An upside breakout will be triggered on a rally above today’s high. That would put natural gas in a position to eventually test resistance around the top of the channel. For now, the intersection of two trendline at $3.80 can be used as a proxy for the top of the channel. That price level is another price level defined by last Wednesday’s high of $3.83.
Furthermore, better clarity is provided by potential resistance around the 20-Day MA, now at $3.82, and the 50-Day MA at $3.90. Note that the 20-Day MA is falling and will continue to represent a lower price area. It becomes a more significant potential resistance zone if a similar price level is indicated by other analysis.
Rally From Bottom of Channel Targets Top of Range
There is a chance that bullish signs following the completion of an 88.6% retracement may mark the end of the bearish correction. Keep in mind that advances from current levels are counter-trend rallies within a decline trend channel. A rally above the 20-Day MA, followed by a daily close above it would be supportive of the bullish thesis. Earlier signs of strength would be indicated on a rally above Monday’s high of $3. 61. That price would be an initial short-term target following a breakout above today’s high.
Bullish Signs Need Confirmation
Despite the potential for a bullish reversal from a key support zone, a trigger above today’s high is needed for confirmation of strength. There is always a possibility that the bulls cannot maintain control and the bearish correction continues to lower prices. An area of potential support confluence is shown on the chart from $3.08 to $2.99. That price range includes the potentially significant 200-Day MA as possible support at $3.05.
For a look at all of today’s economic events, check out our economic calendar.
Platinum price formed a new bullish rally achieving $958.00 level, then rebound directly to settle near the barrier at $950.00 level, affected by the continuation of the contradiction between the main indicators.
The price might be forced to form mixed sideways trading, but the main stability above the support level at $920.00 represents a main factor that motivates the bullish trading, reminding you that the main targets settled near $966,00, and surpassing it will confirm regaining the main bullish bias, by its stability within the bullish channel’s levels that appear in the above image.
The expected trading range for today is between $940,00 and $966.00
Silver price could aim for the upper boundary of the ascending channel near $33.50.
The 14-day RSI holding at the 50 mark reinforces the ongoing bullish bias.
Immediate support is seen at the 50-day EMA around $32.21.
Silver price (XAG/USD) continues to show strength for the fifth consecutive session, trading around $32.30 per troy ounce during the Asian session on Tuesday. The technical analysis of the daily chart suggests a growing bullish trend, with the grey metal moving upward within an ascending channel pattern.
Silver price remains above both the nine-day and 50-day Exponential Moving Averages (EMAs), indicating strong short-term momentum. Furthermore, the 14-day Relative Strength Index (RSI) sits at the 50 level, reinforcing the active bullish bias.
On the upside, the XAG/USD pair may target the upper boundary of the ascending channel around $33.50. A decisive break above this level could strengthen the bullish outlook and pave the way for a retest of the six-month high at $34.59, last seen on March 28.
Silver price may find immediate support at the 50-day EMA near $32.21, followed by the nine-day EMA around $31.90. A break below this level could signal weakening short-term price momentum, potentially driving precious metals’ price toward the $31.50 support area. Further downside support lies at the seven-month low of $28.00, marked on April 7.
XAG/USD: Daily Chart
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.
The crude oil price move downside in its recent intraday trading, affected by the negative pressure that comes from the EMA50, besides the stability of the stubborn resistance level at $61.50, attempting to gain some of the positive momentum that might assist breaching the resistance and surpassing its negative pressures.
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The US Dollar remains on the back boot despite a more optimistic mood.
Upcoming central banks’ decision may bring some action into a quiet week.
XAU/USD aims to resume its record rally, $3,300 in sight.
Gold prices held above the $3,200 mark on Tuesday, with the bright metal trading uneventfully around $3,220 a troy ounce. Financial markets maintain an optimistic mood on Tuesday, as no news is good news. United States (US) President Donald Trump has, so far, refrained from fresh threats of tariffs, while speculative interest hopes he could announce another round of exceptions, cooling down speculation that the trade war will dent global growth.
The shortened week due to the Easter holidays adds to the market’s quietness, although the US Dollar (USD) remains out of investors’ radar. The USD trades unevenly across the FX board, yet not far from its recent multi-month lows. Speculative interest still believes Trump’s levies will negatively affect economic progress in the world’s largest economy, while pushing price pressures higher.
The Bank of Canada (BoC) is set to announce its monetary policy decision on Wednesday, while the European Central Bank (ECB) will follow on Thursday. Other than that, the macroeconomic calendar has nothing relevant to offer. The BoC is expected to remain on hold, while the ECB will likely trim interest rates by 25 basis points (bps) each. The focus will be in both cases on policymakers’ views of the trade war and its impact on their future decisions.
XAU/USD short-term technical outlook
Technically, the daily chart for the XAU/USD pair shows that bulls have just paused, yet are far from giving up. Technical indicators resumed their advances within overbought levels, although with limited strength, given that the pair remains below the record high posted last Friday. Meanwhile, the pair stands above all its moving averages, which maintain solid bullish slopes, in line with the dominant bullish trend.
The near-term picture shows that, while technical indicators corrected extreme readings, the XAU/USD pair is consolidating. The 4-hour chart reading suggests XAU/USD could soon resume its run. At the same time, a firmly bullish 20 Simple Moving Average (SMA) provided intraday support, while extending its advance above also bullish 100 and 200 SMAs.
