• Silver price gains to near $33.30 amid uncertainty over US-China trade relations.
• US Bessent has stated that China should initiate trade discussions with them.
• Investors await the US JOLTS Job Openings data for March.

Silver price (XAG/USD) trades higher to near $33.30 during European trading hours on Tuesday. The white metal gains as investors start doubting whether de-escalation in the trade war between the United States (US) and China is underway.

A fresh boost in uncertainty over US-China trade relations has come from comments by US Treasury Secretary Scott Bessent stating that Beijing should be the one to commence trade talks. “I believe that it’s up to China to de-escalate, because they sell five times more to us than we sell to them, Bessent said in an interview on CNBC’s Squawk Box on Monday. However, Bessent indicated that trade discussions with other nations are going well.

Though Bessent’s comments have indicated that the trade war will be majorly between Washington and Beijing, the stand-off is expected to keep global economic tensions heightened. Theoretically, the Silver price performs strongly when fears of global economic turmoil escalate.

Meanwhile, the US Dollar (USD) rises ahead of the US JOLTS Job Openings data for March, which will be published at 14:00 GMT. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, move higher to near 99.30. Investors expect US employers to have posted 7.5 million jobs, marginally lower than 7.56 million seen in February.

This week, investors will pay close attention to a slew of US economic data, including the Nonfarm Payrolls (NFP), which will influence market expectations for the Federal Reserve’s (Fed) monetary policy outlook.

Silver technical analysis

Silver price aims to revisit an over three-week high around $33.70. The near-term outlook of the white metal remains bullish as it holds the 20-day Exponential Moving Average (EMA), which trades around $32.73.

The 14-day Relative Strength Index (RSI) struggles to break above 60.00. A fresh bullish momentum would emerge if the RSI breaks above that level.

Looking up, the March 28 high of $34.60 will act as key resistance for the metal. On the downside, the April 11 low of $30.90 will be the key support zone.

Silver daily chart

Meanwhile, US Treasury Secretary Scott Bessent said trade relations with key partners were “progressing,” reinforcing the risk-on mood in equity markets.

Despite short-term pressure, gold remains underpinned by expectations of a more dovish Federal Reserve. Futures markets now price in a 76% probability of a rate cut by June, with three total cuts expected by year-end, according to CME FedWatch.

Lower rates reduce the opportunity cost of holding metals, providing a buffer against aggressive declines.

Upcoming US economic data—including the JOLTS job openings, core PCE inflation, and April’s Nonfarm Payrolls—may serve as catalysts. Until then, metals are likely to remain sensitive to macro crosscurrents and dollar positioning.

Short-Term Forecast

Gold hovers near $3,315, supported by $3,270, as markets await key U.S. data. Silver steadies above $33, but momentum hinges on a breakout above $33.27 to confirm upside.

Gold Prices Forecast: Technical Analysis

The GBPJPY pair failed to confirm breaching the barrier at 191.55 yesterday, affected by the moving average 55 above it, which forces it to form sideways trading, to be confined between this barrier and the support level at 190.50.

Monitoring the price behavior and waiting for its rally above the barrier, to increase the efficiency of the bullish track, targeting 192.40 level, reaching the next target near 193.15, while reaching below the support will cancel the positive suggestion to force the price suffer several losses, starting at 189.70 and 188.60.

The expected trading range for today is between 190.50 and 191.55

Trend forecast: Sideways

Copper price continued providing sideways trading, to keep the negative stability below the barrier at $4.9100, which forms a main factor that confirms the suggested bearish scenario, note that gathering the negative momentum is important to begin targeting negative stations that are located near $4.6600 and $4.5600.

Noting that the price rally above the current barrier and holding above it, will confirm the negative attack, which provides chances for recording extra gains by its rally towards $4.9600 and $5.0400.

The expected trading range for today is between $4.6600 and $4.8400

Trend forecast: Bearish

• Gold price declines to near $3,335 in Tuesday’s early Asian session. 
• Improved optimism over a US-China trade deal undermines the Gold price. 
• Fed rate cut bets might help limit the XAU/USD’s losses. 

The Gold price (XAU/USD) loses ground to around $3,335 during the early Asian session on Tuesday. The yellow metal edges lower amid a modest rebound of the US Dollar (USD) and a softening in tensions between the United States and China. 

China exempted some US imports from its 125% tariffs on Friday,  raising hopes that the trade war between the US and China is nearing an end, although China quickly knocked down US President Donald Trump’s assertion that negotiations between the two countries were underway. 

US Treasury Secretary Scott Bessent said on Monday that the US government is in contact with China but that it’s up to Beijing to take the first step in de-escalating the tariff fight with the US due to the imbalance of trade between the two nations. The easing fears of trade tension between the world’s two largest economies reduce demand for traditional safe-haven assets like gold. Additionally, a stronger Greenback added further headwinds for the precious metal.

“Comments last week from the White House have fueled optimism that a US-China trade deal may eventuate, which has caused safe-haven demand for assets such as gold to subside,” said Tim Waterer, Chief Market Analyst at KCM Trade.

On the other hand, rising expectations that the Federal Reserve (Fed) will resume its rate-cutting cycle in the June meeting could lift the non-yielding Gold price. Meanwhile, the Fed remains in blackout mode ahead of its Federal Open Market Committee (FOMC) meeting on May 7.

