XAU/USD Current price: $3,290.46

• US President Donald Trump cooled down concerns about Fed Powell’s continuity.
• Hopes of easing trade tensions between the United States and China lifted the mood.
• XAU/USD corrected extreme overbought readings, sellers paused.

Spot Gold retreats on Wednesday, extending its slump to the $3,260 area during American trading hours. The bright metal fell as the market sentiment improved following United States (US) headlines. US President Donald Trump clarified on Tuesday that he is not willing to fire Federal Reserve (Fed) Chairman Jerome Powell, but that he is frustrated with the decision to maintain interest rates at high levels. Even further, Trump mentioned progress in trade negotiations with China, adding to speculative interests’ relief.

Stock markets reflect the better mood, as Asian and European indexes closed in the green, while Wall Street is firmly up for a second consecutive day, having trimmed all of its Monday losses.

Further optimism came from market talks suggesting the US would lower tariffs on China. Treasury Secretary Scott Bessent on Wednesday said that “there is an opportunity for a big deal” between the two countries, but declined to comment on the tariffs’ levels. He finally added that tariffs will likely have to come down for trade negotiations.

On the data front, S&P Global released the preliminary estimates of the April Purchasing Managers’ Indexes (PMIs), which showed that the manufacturing index improved to 50.7 in April after posting 50.2in March. The Services PMI eased from its previous reading of 54.4 to 51.4, while both indicating expansion in business activity.

XAU/USD short-term technical outlook

The XAU/USD pair bounced from the mentioned low and trades around the $3,290 level. Technical readings in the daily chart suggest Gold may fall further, given that indicators head south almost vertically. Still, as indicators hold within positive levels, the slide could be considered corrective. Even further, the pair develops above all its moving averages, with a firmly bullish 20 Simple Moving Average (SMA) currently at $3,168.

The near-term picture shows sellers have paused. In the 4-hour chart, technical indicators are losing their bearish momentum near oversold readings, but are still far from suggesting an upcoming recovery. In the meantime, the 20 SMA turned flat, providing resistance in the $3,380 region. Finally, the 100 and 200 SMAs maintain their bullish slopes far below the current level, limiting the case for a steeper decline.

Support levels: 3,283.40 3,260.00 3,247.10

Resistance levels: 3,313.65 3,329.20 3,342.35

The CADCHF lost its positive momentum by stochastic exit from the overbought, to end the bullish rally by hitting 1.8520 level, to form a temporary correctional rebound, to settle near 1.8410.

By the above image, we notice the price stability within the main bullish channel’s levels, and 23.6%Fibonacci correction level forms a strong support at 1.8220, which makes us wait for gathering the positive momentum, to activate the bullish rally again by reaching 1.8460, repeating the pressure on the obstacle at 1.8520, in order to find an exit to achieve extra gains in the upcoming period.

The expected trading range for today is between 1.8355 and 1.8460

Trend forecast: Bullish

Copper price’s trading extended towards 68% Fibonacci correction level, recording the second target at $4.9000, to form an extra barrier against the bullish rally.

We expect price affection by some of the negative pressures, especially, stochastic attempts to exit the overbought level, which might increase the chances for activating the bearish correctional track and suffering some losses by reaching $4.7700 and $4.6800, while the price success to breach the obstacle will reinforce the chances for recording new gains that might extend towards $4.9600 reaching the next barrier near $5.0300.

The expected trading range for today is between $4.7700 and $4.900

Trend forecast: Fluctuated within the bullish track

No news for the EURJPY pair, to keep providing weak sideways trading, due to the continuous contradiction between the main indicators in the last period, to notice its fluctuation near the moving average 55 at 161.60.

Note that the stability of the trading below the main resistance at 163.05 represents a main factor for confirming the bearish bias domination, to keep waiting for targeting negative stations near 160.35 and 159.55, while breaching the resistance and holding above it will cancel the negative suggestion, to begin targeting several positive stations by reaching 163.70 and 164.20.

The expected trading range for today is between 160.35 and 162.40

Trend forecast: Bearish

• Silver price could lose ground due to investor optimism growing over the Federal Reserve’s independence.
• US President Donald Trump helped calm markets by clarifying he has no intention of removing Fed Chair Jerome Powell.
• Silver price receives support from President Trump’s optimism over ongoing US-China trade negotiations.

Silver price (XAG/USD) retraces its recent losses from the previous session, trading around $32.70 per troy ounce during the Asian hours on Wednesday. However, prices of grey metal faced headwinds as investor optimism grew over the Federal Reserve’s (Fed) independence.

US President Donald Trump helped calm markets by clarifying he has no intention of removing Fed Chair Jerome Powell, stating, “The press runs away with things. No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates.”

