Copper price resumed its bullish rally, to notice its approach from $4.5600 this morning, which represents 50%Fibonacci correction level for the last decline, which began from the top at $5.3200.
Note that the continuation of copper’s price stability below $4.5600 level as an important barrier might push it to delay the bullish attack, and providing new negative trading, to target $4.4300 and $4.3200, while breaching the barrier and holding above it will reinforce the chances for recording extra gains that might extend to $4.6800 and $4.7500.
The expected trading range for today is between $4.4300 and $4.5600
No news for Platinum price by its repeated fluctuations below the obstacle at $950.00, which forces it to provide weak sideways trading, delaying the waited bullish rally.
Note that stochastic attempt to reach the overbought level supports the chances for gaining positive momentum, to keep waiting for breaching the current obstacle to ease achieving the extra gains, which are located near $963.00 and$976.00, while the failure of the breach will confirm the domination of the sideways scenario, with a chance for retesting the initial support at $920.00 before any attempt to reach the previously suggested targets.
The expected trading range for today is between $935.00 and $963.00
Gold price builds on Friday’s pullback from record highs of $3,245 early Monday.
Trump’s lower tariffs on Chinese electronics and chips offer relief to markets.
Technically, Gold could see a brief correction before the next leg up.
Gold price is sustaining its retreat from all-time highs of $3,245 reached on Friday, reverting toward $3,200 early Monday.
Gold price keeps a close eye on tariff talks
Having posted an outstanding 6.5% weekly gain, Gold price kicks off a new week on the back foot, pausing its three-day record-setting rally. The latest downtick in Gold price could be attributed to the positive shift in risk sentiment following a tumultuous week.
US President Donald Trump’s tariff concession on the Chinese electronics supply chain, hopes of more stimulus coming from China and Beijing’s stance of ignoring further US responses have offered markets some relief, diminishing the safe-haven appeal of the Gold price.
Trump clarified late Sunday that there will be no tariff exemption on semiconductors and the electronics supply chain but these products will be subject to the existing 20% tariffs on fentanyl and not the 145% levies.
This comes after China said on Friday that it will ignore further US responses after raising tariffs on US good to 125%, in retaliation to Trump’s 145% tariffs.
Meanwhile, Chinese policymakers vow to step up stimulus to cushion the world’s second-largest economy from the impact of the escalating trade war with the United States (US).
Gold price also bears the brunt of some progress on the US-Iran geopolitical talks. According to Reuters, US envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi spoke for around 45 minutes on Saturday, with the Trump administration reportedly satisfied with the first round of talks. The second round of negotiations are expected to continue later this week.
That said, any dip in Gold price is likely to be bought in as traders remain wary about tariff talks and ahead of Wednesday’s Chinese first-quarter growth figures. Markets also remain unnerved as the US earnings season begins later this week.
In the meantime, Gold traders will look forward to China’s March trade data. However, the data is unlikely to show the full impact of the US-Sino trade war. Later in the day, several Federal Reserve (Fed) policymakers are scheduled to speak. Their take on Trump’s tariffs and hints on the Fed’s next interest rate move could provide some trading incentives in Gold price.
Gold price technical analysis: Daily chart
The daily chart shows that the 14-day Relative Strength Index (RSI) has eased from the overbought region to currently trade near 69, suggesting that the corrective pullback will likely be shallow.
The first area of contention for sellers is at the $3,200 threshold, below which Friday’s 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 $3,074.
Conversely, the record high of $3,245 is the immediate topside barrier for Gold buyers. Scaling that level will open the door toward the $3,300 mark.
Gold price reverts toward $3,200 early Monday, correcting from record highs.
The US Dollar holds the bounce amid upbeat mood and the latest tariff news.
Gold price looks to Fedpeak and Chinese trade data for near-term trading impetus.
Gold price is back in the red early Monday, snapping a three-day record rally to lifetime highs of $3,245 set on Friday.
Gold price corrects on improved risk sentiment
Safe-haven flows appear to have eased in Asian trading on Monday as traders rejoice in Wall Street’s turnaround on Friday alongside some positive updates on the US-China tariff war, alleviating the bullish pressure on the Gold price for now.
On Friday, China responded to the US tariff hike to 145% by raising tariffs on American goods to 125%. However, Beijing said it would ignore further US responses.
Over the weekend, US President Donald Trump considered imposing 20% tariffs on Chinese semiconductors and the electronics supply chain against the previously announced 145% levies.
These tariff updates seem to be perceived positively by markets, as they provide some consolation and allow a modest recovery in the US Dollar against its major currency rivals from 35-month lows.
The US Dollar uptick and risk appetite keep the corrective downside intact in Gold price as traders await China’s Trade Balance report and speeches from several US Federal Reserve (Fed) policymakers for further trading impetus.
Markets could use the excuse of not-so-steep tariffs on Chinese electronics and chips to take profits off the table following the recent Gold price upsurge.
