Platinum price provided mixed trading on Friday due to the contradiction between the main indicators, targeting 1583.00 level, then attempts to form bullish wave confirming the continuation of the suggested bullish scenario.
Reminding you that holding above $1525.00 support confirms the price surrender to the bullish bias dominance, to expect gathering positive momentum, to form new bullish rally and press on the barrier at $1690.00, and surpassing it will make the price record extra gains that might begin at $1745.00.
The expected trading range for today is between $1580.00 and $1690.00
Silver price (XAG/USD) attracts some buyers to near $52.60 during the early Asian session on Tuesday. The white metal has reached a fresh all-time high, surpassing its previous peak from 1980, as a historic short squeeze in London intensified.
The rally in Silver price is bolstered by concerns over a depleting silver inventory in London, which drove prices to a premium over those seen in New York and prompted traders to ship metals across the Atlantic for a profit.
Additionally, global trade uncertainties have fueled safe-haven demand, supporting the precious metal. US President Donald Trump on Friday threatened an additional 100% tariff on Chinese goods from November 1 in retaliation for new export controls Beijing is planning for valuable rare earth minerals.
Dovish remarks from the Federal Reserve (Fed) officials also lift the Silver price. Philadelphia Fed new President Anna Paulson said on Monday that rising risks to the job market argue for more interest rate cuts by the US central bank, as trade tariffs now appear unlikely to push up inflation as much as expected. Lower interest rates could reduce the opportunity cost of holding Silver, supporting the non-yielding precious metal.
On the other hand, renewed US Dollar (USD) demand and improved risk sentiment could weigh on the USD-denominated commodity price in the near term. Trump changed his rhetoric on China on Sunday, saying that China’s economy “will be fine” and that the US wants to “help China, not hurt it.”
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.
Gold price (XAU/USD) jumps to a fresh record high near $4,130 during the early Asian session on Tuesday. The precious metal extends the rally as renewed US-China trade tensions send investors flocking to safe-haven assets. The Federal Reserve’s (Fed) Chair Jerome Powell is scheduled to speak later on Tuesday.
Escalating trade tensions between the US and China reignited fears of a trade war between the world’s two largest economies, boosting safe-haven assets like the Gold price. US President Donald Trump announced on Friday that he will impose new trade measures against Beijing, including 100% tariffs on all Chinese goods and export controls on critical US-developed software, due to take effect by 1 November.
Nonetheless, Trump adopted a less strident stance on Sunday, saying that everything would be “fine” and that the US was not looking to “hurt” China.
Expectations mounted for further interest rate cuts by the US Fed, which contributes to Gold’s upside. Markets are currently pricing in an almost certain 25 basis points (bps) rate cut at the Fed’s October meeting, with another reduction expected in December, according to the CME FedWatch tool. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal.
Further consolidation or correction cannot be ruled out in the near term, as the yellow metal has climbed over 56% year-to-date so far this year. “Given the carousel of drivers, and how short-lived dips have been, this rally has legs in our view, but a near-term correction would be healthier for a longer-term uptrend,” said Suki Cooper, global head, commodities research at Standard Chartered Bank.
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.
The 50-day average’s defense is a bullish signal, yet downside risks linger. Natural gas is caught in a short-term rising trend channel, contrasting with a broader declining channel. Recent highs stalled near the 200-day moving average at $3.38, aligning with the top of the falling channel, where resistance triggered a double top bearish reversal last Thursday. The rejection also coincided with the upper boundary of the rising channel, extended by 25%. A reversal from this level typically targets the channel’s lower boundary, a scenario still in play if today’s support falters.
Critical Support Zone at $2.95
Should the $3.03 low give way, a deeper support zone at $2.95 emerges as a key target. This level, projected for October 21, marks the intersection of the rising channel’s lower line and the falling quarter channel line of the larger bearish trend. Reinforcing its significance, a gap fill at $2.95 aligns with an anchored Volume Weighted Average Price (VWAP) at $2.98, rooted in the February 2024 lows. This convergence of technical markers makes $2.95 a high-probability floor if selling resumes.
Outlook and Key Levels
Today’s rally suggests buyers are defending $3.03, but the broader bearish channel keeps pressure on. A close above $3.09 strengthens the bullish case, while a break below $3.03 targets $2.95. Monitor today’s close for confirmation of support or renewed weakness—$3.38 resistance remains a hurdle for any sustained recovery.
