Bitcoin (BTCUSD) has risen in its recent intraday trading, surpassing the negative pressure from the EMA50, breaching the strong resistance level at $81,000, which supports the bullish scenario, especially with the positive signals that appearing on the Relative Strength Index (RSI).
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At the time of this writing, natural gas continues to trade above the midpoint of the day’s trading range and looks likely to end the day with a potentially bullish hammer or doji hammer candlestick pattern. The high for the day was $3.58. Earlier in the session a breakdown of an inside day pattern from Thursday triggered, resulting in a test of support as mentioned above. Since a potentially bullish one-day pattern followed, today’s closing price is likely to be above Thursday’s low of $3.47. This sets up a potentially bullish pattern heading into next week.
Three-Day Bullish Combo Forms
Nonetheless, it is not just today’s pattern that is potentially bullish, it is also the combination with the patterns of the prior two days. Since natural gas is likely to close inside yesterday’s range and in the top half of today’s price range, the bearish breakdown shows signs of a failed pattern. The three-candle combination is a potentially bullish hikkake pattern. It can be both a reversal or continuation pattern and it will trigger on a rally above Thursday’s high of $3.75.
However, an advance above today’s high can provide an earlier valid bullish signal regardless of the hikkake pattern being present. Given the three-period combination, it is a potentially powerful short-term pattern. Of course, a drop below today’s low is short-term bearish and indicates a failure of the potentially bullish pattern
Potential Resistance at 50-Day Moving Average
Initial upside targets start with the four-day high of $3.83 and the 50-Day MA, now at $3.89. A declining trendline at the top of the channel may also be around the 50-Day line when approached, and it may provide clues. Subsequently, if an upside breakout of the downtrend line triggers the 50% retracement at $4.12 becomes a potential target, followed by an interim swing high and 61.8% Fibonacci retracement at $4.26 and $4.30, respectively.
For a look at all of today’s economic events, check out our economic calendar.
The CADCHF pair’s price kept the negative stability below 0.6020 barrier, affected by the negativity of the main indicators, to notice resuming the negative attack by reaching 0.5850.
No escape of the price from forming more of the bearish waves, due to the validation of the main negative factors, to expect reaching the extra target at 0.5785, and breaking it might extend the losses in the near period towards 0.5715 reaching to the support level of the bearish channel’s support at 0.5645.
The expected trading range for today is between 0.5715 and 0.5950.
Copper price didn’t move anything since yesterday’s trading, delaying the bullish rally by its repeated fluctuation below 38.2%Fibonacci correction level, which represents an intraday obstacle by its stability near $4.4000.
The continuation of stochastic attempts to provide positive momentum and the repeated stability above the critical support at $4.000, these factors make us keep the bullish suggestion, to expect the mentioned obstacle and holding above it, targeting extra positive stations that begin at $4.5600 and $4.6800.
The expected trading range for today is between $4.2300 and $4.5600
The EURJPY pair provided several mixed waves since yesterday, due to the contradiction between the main indicators’ positivity and the overall stability below the bearish channel’s resistance at 163.20, to notice its stability near 161.85 without achieving any of the waited negative targets.
The price needs a new negative momentum, to reinforce the efficiency of the bearish track, which might target 160.60 level and 159.60, while the price surrender to the positivity of the main indicators and its rally above the main resistance will confirm its readiness to build a new bullish track, to begin targeting several positive stations by attacking 164.10 level initially, reaching 164.85.
The expected trading range for today is between 160.60 and 162.50
Silver attracts some intraday sellers following an intraday uptick to a fresh weekly high.
The technical setup favors bearish traders and supports prospects for additional losses.
A move beyond the 50% Fibo. hurdle is needed to negate the near-term negative bias.
Silver (XAG/USD) struggles to capitalize on its modest intraday uptick and retreats slightly after touching a fresh weekly high, around the $31.30 region during the early European session on Thursday. The intraday selling picks up pace in the last hour and drags the white metal back below the $31.00 mark as traders now look forward to the US consumer inflation figures before placing fresh directional bets.
