets persists despite the positive tone of equities. The US Dollar (USD) trades with a firmer tone against its high-yielding rivals, while demand for Gold and the Japanese Yen (JPY) exceeds that of the Greenback. Meanwhile, Wall Street holds on to modest intraday gains, although caution prevails as investors await fresh Trump’s headlines.

The focus this week will remain on the US. Federal Reserve (Fed) Chairman Jerome Powell will testify before Congress on Tuesday and Wednesday, with market players looking for fresh clues on the future of monetary policy. Additionally, the US will publish the January Consumer Price Index (CPI) on Wednesday, with the core annual reading foreseen at 3.1%, easing from the 3.2% posted in December.

XAU/USD short-term technical outlook

From a technical point of view, XAU/USD is poised to extend its rally. The daily chart shows it retreated from its fresh peak and trades around the $2,900 mark. Technical indicators maintain their upward slopes well into overbought territory without signs of upward exhaustion. Furthermore, the 20 Simple Moving Average (SMA) accelerated north well above bullish 100 and 200 SMAs while developing roughly $140.00 below the current level. A corrective decline is not out of the picture, yet higher highs lay ahead.

In the near term, and according to the 4-hour chart, XAU/USD is bullish, although a corrective decline is not out of the picture. The Momentum indicator heads firmly north, well above its 100 line, while the Relative Strength Index (RSI) indicator consolidates at around 73. Moving averages, in the meantime, head firmly north, far below the current level, with a bullish 20 Simple Moving Average (SMA) providing intraday support at $2,870.10.

Support levels: 2,886.60 2,872.30 2,855.45

Resistance levels: 2,911.60 2,925.00 2,940.00  

Blackberry’s stock price (BB) kept rising in the intraday levels, amid the dominance of the upward short-term trend, with positive pressure from trading above the 50-day SMA, coupled with positive signals from the RSI despite settling at overbought levels, and accompanied by a surge in trading volumes.

Therefore we expect more gains for the stock, targeting the pivotal resistance of $5.75, provided the support of $4.35 holds on.

Trend forecast for today: Bullish

• Silver price could further rise as the daily chart analysis suggests a persistent bullish bias.
• The pair may retest its three-month high of $32.65, reached on February 7.
• The nine-day EMA of $31.71 acts as immediate support.

Silver price (XAG/USD) rebounds from recent declines, hovering near $32.00 per troy ounce during Monday’s Asian session. A daily chart analysis indicates a sustained bullish trend, with the metal price advancing within an ascending channel.

The XAG/USD pair remains above the nine-day and 14-day Exponential Moving Averages (EMAs), signaling strong short-term momentum. Additionally, the 14-day Relative Strength Index (RSI) stays above the 50 mark, further supporting the prevailing bullish sentiment.

Silver price could encounter initial resistance at its three-month high of $32.65, last tested on February 7, aligning with the upper boundary of the ascending channel. A decisive breakout above this level could strengthen the bullish trend, potentially driving the XAG/USD pair toward the psychological mark of $33.00.

On the downside, support is found at the nine-day EMA at $31.71, followed by the 14-day EMA at $31.44, and the ascending channel’s lower boundary at $31.10. A breach below this key support zone could weaken the bullish outlook, exposing the XAG/USD pair to further downside toward its five-month low of $28.74, recorded on December 19.

XAG/USD: Daily Chart

Crude oil price shows sideways trades in the previous sessions, and fluctuates around 71.65$ now, waiting to get negative motive that assist to push the price to resume the expected bearish trend for the upcoming period, which gets continuous support by the EMA50.