Market sentiment was further lifted by US Treasury Secretary Scott Bessent, who called the ongoing tariff dispute with China “unsustainable” and expressed optimism about a resolution. Though formal talks have yet to begin, Bessent suggested a deal is within reach, according to attendees of a private JP Morgan Chase & Co. event in Washington.

However, Silver continues to find support from this positive backdrop. President Trump echoed an upbeat outlook, noting progress in trade negotiations with China. While he dismissed the possibility of steep tariff hikes—clarifying they wouldn’t reach 145%—he also confirmed tariffs would not be fully lifted.

As Silver plays a vital role in industries like electronics, solar energy, and automotive manufacturing, any improvement in US-China trade relations could boost demand, particularly given China’s position as a global manufacturing powerhouse.

A decisive break above $66.99 could open the path to $68.15 and $70.21. Failure to clear this range might drag price back toward $64.24 or deeper to $62.20. So far, Brent is grinding higher, but the lack of volume near resistance zones suggests traders are cautious.

This triangle is nearing its apex—expect a breakout or breakdown soon as macro headlines and inventory data weigh in.

• Gold price bounces from multi-day lows as bargain hunting kicks in early Wednesday.  
• The US Dollar reverses recovery gains as investors doubt President Trump’s intentions.
• Gold price appears a ‘buy-the-dips’ trade as the RSI eases and prods the bullish zone.

Gold price has bounced off the dip to three-day lows near $3,310 early Wednesday as buyers fight back control amid a fading US Dollar (USD) recovery ahead of the US S&P Global preliminary business PMI data release.

Gold price could see a buying resurgence at lower levels

Gold price has witnessed volatile trading this week, hitting fresh record highs at $3,500 before facing rejection and slumping toward the $3,300 level. The record run in the Gold price was mainly backed by the markets’ anxiety about the US Federal Reserve (Fed) losing its independence following President Donald Trump’s verbal attacks on Fed Chair Jerome Powell.

The focus shifted from the US-China trade war to Trump’s Fed threat early in the week, exacerbating the US Dollar’s pain while driving the Gold price to new all-time highs. However, the tide turned in favor of the Greenback in Tuesday’s American trading as USD buyers were rescued by US Treasury Secretary Scott Bessent, who said at a closed event that he expects “there will be a de-escalation” in President Donald Trump’s trade war with China in the “very near future.”

Hopes of easing US-China trade tensions fuelled a positive shift in risk sentiment and a US Dollar recovery, reflecting an ideal ‘Tuesday turnaround.’ Investors took this as an excuse to book profits on their Gold long positions as the bright metal corrected as much as $120 from record highs to settle near $3,380.

Gold’s corrective downside extends into Asian trading as investors digest the overnight backpedalling by Trump on the US-China trade war and Powell’s firing. The US President said that the final tariff rate with China would come down “substantially” from the current 145% but it won’t be that high, not going to be that high.”

He added that he is willing to strike a trade deal with China, showing his openness for negotiations. 

However, the downside in Gold price remains cushioned as the USD stalls its recovery momentum as markets question Trump’s intentions, citing them as highly unpredictable.

The attention now turns to the S&P Global preliminary Manufacturing and Services PMI data from Europe and the US for further trading impetus. US PMI data for April will be closely scrutinized for fresh signs on the health of the US economy. The data could help markets alter their expectations of Fed interest rate cuts this year.

Fed fund futures ran into selling late Tuesday as investors scaled back the extent of rate cuts expected by year-end to around 81 basis points (bps).

Gold price technical analysis: Daily chart

The daily chart shows that the 14-day Relative Strength Index (RSI) has eased from the overbought territory, returning to the bullish zone.

The latest downtick in the leading indicator backs the fresh leg down in Gold price. However, buyers remain hopeful so long as the $3,300 level holds fort.

If the correction deepens, Gold price could challenge the 21-day Simple Moving Average (SMA) at $3,163.

Ahead of that, the $3,200 barrier could provide some support to buyers.

Conversely, if the uptrend resumes, Gold price could retake the $3,400 threshold en-route to the record highs of $3,500.

Signs of Short-Term Exhaustion

Signs have been building recently that the uptrend was getting extended with the risk of a bearish pullback increasing. Nonetheless, the price of gold proceeded higher as global uncertainty spread, busting through numerous potential resistance levels on the way up. Recently, upside breakouts of two rising parallel trend channels triggered and were confirmed by weekly closing prices above the top of each channel. This was bullish behavior but also signs of growing speculation as traders jump into gold in fear of losing out on further gains.