From a technical perspective, the XAG/USD now seems to have found acceptance above the 38.2% Fibonacci retracement level of the recent slump from the March swing high to a fresh year-to-date low touched earlier this week. The subsequent move up, however, stalls ahead of the 50% Fibo. level. Moreover, oscillators on the daily chart – though they have been recovering from lower levels – are holding in negative territory. This, in turn, warrants some caution before positioning for an extension of the weekly uptrend from the $28.25 region, or the lowest level since September 2024.
In the meantime, any further slide below the 38.2% Fibo. level is likely to find some support near the $30.55 region. Some follow-through selling, however, could make the XAG/USD vulnerable to accelerate the fall towards the $30.00 psychological mark en route to the 23.6% Fibo. level, around the $29.80-$29.75 zone. Failure to defend the said support levels would shift the near-term bias back in favor of bearish traders. The white metal might then decline to the $29.35-$29.30 zone en route to the $29.00 mark and eventually aim towards retesting the multi-month low, around the $28.25 region.
On the flip side, bulls might now wait for a sustained strength beyond the daily swing high, around the $31.30 region, which nears the 50% Fibo. level, before placing fresh bets. The subsequent move-up should allow the XAG/USD to reclaim the $32.00 mark and climb further towards the 61.8% Fibo. level, around the $32.15-$32.20 zone. The latter should act as a key pivotal point, which if cleared decisively will be seen as a fresh trigger for bullish traders and lift the white metal beyond the $32.65 intermediate barrier, towards the $33.00 round figure.
Silver 4-hour 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 EURUSD price continues the rise during its recent intraday trading, amid the strong dominance of the main upward trend. The pair’s recent rise came despite the emergence of negative signals on the Relative Strength Index (RSI) indicators, after reaching highly overbought levels, which highlights the strength of this positive trend.
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It’s been a pretty rough day during the trading session on Thursday for the crude oil market and you can see that the market started falling in pre-market and the US China risk continue to be a major issue.
After all, if there is a lack of economic movement, there’s going to be a lack of demand for crude oil. It makes perfect sense.
The reprieve that we got during the trading session on Thursday, quite frankly, I think was a bit of a short covering rally and I think a lot of traders are starting to look at this and go, well, has anything actually changed? Maybe things aren’t as bad as they could be, but the real trade tariff issue right now between the United States and China is going to cause a lot of major problems.
Sellers Are Thankful For this Chance
The market bouncing from here should be thought of as a gift for sellers to get involved in, but I really don’t like the idea of trying to catch a falling knife here. The best case scenario for crude oil at the moment is going to be spending a lot of time around the $60 level. For what it is worth, I was watching the futures market earlier and there was definitely some type of bid right around the $60 level. So, we’ll have to watch that closely. As I record this video, we are down about 50 cents below that level, but we have also bounced from the lows of the day. So, all things being equal, this is a market that I think is in transition and we will have to pay close attention to whether or not it can pick itself up off the floor. Job one for the bulls will be to go sideways for a while. If we break down below the $55 level, look out below. Crude oil, probably just craters.
Gold price flirts with record highs near $3,220 in early Europe on Friday.
Deepening US-China trade war and US economic concerns underpin the Gold price.
Gold price looks to the US PPI inflation data and tariff talks for further cues.
Gold price (XAU/USD) keeps its range close to fresh all-time highs near $3,220 in early Europe on Friday. The US Dollar (USD) downward spiral and escalating trade war between the United States (US) and China continue to underpin the safe-haven appeal of Gold price.
Data released by the US Bureau of Labor Statistics (BLS) on Thursday revealed that US consumer prices unexpectedly fell in March, but inflation risks are tilted to the upside after US President Donald Trump doubled down on China tariffs. The US CPI inflation eased to 2.4% YoY in March from 2.8% in February. This reading came in below the market expectation of 2.6%.
