Copper price lost the positive momentum yesterday by stochastic stability below 80 level, which forces it to provide weak sideways trading by its fluctuation near $5.5000 level, without recording any new positive target.
Note that the price activated the attempts of gathering the gains by the continuation of facing negative pressures, which forces it to press on the support near $5.3200, and breaking it will force the price to decline towards $5.1500 and $4.9800, while renewing the bullish attempts requires forming a strong bullish rally, to settle above $5.600.
The expected trading range for today is between $5.1500 and $5.600
Copper price lost the positive momentum yesterday by stochastic stability below 80 level, which forces it to provide weak sideways trading by its fluctuation near $5.5000 level, without recording any new positive target.
Note that the price activated the attempts of gathering the gains by the continuation of facing negative pressures, which forces it to press on the support near $5.3200, and breaking it will force the price to decline towards $5.1500 and $4.9800, while renewing the bullish attempts requires forming a strong bullish rally, to settle above $5.600.
The expected trading range for today is between $5.1500 and $5.600
Gold price attempts a tepid bounce early Wednesday as focus shifts to trade updates and US PPI data.
The US Dollar retreats alongside Treasury bond yields even as risk-off flows persist.
Gold price needs to crack the 50-day SMA support at $3,323; daily RSI reclaims midline.
Gold price is replicating the tepid recovery moves seen in the first half of Tuesday’s trading as buyers try their luck the third time early Wednesday, heading into the US Producer Price Index (PPI) inflation test.
Gold price susceptible to potential US Dollar resurgence
Despite the latest uptick, Gold price appears to lack bullish conviction as the US Dollar (USD) remains in an upside consolidative mode against its major currency rivals, having risen for the seventh consecutive day on Tuesday.
The USD resumed its uptrend, capitalizing on the rally in the 10-year benchmark US Treasury bond yields after the US Consumer Price Index (CPI) accelerated in June, moving away from the Federal Reserve’s (Fed) 2% inflation target.
The June CPI increased 0.3% on the month, driving the 12-month inflation rate to 2.7%, in line with expectations. The core figures also rose 0.2% over the month and 2.9% annually, but undermined estimates.
The uptick in US inflation bolstered bets for an extended pause by the Fed for a longer period than initially expected, with the odds of a September Fed rate cut falling to about 52% from nearly 60% pre-data release, per the CME Group’s FedWatch Tool.
Hawkish Fed expectations combined with US President Donald Trump’s announcement of a trade deal with Indonesia helped the USD keep the upper hand, fuelling a fresh decline in the non-interest-bearing Gold price.
The US yields and the USD also tracked the advance in the Japanese government bond yields and the USD/JPY pair as the Asian nation’s bond market and the local currency suffered extensively on heightening fiscal and political concerns.
Citing a story from Asahi newspaper, Reuters reported that “Japan’s ruling coalition will likely lose its majority in the upper house election on July 20, heightening the risk of political instability at a time the country struggles to strike a trade deal with the US.”
However, America’s artificial intelligence (AI) pioneer’s, Nvidia, headlines-driven tech rally curbed the USD uptrend, offering some support to the bright metal.
In Wednesday’s trading so far, uncertainty over Trump’s trade policy and Jerome Powell’s tenure as a Fed Chairman act as headwind to the Greenback, allowing Gold price to come up for some air.
Looking ahead, it remains to be seen if Gold price can sustain the bounce as traders refrain from creating fresh positions ahead of the US PPI data.
If the June US PPI comes in hotter than the expected 2.5% print over the year, while the monthly PPI also above 0.2% forecast, a fresh leg higher in the USD cannot be ruled out at the expense of Gold price.
Meanwhile, developments on the trade front will continue to play a pivotal role in driving risk sentiment, especially after Trump announced late Tuesday that he will send letters notifying smaller countries of their US tariff rates, per Reuters.
Gold price technical analysis: Daily chart
As observed on the daily chart, Gold price is stuck between two key barriers, with the 21-day Simple Moving Average (SMA) support-turned-resistance at $3,335 checking the upside.
On the other hand, the 50-day SMA at $3,323 cushions the downside.
The 14-day Relative Strength Index (RSI) is sitting just above the midline, currently near 50.50, suggesting that buyers could retain control.
Acceptance above the 21-day SMA is critical to sustaining the renewed upside, above which the 23.6% Fibonacci Retracement (Fibo) level of the April record rally at $3377 will be put to the test once again.
Further north, the $3,400 round level will challenge bearish commitments.
In contrast, rejection at the 21-day SMA could attack the 50-day SMA support.
Sellers must find a strong foothold below the 50-day SMA on daily closing basis.
