Platinum price declined below the 50% Fibonacci retracement level at $983, and tackled $955.60, and retested this barrier anew, while settling above the 55 SMA.
As major indicators conflict, the price will likely engage in sideways trading for some time, but a drop below the 55 SMA would activate the negative path and send the price towards $950.00, representing the 50% Fibonacci retracement level.
Expected trading range today is between $950.00 and $985.
Silver price attracts some sellers to around $33.15 in Thursday’s early European session, down 2.25% on the day.
The positive view of Silver prevails above the key 100-day EMA, but further consolidation cannot be ruled out.
The immediate resistance level emerges at $34.23; the first support level to watch is $32.66.
The Silver price (XAG/USD) falls to near $33.15 during the early European session on Thursday, pressured by some profit-taking. Nonetheless, the downside for the white metal might be limited as US President Donald Trump announced sweeping new global tariffs on Wednesday, raising the fears of a widening trade war.
According to the daily chart, the bullish trend of Silver remains in place as the commodity is well-supported above the key 100-day Exponential Moving Average (EMA). However, the 14-day Relative Strength Index (RSI) hovers around the midline, displaying neutral momentum in the near term. This suggests that further consolidation cannot be ruled out.
The immediate resistance level for white metal emerges at $34.23, the high of March 18. Further north, the next hurdle to watch is the $34.60-$34.70 zone, representing the high of March 28 and the upper boundary of the Bollinger Band. A decisive break above the mentioned level could pave the way to the $35.00 psychological level.
On the flip side, the first downside target for the silver price is seen at $32.66, the low of March 21. Sustained trading below the mentioned level could see a drop to the next contention level at $31.89, the 100-day EMA. Any follow-through selling could expose $30.82, the low of February 28.
Silver price (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.
EUR/USD surged in latest intraday trading and managed to pierce the pivotal resistance of $1.0945, amid the dominance of the main upward trend, after the price exited a downward correctional price channel previously, embarking on a new upward wave.
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!
Silver Trails Behind as Industrial Pressure Mounts
Silver (XAG/USD) is trading at $33.28, having touched a session low of $33.07. Despite gold’s upward momentum, silver’s response has been more restrained, weighed down by its industrial use case.
With growth forecasts under pressure, traders remain cautious on silver exposure. The metal continues to trade below the key pivot of $33.49, limiting upside prospects in the near term.
Rate Cut Odds Rise as Treasury Yields Slide
Markets are now pricing in a 70% chance of a Federal Reserve rate cut in June, according to CME FedWatch. The 10-year Treasury yield dropped to 4.15%, driven by fears that tariff-driven weakness could prompt the Fed to act.
A weaker U.S. dollar—pressured by falling yields—has further supported gold, making it more attractive to non-dollar holders.
Jobs Data Overlooked as Eyes Turn to NFP
The ADP employment report surprised to the upside with 155,000 jobs added, exceeding the 105,000 forecast. However, markets shrugged it off, focusing instead on upcoming data. Weekly jobless claims, ISM Services PMI, and especially Friday’s Nonfarm Payrolls report are now in focus as traders weigh how deeply tariffs could impact the broader economy.
Short-Term Forecast
Gold remains bullish above $3,116 amid rising Fed cut bets and trade risks. Silver faces pressure below $33.49, with momentum tilted bearish unless key resistance levels are reclaimed.
Support for the past two days at $3.93 is near the prior interim swing low from mid-March. Moreover, a 61.8% Fibonacci retracement also was completed. However, given today’s lower daily high and the fact that the 20-Day MA has turned down, the next lower potential support level around the 50-Day MA, looks likely to be tested. It is now at $3.88. The 50-Day line is joined by the 78.6% retracement level at $3.84. That price level has added significance as it is this week’s low so far. It begins a pattern of higher weekly lows following the bullish reversal that triggered earlier this week on the weekly chart (not shown).
Weekly Bullish Pattern Retained
This means that the weekly chart just began a new potential upswing this week. Therefore, the bias should be towards the upside. However, that doesn’t mean that the current pullback can’t go lower first. But as long as natural gas remains above this week’s low, it retains the weekly bull trend price structure. If there is a sustained reclaim of the 20-Day MA and today’s high prior to a deeper decline, then the near-term outlook would switch to bullish.