For a look at all of today’s economic events, check out our economic calendar.
Fresh trade-war tensions between the United States and China boosted demand for Gold.
The US government shutdown continues with no agreement in sight.
XAU/USD resumed its advance after correcting extreme overbought conditions.
Spot Gold’s run into unexplored territory continues on Monday, with the bright metal overcoming the $4,100 threshold early in the American session. Multiple factors are pushing the safe-haven metal higher.
On the one hand, the United States (US) government shutdown continues, with a resolution to the stalemate still out of the picture. The country is celebrating a holiday, Columbus Day, which further delays any agreement in the Senate. On the other hand, US President Donald Trump revived trade-war concerns late on Friday, accusing China of “strange” behaviour and threatening fresh, massive tariffs on Chinese imports. Trump was scheduled to speak with his Chinese counterpart, Xi Jinping, in the coming days, but the talks have been postponed.
Right now, the US President’s attention is on the Middle East. The first stages of a peace agreement between Israel and Hamas are underway. Hamas has freed the remaining hostages, hostilities have been interrupted, and people are slowly returning to Gaza. The peace could be fragile, but it is a major Trump victory.
XAU/USD short-term technical outlook
From a technical point of view, the XAU/USD pair is bullish. In the daily chart, technical indicators resumed their advance within overbought levels after correcting extreme conditions, still reflecting that buyers are in control. Meanwhile, the pair develops far above all its moving averages, with the 20 Simple Moving Average (SMA) far above the longer ones and at around $3,841.
The near-term picture is pretty similar. In the 4-hour chart, the Momentum indicator aims firmly north within positive levels, while the Relative Strength Index (RSI) indicator advances at around 70, although with a limited upward slope. Meanwhile, the XAU/USD pair extends its recovery above all its moving averages, with a mildly bullish 20 SMA currently at around $4,026.
Silver (XAG/USD) found resistance at fresh four-year highs right above $51.70 and retreated sharply during Mondfday’s European morning session. The metal found support at the 50..15 area to pare some losses, but is struggling to remain above $51.00 at the time of writing.
The fundamental context is supportive for precious metals, which rallied during the Asian session with investors looking for alternative assets as the US trade rift on rare earths threatens to lead to a full-blown trade war, again.
Furthermore, the US Government shutdown enters its third week without prospects of a solution in sight, and with investors pricing in a Fed rate cut later this month and high chances of another one in December.
Technical analysis: The bullish trend remains in play with $52.00 on focus
Silver maintains its bullish trend intact, with price action moving within an ascending channel from mid-September lows. The trend looks well overextended, and these structures tend to lead to corrections, but that option seems highly unlikely in the current circumstances.
Technical indicators show a significant bullish pressure, with immediate resistance at the intra-day highs of $51.70. Further up the ascending channel’s top, in the area of 52.00 and the 161.8 Fibonacci extension of the October 9 reversal, at $52.90, are plausible targets.
So far, pullbacks are attracting buyers, and the pair seems to have significant support in the area around the $50.00 psychological level, where bears were capped earlier today. Further down, the base of the ascending channel is in the vicinity of $49.55.
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.
Sell gold from the resistance level of $4110, with a target of $3900 and a stop loss at $4140.
Buy gold from the support level of $3950, with a target of $4060 and a stop loss at $3920.
Technical Analysis of Gold Price (XAU/USD) Today:
Gold bulls have once again stabilized above the historic psychological resistance of $4000 per ounce, following a period of limited profit-taking sales after gold prices reached an all-time high of $4059 per ounce. According to gold trading platforms, the recent sell-off did not extend beyond the $3944 per ounce level. Moreover, the previous week’s trading closed with the price stable around the $4018 per ounce resistance.
A positive start is expected for the gold price in the new week amid renewed fears of a global economic recession, driven by the continuing US government shutdown and the revival of the trade conflict between the United States and China. This follows a threat from Trump at the end of last week to impose harsh customs tariffs on Chinese imports starting next month, which increases investor demand for safe-haven assets, led by gold.
Will gold prices rise in the coming days?
