Is there significance to the day’s high of $3,149 that is supportive of a pullback? That high happens to be near resistance represented by a top parallel trend channel line (blue) and a $3,153 target, The target is the 261.8% extension of the retracement from the February decline (BC). Although the top blue channel line was initially exceeded earlier in the day’s trading session, the subsequent bearish reaction indicates that resistance has been seen around that price area.
The blue channel line represents a rising channel that is the second and shorter of two channels that are outlined on the enclosed chart. The larger channel is outlined with purple lines and the shorter with blue lines. A rising parallel channel can help spot potential support or resistance as a trend progresses higher.
Weakening Momentum
Yesterday, the upper boundary of the larger channel was exceeded to the upside, establishing today’s support level at that line. In other words, prior resistance has been recognized as support, which can be a bullish sign. That advance also triggered a potential bull breakout of the larger channel. It is a potential breakout as it needs to be sustained and followed by further signs of strength. So far, that is not the case and therefore today’s bearish behavior may lead to a failed channel breakout. If the bearish shooting star triggers, initial potential support areas look to be around $3,077 and $3,058.
Bullish Continuation Targets $3,170
There remains a possibility that the larger channel breakout is retained by support continuing around or above the top purple line. However, the breakout of the channel is a sign of potential overbought conditions, along with the overbought position of the relative strength index (RSI). If that is the case then a more specific test of the $3,153 target could occur, gold extends higher towards the next target of $3,170.
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Copper price was hurt by negative signals from the Stochastic and sent below $5.000, marking some losses and touching $4.9400 before trying to reduce the losses by rushing once more towards the resistance of the ascending channel at $5.0600.
As major indicators currently are conflicted, while the $5.1300 forms as an additional barrier against current trading, the price will likely engage in more negative trading, heading towards $4.9100 and reaching the support of $4.8100, however, a breach of the aforementioned barrier would send the price towards $5.2100.
Expected trading range today is between the $4.9100 support and the $5.1000 resistance.
Silver trades with caution around $34.00 with investors focusing on the release of reciprocal tariffs by US President Trump on Wednesday.
Trump’s tariffs are expected to shrink economic growth across the globe.
The USD Index edges higher ahead of the US ISM Manufacturing PMI and the JOLTS Job Openings data.
Silver price (XAG/USD) trades cautiously around $34.00 in Tuesday’s North American session. The white metal continues to face selling pressure above $34.00 since Friday as investors seek clarity over the level of tariffs to be announced by United States (US) President Donald Trump on Wednesday, or so-called “Liberation Day”.
According to the Washington Post, the White House aides have drafted a proposal to impose 20% tariffs on most imports to the US.
The imposition of significant levies by US President Trump is seen as resulting in significant economic shocks across the globe. Such a scenario bodes well for safe-haven assets, such as Silver.
Investors expect that Trump’s tariffs will also impact the US economy, given that the burden of higher import duties will be borne by domestic importers. This has escalated risks of a resurgence in inflationary pressures in the near term. Fears of an acceleration in price pressures have led Federal Reserve (Fed) officials to continue maintaining a restrictive monetary policy stance for a longer period.
Meanwhile, investors await the US ISM Manufacturing Purchasing Managers’ Index (PMI) data for March and the JOLTS Job Openings data for February, which will be published at 14:00 GMT. Economists expect the Manufacturing PMI to have declined to 49.5 from 50.3 in February. US employers are estimated to have posted 7.63 million jobs in February, slightly lower than the prior release of 7.74 million.
Ahead of the US economic data, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades slightly higher to near 104.30.
Silver technical analysis
Silver price struggles to advance 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 $33.40 continues to provide support to the Silver price.
The 14-day Relative Strength Index (RSI) rebounds above 60.00, suggesting a resurgence in bullish momentum.
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.
Ethereum price edged higher in latest intraday trading after trying to recoup some recent losses, amid the dominance of the main downward trend, as the price trades alongside the trend line in the short term, with ongoing negative pressure due to trading below the 50-candle SMA, coupled with negative signals from the Stochastic after reaching overbought levels compared to the price’s movements, reinforcing the downward scenario.
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Copper price was hurt by negative signals from the Stochastic and sent below $5.000, marking some losses and touching $4.9400 before trying to reduce the losses by rushing once more towards the resistance of the ascending channel at $5.0600.
As major indicators currently are conflicted, while the $5.1300 forms as an additional barrier against current trading, the price will likely engage in more negative trading, heading towards $4.9100 and reaching the support of $4.8100, however, a breach of the aforementioned barrier would send the price towards $5.2100.
Expected trading range today is between the $4.9100 support and the $5.1000 resistance.
Platinum price was little changed despite a host of positive factors, especially positive signals from major indicators, with the price engaging in sideways trading near $990.00, while being impacted by the formation of $1000.00 as an important barrier.
The price will likely continue to trade sideways, with a potential of some negative waves towards $976.00 and $964, however, a breach of the aforementioned barrier would open the door for more gains towards $1017.
Expected trading range today is between the $975.00 support and the $1000 resistance.
Today’s price forecast: Sideways within an upward path
Silver struggles to gain any meaningful traction and remains confined in a range.
The technical setup favors bulls and supports prospects for further appreciation.
Dip-buying near mid-$33.00s should help limit any meaningful corrective decline.