The next healthy support levels are located at the 38.2% Fibo level of the same rally at $3,297 and the July low of $3,283.
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.
Natural gas completed a 78.6% Fibonacci retracement last week, which was followed by a bullish reversal and rise into today’s high. Last week’s low at $3.15 certainly could be the end of the bearish correction. Although a lower trend support line was broken briefly, the line was quickly recovered and demand improved. Nonetheless, natural gas remains vulnerable to downward pressure until it sustained an advance above $3.57. That is the most recent lower swing high on the daily time frame, and a rise above will trigger a reversal of the very short-term downtrend structure beginning from the June 27 lower swing high at $3.75.
Weekly Bull Breakout
The bulls have the weekly pattern on their side as a one-week bullish reversal triggered yesterday. But it was not confirmed by a daily close above last week’s high of $3.47. However, that looks likely to happen today, and it will provide another piece of evidence supportive of an eventual continuation to the upside. A potentially solid resistance zone from $3.53 to $3.54 was approached today. It includes an AVWAP level from the April swing low and two moving averages, the 20-Day MA and 50-Day MA. They have converged to identify the same price level at $3.54.
Reached Key Decision Point
The behavior of natural gas around this potentially significant resistance zone should provide clues about supply and demand. For example, a daily close above the 20-Day MA shows buyers retaining control. That would increase the chance for a sustainable breakout above $3.57. A daily close above that level will then put the $3.75 lower swing high at risk of being busted, which would trigger a new bullish reversal. Either way, weakness will be watched by traders for a potential upside continuation.
For a look at all of today’s economic events, check out our economic calendar.
Gold found support at $3,340 and is regaining lost ground, approaching $3,380 highs.
The US Dollar softens with US treasury yields pulling back from recent highs ahead of the US CPI release.
From a wider perspective, XAU/USD is moving sideways, halfway through the last few months’ trading range.
Gold (XAU/USD) correction has been limited at $3,340, and the precious metal is retracing previous losses on Tuesday, approaching three-week highs at $3,380 as US Treasury yields and the US Dollar pull back from recent highs ahead of the US CPI release.
The US Dollar Index, which measures the value of the USD against six major currencies, is trading 0.15% lower on the day after a three-day rally. Investors are bracing for a significant increase in inflation amid pressure from US President Trump to cut interest rates, which might increase if the upside risks for inflation forecasted by the bank do not materialise.
Technical analysis: XAU/USD consolidating halfway through the recent range
The XAU/USD technical picture is cloudy, as the pair has been experiencing choppy and sideways trading for the last few months. Price action is currently hovering in the middle of the range, and technical indicators on the daily chart are indicating a lack of a clear trend.
The 4-hour chart shows a moderate positive stance, with the RSI steady above the 50 level and downside attempts finding buyers so far. Bulls are focusing on the July 14 high, at $3,375, which is closing the path towards the June 18 and 23 highs, at the $3,400 area, and the June 16 peak, at $3,450.
On the downside, a retreat below the July 14 low at $3,340 might find support at the July 10 low at $3,3120 and the July 9 low, at $3,285, ahead of the May 28 and June 30 lows, at $3,245.
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 big breakout for silver was last Friday when it broke out of a four-week sideways basing pattern with enthusiasm. It ended the week with buyers in charge as the closing price was near the highs of the week. Notice that resistance was seen on Friday near the lows of a resistance zone marked by the confluence of three price levels from $38.46 to $38.61.
Nonetheless, the bulls retained control earlier in Monday’s session as well leading to the higher top. Resistance was seen near the midpoint (dashed) of a rising trend channel, which can typically cause a reaction in price.
Larger Bull Trend Strengthening
Although strength was indicated by the breakout above the top of the resistance zone at $38.61, the advance to the midpoint of the trend channel and subsequent bearish reaction is a sign of exhaustion. At least enough to possibly pullback and test the prior trend high around $37.32. In addition, there is a blue top line of another trend channel challenged today as well.
Since the market seems to be recognizing the trend channel, the expectation is for a continuation towards the to of the channel once a bearish retracement is complete. Not only was today’s rejection of price near the channel midpoint a recognition of the channel structure, look at where silver has recently come from.
Launched from 20-Day Line
Essentially, from June 30 to July 10, silver was finding support around the lower uptrend line of the ascending channel. Moreover, additional power was signaled by the retest of the 20-Day MA (purple) prior to the launch. For approximately six days support was tested around the 20-Day MA. Once the 20-Day line converged with the uptrend line, the price of silver started to move higher with momentum.