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
Important DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party’s services, and does not assume responsibility for your use of any such third party’s website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.Risk DisclaimersThis website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
Gold has exploded to the upside yet again during the trading session on Thursday as it looks like we are getting ready to take out the all-time highs.
That’s not a huge surprise: the only thing that’s a surprise at this point in time is how quickly it happened.
Remember, gold got a boost during the announcement that tariffs were going to be paused for 90 days, but they were already rallying before that.
Most of what you’ve seen recently has been forced liquidation by hedge funds who were trying to cover losses in other markets. Remember, they have a leveraged book. So if they find themselves in serious trouble, for example, with the NASDAQ 100 or maybe something along the lines of levered Tesla or Nvidia positions, and sooner or later, they are forced to pay more margin and typically, what they’ll do is they will sell a market that’s done very well to collect some of those profits and send them to their prime dealer. The $3,000 level has offered support. The 50-day EMA as well, just below, has offered support and at this point in time, it looks like we are ready to go screaming higher again.
Momentum Will Slow
I don’t expect this type of momentum to continue, but I do think that the uptrend is most certainly going to be looking at the bullish flag underneath, we had a measured move of $3,300 and there’s nothing on the chart that suggests that we can’t get there. In fact, I do think we will probably go higher than that. Gold is screaming higher for a multitude of reasons, not just the fact that there’s a lot of financial stress out there, the simple fact that there’s a lot of geopolitical problems, and of course it looks like the global economy may slow down in various places. So, all this leads for a continuation of the trend that we’ve seen for the better part of a year and a half now.
Despite macro headwinds, LNG exports held strong. Net flows to US export terminals reached 16.3 Bcf/d on Friday, up 9.1% week-over-week. This remains a key area of support for prices. Traders are also watching US storage levels, which BloombergNEF projects will be 10% below the five-year average by summer—keeping bullish positioning alive even as near-term drivers remain mixed.
EIA data showed a +57 Bcf injection for the week ended April 4, broadly in line with expectations but well above the five-year average of +17 Bcf for this period. Storage remains 2.1% below the five-year norm and 19.8% under last year, signaling tight underlying supply. Still, the size of the injection gave the market little reason to rally.
Dry gas production held at 106.2 Bcf/d, up 4.7% y/y, while demand reached 76.7 Bcf/d, up 11.4% y/y. Electricity output rose 4.05% y/y, suggesting firm baseline power burn, but not yet summer-driven demand.
Mixed Weather and Modest Rig Uptick Add Pressure
Weather outlooks are neutral to slightly bearish. The Commodity Weather Group sees above-normal temps in the West and seasonal conditions elsewhere from April 16–20—limiting late-season heating demand. Baker Hughes reported an increase of one rig, bringing the gas rig count to 97, still historically low but off recent lows.
Market Forecast: Slightly Bearish Bias Ahead
With trade tension clouding demand outlooks and weather offering no near-term support, nat-gas looks vulnerable to further downside. LNG flows and tight storage remain bullish anchors, but unless a weather or export catalyst emerges, price action may continue to drift lower in the near term.
The price of gold (GOLD) has moved higher strongly in its recent intraday trading, supported by positive signals from relative strength indicators (RSI), reaching our first target to test the current resistance level of $3,053. This comes amid the dominance of the main upward trend, with trading occurring near the trend line.
To get our more detailed analysis and 100% accurate signals provided by Best Trading Signal, subscribe to Economies.com VIP Club through the link below!
Just two weeks ago, copper prices were climbing fast due to the US stockpiling ahead of new tariffs. Traders warned that new US tariffs on copper could squeeze global supply. But things turned around quickly. But now, the copper rally has reversed into a full-blown crash.
This is a direct outcome of President Donald Trump’s trade war, aka “Trump Tariffs,” that is shaking the global market. Investors now fear that the new tariffs will slow down demand for copper worldwide.
The Copper Price Shock: Traders Scramble, Markets Tumble
Bloomberg reported, on Friday, April 4, copper prices dropped sharply, along with stock markets. The fall continued till Monday. In the London Metal Exchange, copper prices sank as much as 7.7% before bouncing back slightly to $8,735 a ton.
Source: Bloomberg
Earlier, we saw how traders rushed to send copper to the US before tariffs hit, driving premiums as high as $500 a ton. Big players like Mercuria and Trafigura even predicted prices could reach $12,000 a ton. But things changed rapidly when Trump shortened the tariff timeline, giving buyers very few days in hand.
Because of this, copper is piling up outside the US. Global buyers have more to choose from, but many aren’t interested. With demand dropping due to tariffs, the extra supply doesn’t help.
Chile’s Price Cut Signals Looming Economic Strain
Chile, the world’s biggest copper producer, is preparing to lower its copper price estimate for 2025. It’s a telltale sign of growing global economic concerns.
According to the Wall Street Journal, Chile’s copper agency, Cochilco, held its 2025 price forecast at $4.25 per pound in February. This came after it raised the estimate from $3.85 back in May 2024.