According to gold analysts, the outlook remains positive for the gold index to continue its record-breaking bullish breakouts, especially with stability above the $4000 per ounce resistance. As mentioned before, gold investors will remain focused on the factors driving the market’s gains, while ignoring technical indicators reaching overbought levels.
XAU/USD (Daily Chart)
According to commodity market experts, short-term technical indicators suggest the possibility of a correction if prices fall below the $3950 per ounce support level. However, looking ahead, developments related to the US government shutdown and a speech by Federal Reserve Chairman Jerome Powell could affect the near-term outlook for gold. In general, if US political risks remain a key theme, this could push the gold price index above the $4000 level, with the prospect of interest rate cuts reinforcing the upward trend.
Regarding factors influencing the gold market: with the fragility of peace in the Middle East, renewed drone and missile attacks on Ukraine, the ongoing US government shutdown, a weak US dollar, and another interest rate cut at the end of the month, the direction for gold is clear. Carefully, do not miss the opportunity to consistently buy gold.
Dear reader, keep in mind that long-term cash flows are flowing into gold, and buyers are reluctant to relinquish control, despite the gold price rising by more than 52% this year. Even at these historically high levels of overbought gold, the gold market is gaining renewed momentum from the retail market, which was absent at previous peaks, such as in 2011.
Gold bullion has boomed in recent months, supported by concerns about inflation expectations and the outlook for major currencies. These factors include the US dollar, which has weakened due to concerns that US President Trump is reversing the post-war economic order. Geopolitical tensions, including the war between Russia and Ukraine, are also boosting gold prices.
Trading Tips:
Dear TradersUp trader, we advise buying gold on every significant price dip. Ultimately, Renewed global trade and geopolitical tensions provide permanent support for gold’s gains.
The EURJPY pair resumed the bearish corrective attack in Friday’s trading, hitting some of the previously suggested targets, to form quick positive rebound to settle near 176.50, keeping the main bullish scenario that depends on the stability within the bullish channel’s levels that appears in the above image.
Note that the continuation of the contradiction between the main indicators that might force the price to provide more of the sideways trading, to keep waiting for breaching 177.05 to confirm its readiness to form new bullish attack by targeting the top at 177.80.
The expected trading range for today is between 175.90 and 177.05
Trend forecast: Fluctuated within the bullish trend
The GBPJPY pair activated negatively with the economic data on Friday to resume the bearish correction, to target 201.70 support, then bouncing positively to settle above %161.8 Fibonacci extension level at 202.40 to reinforce the chances of forming new bullish waves, to attempt to reach 203.40 then press on the barrier at 203.85.
While facing new bearish pressure and reaching below 201.70 support confirms its move to a new negative station, which forces it to suffer more losses by reaching 201.20 followed by the extra support at 200.45.
The expected trading range for today is between 202.40 and 203.85
Silver price (XAG/USD) extends its winning streak for the fourth successive session, reaching its all-time high of $51.69 during the Asian hours on Monday. The non-interest-bearing Silver receives support from the increased likelihood of the US Federal Reserve (Fed) further rate cuts by year-end.
Consumer confidence in the United States (US) deteriorated slightly in early October, supporting the Fed rate cut bets. The preliminary University of Michigan’s Consumer Sentiment Index edged lower to 55.0 for October, from 55.1 in September.
The Federal Open Market Committee (FOMC) Minutes from the September meeting suggested policymakers are leaning toward further rate cuts this year. The CME FedWatch Tool suggests that markets are now pricing in nearly a 96% chance of a 25-basis-point Fed rate cut in October and an 87% possibility of another reduction in December.
Federal Reserve Bank of St. Louis President Alberto Musalem said on Friday that the labor market is showing signs of potential weakness and that a balanced approach to monetary policy only works if inflation expectations are anchored. Meanwhile, San Francisco Fed President Mary Daly said that inflation has come in much less than she had feared. Daly further stated that the US central bank is projecting additional cuts in risk management.
The safe-haven Silver attracts buyers due to renewed US-China trade concerns. US President Donald Trump said that there’s no need to meet China’s President Xi Jinping at the upcoming South Korea summit and threatened to impose 100% tariffs on Chinese imports. However, Trump posted on Truth Social on Sunday, noting that China’s economy “will be fine” and that the US wants to “help China, not hurt it.”
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.