Accenture plc’s stock price (ACN) extended its decline in latest intraday trading, amid the dominance of the main downward trend in the short term and trading alongside a descending trend line, with ongoing negative pressure from trading below the 50-day SMA. This drop positions the stock to potentially break the pivotal support level of $276.00, especially with negative signals streaming from the Stochastic after previously reaching extremely overbought levels.
Therefore we expect the stock to decline further in upcoming trading, particularly if it breaks the mentioned support of $276.00, targeting the next support level at $261.00.
Strong inflows into U.S.-listed Bitcoin exchange-traded funds (ETFs).
Bitcoin prices rose during Monday’s trading, extending gains for the second consecutive day and continuing to set new all-time highs, with trading above the $120,000 level for the first time in history.
This surge comes amid strong inflows into U.S.-based Bitcoin ETFs, and a strong demand from institutional investors, and supportive policies from the administration of U.S. President Donald Trump toward cryptocurrencies.
Price Overview
• Bitcoin Price Today: On the Bitstamp exchange, the price of Bitcoin rose by $2,308, or 1.94%, to reach $121,448, marking a new all-time high. It opened today’s trading at $119,140, with the lowest level recorded at $118,972.
• The settlement on Bitstampt exchange on Sunday, Bitcoin prices closed Sunday with a 1.4% gain in the fifth increase in the past six days, amid record demand for the leading cryptocurrency.
• The world’s largest digital currency “Bitcoin” recorded a 9% gain last week, marking its third consecutive weekly rise.
Cryptocurrency Market Capitalization
The total cryptocurrency market capitalization rose by over $20 billion on Monday to reach $3.818 trillion, the highest level since December 2024, driven by Bitcoin’s record-breaking rally and rising Ethereum prices.
Strong Inflows into Exchange-Traded Funds
Bitcoin exchange-traded funds (ETFs) added approximately $1.03 billion on Friday on the final session of the week. This marked the seventh consecutive day of new inflows into these U.S.-listed products, bringing the total to around $3.735 billion.
On Thursday, July 10, these ETFs recorded their largest daily inflow of 2025, with a value of $1.18 billion.
Bullish Catalysts
Joshua Chu, Co-Chair of the Hong Kong Web3 Association, stated that Bitcoin’s new record highs are being driven by continued institutional accumulation, as major players are taking advantage of limited supply and draining liquidity from exchanges.
In March, President Donald Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He also appointed several crypto-friendly figures, including Paul Atkins as Chairman of the Securities and Exchange Commission, and David Sacks as the White House’s AI Czar.
The U.S. Congress is nearing the approval of new legislation to regulate digital currencies in the United States.
Trump family companies
Trump family businesses have made a strong entry into the world of cryptocurrencies. Trump Media & Technology Group (DJT.O) is reportedly planning to launch a cryptocurrency-focused exchange-traded fund (ETF) to invest in multiple digital assets, including Bitcoin, according to a filing submitted to the U.S. Securities and Exchange Commission (SEC) last Tuesday.
Copper price continues calm sideways trading in the last period, attempting to gather extra positive momentum to reinforce the continuation of the positivity that depends on the stability above the support level at $5.3200.
Therefore, we will keep our bullish expectation of the target $5.4700 level, reaching the next main target at $6.0400, while the trading below the support will force the price to provide some bearish correctional trading to target $5.1500 and $4.9800 level before any attempt to record any of the extra targets.
The expected trading range for today is between $5.3500 and $5.7200
Silver retreats from $39.12 peak but maintains bullish long-term structure.
RSI remains elevated, suggesting buyers still have technical control.
Break below $37.31 may trigger deeper correction toward $36.69 and $36.00.
Silver price forms a ‘shooting star’ candle chart pattern amid a day in which precious metals were pressured as traders priced in initial risk-off sentiment. However, they faded the move, amid fears that the White House might backpedal, as they could reach trade agreements with Canada, the EU, and Mexico ahead of the August 1 deadline. The XAG/USD trades at 38.14, down 0.66%.
XAG/USD Price Forecast: Technical outlook
The grey metal is upward biased, despite falling below the $39.00 figure after reaching multi-year highs at $39.12. The Relative Strength Index (RSI) depicts that buyers are still in control, even though XAG/USD dipped toward $38.00.
For a bullish continuation, Silver traders need to push prices back above $38.50 and test the $39.00 figure. A breach of the latter would pave the way to refresh yearly highs.
Conversely, if Silver tumbles below the June 18 high of $37.31, expect further downside and a possible test of the 20-day Simple Moving Average (SMA) at $36.69. On further weakness, the $36.00 figure is up next.
XAG/USD Price Chart – Daily
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.