Traders will keep an eye on the preliminary US Q1 GDP report and April employment data this week, as it might offer some hints about the Fed’s next policy decisions and the US economic outlook. The expectation for April is that the US economy will add 135,000 jobs and the Unemployment Rate will remain at 4.2%. If the reports show a weaker-than-expected outcome, this could drag the Greenback lower and boost the USD-denominated commodity price in the near term.

Cisco Systems’ stock price extended the gains in latest intraday levels, boosted by positive signals from the Stochastic, however, it reached overbought levels, indicating the weakness of that positive momentum, especially amid the dominance of the downward correctional trend in the short term, with negative pressure due to trading below the 50-day SMA.

Therefore we expect the price to decline and target the support of $52.00, provided the resistance of $58.45 holds on.

Today’s price forecast: Bearish

XAU/USD Current price: $3,331.01

• Back and forth between the United States and China spurs caution.
• Wall Street struggles to retain its positive momentum from last week.
• XAU/USD trimmed early losses, but additional gains unlikely in the near term.

Gold price changed course in the American session on Monday, and trades around $3,330, recovering nicely from an intraday low of $3,268.03. In the absence of relevant macroeconomic data, investors kept focusing on trade developments. Mixed headlines on United States-China trade talks spurred some concerns after a quiet start to the day, as cautious optimism led the Asian and European sessions, weighing on US Dollar (USD) demand.

The White House hinted at trade talks with its Asian counterpart last week, but Beijing stated on Monday that President Xi Jinping has not spoken with his United States (US) counterpart, Donald Trump. Meanwhile, Trump said that there are no red lines that would make him ease tariffs. “It always affects you a little bit,” Trump noted when asked about the potential impact on the USD, stocks, or even economic progress.

At the time being, Wall Street struggles to retain the green, with the Dow Jones Industrial Average (DJIA) being the best performer and the Nasdaq Composite being the worst.

Other than that, investors await first-tier data from major economies scheduled for later this week. Most figures will be released on Wednesday, with growth updates from Germany, the Eurozone (EU), the US and Canada. Meanwhile, Australia, Germany and the EU will post inflation updates. The cherry on the top will be US employment-related data, including different reports ahead of the Nonfarm Payrolls report scheduled for Friday.

XAU/USD short-term technical outlook

The XAU/USD pair trimmed early losses, but so far, it’s unable to recover its bullish stance. The daily chart for the pair shows it is hovering around its opening, while the risk remains skewed to the upside, given that it keeps developing above all bullish moving averages. The same chart shows a strong floor in the $3,260 region, as buyers surged around it in the last four trading days. Finally, technical indicators stand well above their midlines, albeit only the Momentum indicator aims north. The Relative Strength Index (RSI) indicator consolidates around 62, as XAU/USD can not extend gains beyond its recent range’s top in the $3,370/80 region.

The near-term picture is neutral-to-bullish. The 4-hour chart shows XAU/USD is currently battling to overcome a directionless 20 Simple Moving Average (SMA), while the 100 and 200 SMAs keep heading higher, over $100 below the current level. Technical indicators, in the meantime, advance, yet within negative levels and with limited upward strength.

Support levels: 3,314.50 3,301.40 3,288.70

Resistance levels: 3,344.60 3,358.10 3,370.00

Will Persistent Weak Demand Keep Prices Under Pressure?

Natural gas futures have now fallen for ten straight sessions, weighed down by mild spring temperatures and sluggish demand typical of the shoulder season.

Production remains stubbornly high, with Lower 48 dry gas output at 104.4 Bcf/day on Friday, up 3.8% year-over-year, according to BNEF. In contrast, Lower 48 gas demand was only 66.8 Bcf/day, down 7% from a year ago.

LNG exports were also lighter, with flows at 15.3 Bcf/day, a 3% week-over-week decline. These supply-demand imbalances continue to erode price support.

What Does the Latest Storage Data Signal for Prices?

The EIA reported an 88 Bcf storage build for the week ending April 18, exceeding expectations of 75 Bcf and topping the five-year average build of 58 Bcf. Total working gas in storage now stands at 1,934 Bcf, 44 Bcf below the five-year average but still within the historical range.

Despite a tighter year-over-year supply picture—storage levels are down 20.2% versus last year—the higher-than-expected injection and ongoing mild weather are keeping pressure on futures.

How Are Traders Reacting to Technical Levels?

Gold prices are hovering near $3,297, defending the rising trendline and major support zone around $3,270, where a triple-bottom structure is forming. The pivot point sits around $3,269, offering critical near-term support. Immediate resistance stands at $3,369, followed by $3,434, and the next key target at $3,500.

A breakdown below $3,270 could open the door toward $3,196 and potentially $3,152. The 50 EMA at $3,323 and the 200 EMA at $3,242 are important trend guides—price action currently dances between them.

A clean bullish reaction above $3,323 would strengthen the short-term outlook, while a failure to hold $3,270 may shift momentum back to sellers.

Silver (XAG/USD) Price Forecast: Technical Outlook

The EURJPY pair provided positive signal on Friday by forming a strong bullish rally, achieving 163.75, which forces it to fluctuate below 163.25 level, due to the contradiction between the main indicators by stochastic exit from the overbought level.

The price might be forced to provide more of the mixed trading, but its success in taking advantage of forming extra support at 162.40 might assist renewing the bullish attempts, to wait for confirming breaching 163.25 to increase the chances for recording new gains by its rally towards 164.20 reaching the next target near 164.90.

The expected trading range for today is between 162.50 and 164.25

Trend forecast: Bullish by confirming the breach