Generates Bearish Shooting Star

Today’s bearish shooting star candlestick pattern will trigger a one-day bearish reversal on a drop below today’s low, currently at $3,372. The first clear downside target is the prior brief trend high at $3,246, which was also the top of a small bull pennant pattern that covered only two days. Measuring the pattern provided an estimated target of $3,454, and it was exceeded today. Also, on the way down watch for support around the top channel lines. The price they represent will vary depending on when approached.

Test of 20-Day Moving Average Possible

Since the 20-Day MA was reclaimed at the beginning of this year, two subsequent pullbacks to test the line as support failed initially before gold recovered and trended higher. This current potential bearish pullback could certainly fall to the 20-Day line, now at $3,153, to test it as support before it is complete. If that is what happens the expectation is for signs of support to be seen around the line. Since the 20-Day MA is rising it may reach another prior trend high of $3,168, where support may be seen, or rise above it.

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

Remains Below 200-Day Moving Average

Since the spike peak of $4.90 (A) was reached briefly in early March natural gas has been in a steady decline that accelerated following an initial pullback and establishment of a lower swing high (C) three weeks ago. It recently confirmed that sellers remain in charge as both the 200-Day MA, now at $3.07, and the January swing low were broken to the downside.

On Monday, natural gas closed below the 200-Day line, and it looks set to do the same today. Being an important long term trend indicator, the 200-Day MA is being tested as support for only the second time since the line was reclaimed in September of last year. It sets the stage for a possible test of support are lower price levels.

Bear Tend Extended

At the same time, the decline is showing signs of getting closer to exhaustion. Until there is a daily close below the $3.23 prior swing low, natural gas remains within a potential support zone that could continue to hold. Although there have not been any signs of buyers stepping in, the decline has stalled at the support zone. If it is sustained, a sign of strength would be indicated on a rally above today’s high of $3.10. Whether that leads to a continuation higher remains to be seen. Of course, as it stands now, a rally above today’s high would put the price of natural gas back above the 200-Day MA. Otherwise, a bearish continuation could see a decline down to the $3.79 price area.

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

XAU/USD Current price: $3,394.10

• US Treasury Secretary Scott Bessent sees a de-escalation of tensions with China.
• A better mood pushed Gold sharply lower after the bright metal reached fresh record highs.
• XAU/USD edges sharply lower after reaching record highs, corrective decline may continue.

Gold hit $3,500 a troy ounce on Tuesday, yet another record high. The XAU/USD pair, however, retreated from such highs and trades in the $3,390 region in the mid-American afternoon, as the US Dollar (USD) managed to recover some of the ground lost at the beginning of the week.

The Greenback got sold off on Monday amid mounting tensions between United States (US) President Donald Trump and Federal Reserve (Fed) Chairman Jerome Powell, as the former claims Powell is not doing his job properly, and threatened to displace the central bank’s head. Trump, however, does not have the power to do so. Nevertheless, continued threats on the matter put investors in risk-off mode. Stocks plummeted at the beginning of the week alongside the Greenback, with the slides exacerbated by thin market conditions amid the Easter Holiday.

Fears cold down a bit on Tuesday, but remain in the background. Fed’s independence is under scrutiny. Additionally, tariffs hang like a Damocles’ sword. Trump’s retaliatory levies are on pause, in hopes that the US could reach a better trade deal with its counterparts. The USD found additional support, and stocks accelerated their recovery following comments from US Treasury Secretary Scott Bessent, who said that the current situation with China is unsustainable and that he sees a de-escalation of the situation.

The absence of first-tier data these days maintains the focus on US political and fiscal woes. A bit more action from that front will come from S&P Global, as the company will release the preliminary estimates of the April Purchasing Managers Indexes (PMIs) for most major economies on Wednesday. The figures are a barometer of economic health, and financial markets usually react to the headlines.

XAU/USD short-term technical outlook

The daily chart for the XAU/USD pair shows it retreated sharply from its record peak and trades near its daily lows. The long upward wick could anticipate an upcoming steeper decline, although the risk-averse environment could still trigger another run of Gold buying. The same chart shows technical indicators remain within overbought levels, barely losing their upward strength. At the same time, XAU/USD keeps trading far above all its moving averages, which maintain their bullish slopes.

The near-term picture suggests the corrective decline could continue. In the 4-hour chart, XAU/USD is piercing a mildly bullish 20 Simple Moving Average (SMA), while the 100 and 200 SMAs keep heading firmly higher over $200.00 below the current level. At the same time, technical indicators head sharply lower and are currently approaching their midlines from above. Further declines, should the 20 SMA get clearly pierced, could result in the pair falling towards $3,284, the April 17 intraday low.

Support levels: 3,370.00 3,357.75 3,342.05

Resistance levels: 3,392.25 3,405.90 3,430.00