Upside Targets
The first advance off the recent higher swing low of $3.73 retraced a little less than 50% of the recent downswing. Therefore, the 50% retracement at $4.32 would mark an upside target, along with the interim swing high at $4.37. Further up is the 61.8% Fibonacci retracement level at $4.45. A daily close above today’s high and the 20-Day MA would indicate strength that could then lead to a bullish breakout above the recent swing high at $4.25. It is also possible that natural gas consolidates for a little while and takes a rest by moving relatively sideways.
For a look at all of today’s economic events, check out our economic calendar.
Gold price rose in latest intraday trading, boosted by a technical pattern that’s complementary to the main upward trend, the Flag pattern, while trading alongside the secondary short-term trend line, with positive signals from the Stochastic, coupled with ongoing positive support due to trading above the 50-candle SMA.
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!
US crude oil price turned its early losses into mild gains in latest intraday trading as it seeks a bottom to bounce it higher and help it gather necessary positive momentum to rebound, amid the dominance of the upward correctional trend in the short term, while a positive divergence starts to form in the Stochastic, sending out positive signals.
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!
Notice that there is a higher daily low today and that support for the past two days was at a prior top trend channel line (purple). That line is the top of a long-term channel starting from February 2024. Signs of support at a prior resistance line is a sign of strengthening.
Nonetheless, what happens next is what matters. Is the bull channel breakout sustained or is it followed by a decline back into the channel. There is also a smaller rising parallel trend channel (blue) on the chart marking resistance around Tuesday’s high. That high also completed a 261.8% retracement of the bearish correction begun in the second half of February at $3,153.
Above $3,153 is $3,170
Especially if gold can stay above the top purple channel line, it has a chance to continue towards higher potential targets. Above the 261.8% retracement level is a small target range from $3,170 to $3,177, consisting of the 250% retracement of the October 2024 decline, and the initial target from a rising ABCD pattern, respectively.
Bearish Shooting Start Triggers Below $3,101
On the downside, a drop below Wednesday’s low of $3,108 puts Tuesday’s low of $3,101 at risk of failing as well. Gold would then be back below the top channel line and likely heading towards a test of support around the prior pivot around $3,077, and the recent high at $3,058. Further down is potential support at the 20-Day MA, now at $3,012.
For a look at all of today’s economic events, check out our economic calendar.
Silver price climbs to near $34.00 ahead of Trump’s tariff announcement.
Trump’s reciprocal tariffs will be unfavorable for the global economy, including the US.
Investors also await the US ADP Employment Change data for March.
Silver price (XAG/USD) advances to near $34.00 during European trading hours on Wednesday. The white metal moves higher as investors rush to safe-haven assets amid caution ahead of the announcement of reciprocal tariffs by United States (US) President Donald Trump at 20:00 GMT.
US President Trump is poised to announce hefty tariffs on his trading partners in an attempt to fix what he calls unfair trade participants to make “America wealthy again”. According to the Washington Post, the White House aides have drafted a proposal to impose tariffs of around 20% on most imports to the US.
Theoretically, the appeal of the US Dollar (US) should have increased in an uncertain economic environment, but it is struggling to attract bids as Trump’s tariffs will also weigh on the US economic outlook. Additionally, Trump’s tariffs will also boost inflationary pressures in the near term. Such a scenario would allow the Federal Reserve (Fed) to keep interest rates in the current range of 4.25%-4.50% for longer.
Historically, Fed’s restrictive monetary policy stance bodes poorly for non-yielding assets, such as Silver.
In today’s session, investors will also focus on the ADP Employment Change data for March, which will be published at 12:15 GMT. The agency is expected to show that private employers added 105K fresh workers, higher than 77K addition recorded in February.
Silver technical analysis
Silver price resumes its upside move towards the flat border of the Ascending Triangle chart pattern formation on the daily timeframe near the October 22 high of $34.87. The upward-sloping border of the above-mentioned chart pattern is placed from the August 8 low of $26.45. Technically, the Ascending Triangle pattern indicates indecisiveness among market participants.
The 20-day Exponential Moving Average (EMA) near $33.44 continues to provide support to the Silver price.
The 14-day Relative Strength Index (RSI) strives to break above 60.00. A bullish momentum would emerge if the RSI holds above 60.00.
Looking down, the March 6 high of $32.77 will act as key support for the Silver price. While, the October 22 high of $34.87 will be the major barrier.
Silver 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.
EUR/USD price kept moving within a tight range of sideways trading in the intraday levels, hurt by negative pressure from trading below the 50-candle SMA, while dominated by the downward correctional trend as the price trades within a price channel, with positive signals emerging from the Stochastic after reaching oversold levels.
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!