The core CPI, which excludes volatile food and energy prices, increased 2.8% YoY in March, compared to a rise of 3.1% seen in February and came in below the consensus of 3.0%. On a monthly basis, the headline CPI declined 0.1%, while the core CPI rose 0.1%.
Trump said on Wednesday he would temporarily lower duties on dozens of countries. However, Trump also raised tariffs on China to 125%, effective immediately, after Beijing announced plans to retaliate with 84% duties. The worries over the global economy and the renewed trade tensions between the world’s two biggest economies keep investors in safe-haven assets, supporting the Gold price.
“Gold regains its safe-haven appeal and gets back on track for new all-time highs,” said Nikos Tzabouras, Senior Market Analyst at Tradu.com.
Additionally, increased dovish bets surrounding Federal Reserve (Fed) rate cuts this year exacerbate the Greenback’s pain, strengthening the USD-denominated commodity price. Traders continue pricing three or four rate cuts this year.
Gold price technical analysis: More gains remain in the offing
The daily chart shows that the 14-day Relative Strength Index (RSI) is prodding the overbought region at 70, suggesting more room for upside before the buyers’ exhaustion sets in.
The immediate resistance is seen at the $3,250 psychological level, above which a fresh uptrend toward the $3,300 threshold would be in the offing.
On the downside, the initial demand area is seen at $3,200, below which the 21-day Simple Moving Average (SMA) resistance-turned-support at $3,061 could come into play.
If the correction extends, the $3,000 mark will be the last line of defense for buyers.
US Dollar PRICE This week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the weakest against the Swiss Franc.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
-2.99%
-0.98%
-1.45%
-2.07%
-2.61%
-3.42%
-4.02%
EUR
2.99%
2.36%
2.20%
1.58%
0.32%
0.18%
-0.45%
GBP
0.98%
-2.36%
-1.42%
-0.77%
-1.99%
-2.13%
-2.74%
JPY
1.45%
-2.20%
1.42%
-0.59%
-0.21%
-0.76%
-2.25%
CAD
2.07%
-1.58%
0.77%
0.59%
-0.90%
-1.38%
-2.25%
AUD
2.61%
-0.32%
1.99%
0.21%
0.90%
-0.15%
-0.77%
NZD
3.42%
-0.18%
2.13%
0.76%
1.38%
0.15%
-0.62%
CHF
4.02%
0.45%
2.74%
2.25%
2.25%
0.77%
0.62%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
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 likely daily close below the uptrend line is bearish, and more so since it follows a decline after finding resistance around a key short-term price zone. Wednesday’s high of $3.83 found resistance a little below the 50-Day MA, which had previously denoted as trend support. That is potentially bearish by itself as the progression of a bear trend typically rises to test prior support as resistance before it continues lower.
Also, notice that resistance was seen both yesterday and today around the middle line within the falling channel (red). There are also two prior interim price swing lows at $3.73 and $3.74, that now mark potential resistance. Finally, potential resistance around the 20-Week MA is at $3.71.
Bearish Continuation Remains a Risk
In other words, since a close below the trendline is bearish, and resistance was seen over several days in an area of confluence, there remains the potential for a bearish continuation of the corrective decline that followed the recent peak of $4.90. Moreover, a declining channel remains in place and natural gas continues to trade below both the 20-Day and 50-Day MAs.
Therefore, although a rise above today’s would be a sign of strength given that the uptrend line and middle channel line would have been reclaimed, natural gas would be heading into prior consolidation and potential resistance around the 50-Day MA, now at $3.88, and the 20-Day MA, at $3.92 currently. Moreover, the relative strength index (RSI) remains in a downtrend and may establish a lower swing high.
What Happens Next More Helpful
One or a few days more of price action should begin to clarify the developing patterns. A 78.6% retracement was completed yesterday on the way to support at $3.34. Since a sharp rally followed, it showed buyers back in charge. Therefore, new bullish signs, starting with a rally above today’s high, should be seen as follow-through to renewed strength. If not, indicated by a drop below $3.46 and $3.34, then further downside becomes likely.
For a look at all of today’s economic events, check out our economic calendar.