Silver (XAG/USD) oscillates in a narrow trading band following the previous day’s good two-way price moves, though it holds above the $34.00 mark through the Asian session on Tuesday. Moreover, the white metal remains close to a multi-month high, around the $34.60 area touched last Friday.
Looking at the broader picture, the recent strong positive move witnessed since the beginning of 2025 has been along an upward-sloping channel. This points to a well-established short-term uptrend. Furthermore, oscillators on the daily chart are holding comfortably in positive territory and are still away from being in the overbought zone. This, in turn, suggests that the path of least resistance for the XAG/USD is to the upside.
Hence, a move beyond the year-to-date high around the $34.60 area, towards retesting a multi-year peak near the $34.85 region touched in October, looks like a distinct possibility. The latter now coincides with the top boundary of the aforementioned trend channel, which if cleared decisively will be seen as a fresh trigger for bulls and set the stage for a further near-term appreciating move for the XAG/USD.
On the flip side, any corrective pullback might continue to attract some dip-buyers and remain limited near the overnight swing low, around mid-$33.00s. A convincing break below, however, might prompt some technical selling and drag the XAG/USD to the $33.00 round figure, en route to the $32.65 region and the $32.00 mark. The latter represents the lower end of the ascending trend channel and should act as a strong base for the commodity.
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.
US crude oil price kept rising in latest intraday trading, after considerable gains yesterday that pushed the price to February highs, while buoyed by the dominance of the upward correctional trend in the short term as the price trades alongside the trend line, with positive support due to trading above the 50-candle SMA.
However, we’re noticing a slowdown in the pace of gains in latest intraday trading due to profit-taking, while the price tries to vent off overbought saturation from the Stochastic, as negative signals emerge from it.
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Gold price sits at fresh record highs above $3,130 early Tuesday, awaits Wednesday’s US tariffs announcement.
US President Trump’s pushback on narrower tariffs weighs again on the US Dollar, Treasury yields.
The daily RSI remains heavily overbought, suggesting a likely correction in the Gold price?
Gold price closes in on the $3,150 psychological mark in Asian trading on Tuesday, extending its record rally. Gold buyers eagerly await the US announcement of “reciprocal tariffs” on Wednesday for a fresh directional impetus. In the meantime, tariff updates and top-tier US data will likely keep them entertained.
Gold price remains unstoppable on tariff woes
The traditional safe-haven Gold price sees a fresh leg higher early Tuesday after pulling back slightly from record highs in the late American session on Monday. Tensions over Wednesday’s US tariff announcement and its economic fallout reignited after President Donald Trump rejected plans for narrower tariffs late Monday, noting that his reciprocal tariffs plan will target all other countries.
US Treasury Secretary Scott Bessent singled out what he called the “Dirty 15” — the 15% of countries that trade heavily with the US and have high tariffs. Bessent added that Trump will announce these tariffs on April 2 at 19:00 GMT.
Renewed tensions surrounding the scope of the ‘reciprocal tariffs’ fuelled a fresh bout of US Dollar (USD) selling as the trade barriers are expected to dent the US economic prospects.
A potential US stagflation could prompt the Federal Reserve (Fed) to deliver aggressive interest rate cuts. This narrative weighs heavily on the USD and the US Treasury bond yields, while the Gold price challenges record highs.
The bright metal also capitalises on increased buying from central banks and rising exchange-traded funds (ETF) inflows amid the market unrest and panic. Gold price remains on course for its strongest quarter since 1986.
However, the Gold price could witness another pullback in the sessions ahead if traders adjust their long positions in anticipation of Trump’s ‘Liberation Day’ on April 2. Markets could also use the US economic data releases as an excuse to take profits off the table, bracing for Trump’s ‘reciprocal tariffs,’ which are expected to induce intense volatility.
Gold price technical analysis: Daily chart
The daily chart indicates that the 14-day Relative Strength Index (RSI) remains in the highly overbought region, currently at 78.50, suggesting that buyers may be exhausted.
Therefore, a brief pullback could ensue, dragging Gold price back toward the $3,100 round level.
The next relevant support is seen at the previous day’s low of $3,077, below which the $3,050 psychological barrier will be tested.
On the flip side, Gold buyers need to find acceptance above the $3,150 threshold to initiate a fresh advance toward the $3,200 level.
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.
An initial target from the bull wedge is the beginning of the wedge at $4.26. That target was essentially satisfied today. Nonetheless, that doesn’t mean the advance is over, but maybe natural gas takes a rest first via a pullback or consolidation before attempting higher prices. Also, when adding the height in price to the breakout level, an alternative potential target of $4.40 is established. As with all targets they are estimates that may or may not be reached.
Drop Below $4.06 Points to a Likely Pullback
A decline below Monday’s low of $4.055 is a sign of further short-term weakening that could lead to a move lower to test prior resistance areas as support. Two initial price areas to watch for signs of support include prior support from the mid-March interim swing low at $3.96, and the 50-Day MA, now at $3.87. It is interesting to note that the breakout of the top line of the wedge occurred at a similar price area.
Following the reclaim of the 50-Day MA on February 13, the 50-Day line successfully tested as support in early-March and a higher swing low was established. Although the recent decline failed to find support at the 50-Day MA, the subsequent quick bullish recovery can be viewed as a successful test of support at the 50-Day line.
For a look at all of today’s economic events, check out our economic calendar.