It also kept the 2026 forecast at $4.25. Cochilco expects copper prices to stay above $4.00 per pound for the next ten years.
But the new data show copper prices to average between $3.90 and $4 per pound this year, which is below its previous forecast.
The final figure will be announced by the end of April. However, Juan Ignacio Guzman, head of Chilean mineral consulting firm GEM, said,
“If the trade war triggers a recession, prices could tumble to as low as $3 a pound — or about $6,600 a ton.”
CSource: Bloomberg
Chile, which produced 24% of the world’s copper last year, is now feeling the pressure.
Chilean Customs data showed that Chile exported 182,338 metric tons of refined copper, including 33,496 metric tons to China in March.
Exports of copper ore and concentrate totaled 1,304,782 metric tons, with China receiving 810,135 metric tons in the same month.
Earlier this year, in January and February, Chile’s copper production dropped compared to the previous month. Exports to China also declined during that period.
Analysts Warn of More Trouble Ahead
The Bloomberg report highlighted that the worst might not be over. Max Layton, global head of commodities research at Citigroup Inc., warned that the global trade shake-up could lead to a historic market correction. Citi now expects copper prices outside the US to average $8,500 this quarter — but they also say the risk of further drops is high.
BNP Paribas SA strategist David Wilson, who had warned prices could collapse, now sees the downtrend continuing in the short term. Goldman Sachs still believes in copper’s long-term value but admits that slower global growth could delay the expected supply shortage.
Meanwhile, JPMorgan now expects the US to fall into a recession this year. UBS estimates that every 1% drop in US GDP could cut output in export-driven Asian economies like Taiwan and South Korea by up to 2%.
China’s 34% Tariff Sparks Copper Stock Rout
Copper stocks have taken a beating amid falling prices, global slowdown fears, and rising trade tensions. The sharp selloff followed news from China’s Xinhua News Agency that Beijing will impose a 34% tariff on all US imports starting April 10.
Freeport-McMoRan: Shares dropped 13.1% in a single day. The stock is down 24.1% this week, bringing its market value to $41.9 billion.
BHP Group and Rio Tinto: BHP’s shares fell 9.5%, cutting its value to $107.3 billion. Rio Tinto’s dropped 6.4%, is now valued at $93.5 billion. Both saw trading volumes nearly triple the usual.
Southern Copper: Based in Mexico, the company fell 9.6% on Friday alone, pushing its weekly loss to 16.7%. Its market value now stands at $62.4 billion.
Zijin Mining: This Chinese mining giant lost 7.2%, dropping to a market cap of $56.9 billion. It’s one of the few firms producing over 1 million tonnes of copper a year.
Glencore and Anglo American: Glencore dropped 11.5%, while London-listed Anglo American fell 11%. Their market caps now stand at $36.9 billion and $28.6 billion, respectively. Both are down about 20% this week.
Canadian Miners (Teck Resources, Ivanhoe Mines, First Quantum): Canadian copper stocks saw sharp losses. Teck dropped 12.1%, Ivanhoe fell 12.6%, and First Quantum slid 12.8% as investors pulled back across the board.
Hindustan Copper: In India, shares fell 5.4% over the past five days and are down 15.7% so far in 2025.
What started as a bullish rush has turned into a brutal crash. With tariffs rising and demand shrinking, copper is now a symbol of deeper market fears. Global supply chains are out of sync, and the world’s top miners are feeling the heat. If trade tensions escalate, this copper price crash may face a difficult recovery.
The short-term weather outlook offers only modest demand support. NatGasWeather reports a late-season chill pushing through the Great Lakes and East, with overnight lows in the 20s-30s. However, mild to warm conditions persist across the West, South, and Central U.S., with highs reaching the 50s to 90s. With this mix, demand is projected to remain moderate over the next seven days—insufficient on its own to drive a bullish breakout.
Storage Build Confirms Weak Shoulder Season Demand
Thursday’s EIA report showed a storage injection of 57 Bcf, aligning with consensus estimates of 55–56 Bcf. This build was significantly above the five-year average of +17 Bcf, underscoring muted residential and commercial demand. Total working gas in storage now stands at 1,830 Bcf—40 Bcf below the five-year average and 450 Bcf less than this time last year. While slightly tighter year-on-year, the surplus over five-year norms has evaporated, offering limited fundamental upside.
Will Macro Fears Drag Prices Lower Again?
Beyond domestic fundamentals, traders remain wary of broader risk-off sentiment, including renewed fears tied to the U.S.-China trade war. A breakdown in energy sector sentiment pressured natural gas alongside crude on Friday, suggesting further downside if macro headwinds intensify.
Market Forecast: Bearish Bias Below $3.361
Unless bulls defend $3.361 with conviction, natural gas futures are likely to probe lower technical levels. With no immediate weather or storage support and resistance levels still capping rallies, the short-term bias leans bearish. A move toward $2.995 could attract bargain hunters, but until then, sellers appear in control.