The CHFJPY succeeded to activate the bullish attack by its repeated stability above the breached bearish channel’s resistance at 173.95, which represents a strong support against the bullish attempts, to notice achieving several positive gains by reaching 176.45.
The current sideways fluctuation caused by stochastic attempt to exit the overbought level, which makes us wait for gathering extra positive momentum in the current trading, reinforcing the chances for attacking 176.75 barrier, and surpassing it will reinforce recording extra gains by reaching 177.40.
The expected trading range for today is between 174.85 and 176.70
The USDJPY price rose during its recent intraday trading, supported by the stability of the key support level at 142.25, providing temporary bullish momentum, especially with the emergence of positive signals from the Relative Strength Index (RSI), supporting the pair’s attempts to recover some of its previous losses.
Despite this rise, the overall trend remains bearish on the short-term basis, with the pair still trading along a minor bearish trend line, besides the continuation of the negative pressure as it remains below the EMA50.
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Platinum price formed a new bullish rally achieving $958.00 level, then rebound directly to settle near the barrier at $950.00 level, affected by the continuation of the contradiction between the main indicators.
The price might be forced to form mixed sideways trading, but the main stability above the support level at $920.00 represents a main factor that motivates the bullish trading, reminding you that the main targets settled near $966,00, and surpassing it will confirm regaining the main bullish bias, by its stability within the bullish channel’s levels that appear in the above image.
The expected trading range for today is between $940,00 and $966.00
Ethereum’s price (ETHUSD) settled with a slight decline in its most recent intraday trades, pressured by negative signals from the Relative Strength Index (RSI) after reaching overbought areas, as an attempt to gain positive momentum that may help it breach the key resistance level at $1,636, coinciding with attacking a minor bearish bias on a short-term basis. The move is supported by continued positive support, due to trading above the EMA50.
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Gold price rebounds toward record highs of $3,246 after the previous pullback.
Trump’s back-and-forth on tariffs creates uncertainty, underpinning Gold’s safe-haven appeal.
Gold remains poised for a fresh leg higher on bullish technical setup on the daily chart.
Gold price is bouncing back toward the record highs of $3,246 set on Monday as buyers fight back control despite a sense of calm across the financial markets early Tuesday.
Gold price to remain at the mercy of tariff talks
The US bond market seems to have stabilized after a brutal last week as the benchmark 10-year US Treasury bond yields fell about 10 basis points (bps), reversing a part of the recent 50 bps relentless rally.
Investors take a breather, pausing the rotation out of the US assets, digesting the ongoing back-and-forth on US President Donald Trump’s tariff headlines while bracing for the earnings results from top American banks and tech companies.
The risk reset allows the US Dollar (USD) to find its feet following the massive sell-off to three-year troughs.
US President Donald Trump said on Monday he was considering modifying the 25% tariffs imposed on foreign auto and auto parts imports from Mexico, Canada and other places, noting that car companies “need a little bit of time because they’re going to make ’em here.”
This comes after the Trump administration announced exemptions on some technology imports, including smartphones, computers, laptops and disc drives, from reciprocal tariffs imposed on China. But Trump clarified that these products will be subject to the 20% existing tariffs on China, not the steep 145% tariffs. Trump said he “will announce the tariff rate for semiconductors over the next week.”
However, markets continue to remain wary amid uncertainty over Trump’s trade policies, and his constant backpedalling on tariffs raises worries over the global economic outlook, keeping the sentiment around the traditional Gold price underpinned.
Further, increased dovish bets surrounding the US Federal Reserve (Fed) interest rate cuts also continue to act as a tailwind for the non-yielding Gold price. Fed Governor Christopher Waller said Monday that “the Trump administration’s tariff policies are a major shock to the US economy that could lead the Fed to cut rates to head off recession even if inflation remains high,” per Reuters.
Meanwhile, markets ignored comments from Atlanta Fed Bank President Raphael Bostic, who suggested that the US central bank should stay on hold until there is more clarity. They continued pricing in about 85 bps of rate cuts by December, with an 80% probability that the Fed will hold rates at its May 7 policy meeting.
Gold price also draws support from increased investment flows into China’s physically backed gold exchange-traded funds (ETFs) so far this month, according to the latest data published by the World Gold Council (WGC).
Looking ahead, the further upside in Gold price will likely remain at the mercy of Trump’s tariff headlines and the upcoming Fedspeak as the US calendar remains devoid of top-tier economic data publication.
Investors also remain unnerved ahead of China’s first-quarter Gross Domestic Product (GDP) data release on Wednesday, which could significantly impact the broader market sentiment and the Gold price action.
On Monday, China Customs reported a 12.4% surge in the country’s exports in March from a year earlier as Chinese companies rushed to ship goods before higher US tariffs took effect.
Gold price technical analysis: Daily chart
The daily chart shows that the 14-day Relative Strength Index (RSI) hovers just below the overbought region, currently near 69, pointing to more gains in the near term. T
The record high of $3,246 is the immediate topside barrier for Gold buyers. Scaling that level will open the door toward the $3,300 mark
Alternatively, the initial support aligns at the $3,200 threshold, below which the April 11 low of $3,176 will be challenged.
Additional declines could test the $3,100 round level, followed by the 21-day Simple Moving Average (SMA) resistance-turned-support at $3,084.
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.
