Silver price faces negative pressure now to approach testing the key support base 32.86$, and as we mentioned this morning, the price needs to hold above this level to keep the positive scenario active, as breaking it will push the price to suffer more losses on the intraday basis, while the expected bullish wave targets start at 33.35$ and extend to 33.75$.

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Natural gas price surrendered to stochastic negativity by crawling below the additional support at 4.180$ yesterday, hinting postponing the bullish attack to notice suffering some losses by reaching 4.020$.

The temporary negative trades might extend towards 3.900$ to face the minor bullish channel’s support line that forms the key to detect the next main trend, as the stability of the support line will reinforce the chances of activating the bullish attempts to push it to target 4.350$ level, while breaking the support will confirm moving to the negative track, to suffer new losses by moving towards 3.750$ and 3.630$ levels.

The expected trading range for today is between 3.900$ and 4.250$

Trend forecast: Bullish

Bitcoin price (BTCUSD) tested 80474.40$ level and kept its stability above it, to start rising and moving away from this level, to hint heading to build bullish wave on the intraday basis, and by taking a deeper look at the chart, we find that the price is forming inverted head and shoulders’ pattern that appears on the minor image.

Platinum price touched 990.00$ level during the last bullish rally and formed some sideways trades by fluctuating near 983.00$ level that formed an obstacle against the bullish attempts recently.

We notice stochastic attempt to crawl towards the overbought areas to increase the chances of gaining the additional positive momentum to manage to resume the bullish attack, waiting to target 998.00$ level soon, followed by reaching the next target at 1012.00$, assuring the importance of holding above 968.00$ that forms additional support against the bullish attempts.

The expected trading range for today is between 974.00$ and 998.00$

Trend forecast: Bullish

• Silver price climbs to a near five-month high of $33.40, last seen on February 14.
• Demand for the safe-haven metal strengthens amid escalating trade tensions and growing fears of a potential US recession.
• Silver also gains momentum as softer US inflation data fuels speculation of the Fed delivering further rate cuts soon.

Silver price (XAG/USD) continues its upward momentum for the third consecutive session, hovering around $33.30 per troy ounce during Asian trading hours on Thursday. The precious metal benefits from growing safe-haven demand amid escalating trade tensions and mounting concerns over a potential United States (US) recession.

Trade tensions intensified after US President Donald Trump imposed higher tariffs on steel and aluminum imports, heightening economic uncertainty and boosting Silver’s appeal as a safe-haven asset. Trump also described the economy as being in a “transition period,” signaling a possible slowdown. Investors interpreted his comments as an early warning of potential economic turbulence ahead.

The non-interest-bearing commodities including Silver gained traction as the US inflation cooled more than anticipated in February, raising speculation that the Federal Reserve (Fed) might cut interest rates sooner than expected.

US monthly headline inflation slowed to 0.2% in February from 0.5% in January, while core inflation eased to 0.2%, below the forecasted 0.3%. On an annual basis, headline inflation declined to 2.8% from 3.0%, while core inflation slipped to 3.1% from 3.3%. Market participants are now awaiting Thursday’s US Producer Price Index (PPI) data and weekly jobless claims for further economic cues.

Additionally, demand for dollar-denominated Silver could rise as the US Dollar (USD) remains under pressure due to cooling inflation. A weaker Greenback makes commodities more affordable for foreign buyers. At the time of writing, the US Dollar Index (DXY), which measures the USD against six major currencies, remains steady around 103.50.

Silver price settles near the ne waited target at 33.35$, and we suggest the continuation of the bullish bias to surpass this level and achieve more gains in the upcoming sessions, reminding you that the next station reaches 33.75$.

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Breakout Above Tuesday’s High

A decisive breakout above today’s high would trigger a one-day bullish reversal breakout and put crude in a position to challenge higher trend resistance areas. The potentially more significant resistance zone is first around the 20-Day MA, now at $71.11.

For crude to have a shot of going higher and potentially reversing the bearish trend it needs to first get above and stay above the 20-Day line. That moving average can be viewed along with the downtrend line marking dynamic resistance for the decline. A decisive breakout above the line would put crude in a position to challenge potential resistance around the 50-Day MA, which is $73.23 currently.

Bounce off Monthly Support

It is important to consider several key factors when addressing support at the daily low point. Support was seen near an interim swing low of $66.86 from mid-November, and near the lower channel line for the current decline. That November support level was also a monthly low. Although the lower line was not hit specifically, the correction got close enough given the subsequent bullish reaction.

Moreover, a measured move for the correction shows a $13.79 or 17.1% decline from the most recent swing high at $80.76. The four prior bearish corrections in crude oil ranged from a decline of 14.8% to 18.3%. Since the current decline was close to matching the largest recent drop on a percentage basis, it provides another piece of evidence to support the likely completion of the correction. The fact that a sharp intraday bullish reversal followed further supports this thesis.

For a look at all of today’s economic events, check out our economic calendar.

Second Test of Support at 20-Day Line

Following a swing low of $2.99 from late-January, natural gas reclaimed its 20-Day MA on February 13. Shortly thereafter, the advance accelerated and subsequently encountered resistance around the top trendline of a large rising parallel trend channel. That led to a decline and an eventual higher swing low at $3.74. Support around the 20-Day MA and the 50-Day MA (orange) were successfully tested around the swing low as it was followed by a bullish key reversal day. The current decline is testing support around the 20-Day line for the first time it was tested in mid-February.

Two Lines Show Dynamic Trend Support

Initial dynamic trend support for the current bearish pullback is around the 20-Day MA and internal uptrend line. If support is maintained around those lines, then the structure of the uptrend from $2.99 remains intact. But a decisive drop below both lines will indicate the potential for a deeper retracement. But further signs of weakening would be needed to further confirm the breakdown.

There is always the possibility of a false breakdown that quickly reclaims the trend support lines. The 38.2% Fibonacci retracement level at $4.17 failed to show support on the way down today. This opens the possibility of an eventual test of support around the 50% retracement level at $3.95. Of course, the 20-Day line and trendline would be broken before then.

Strong Resistance at Top Channel Line

Resistance has been encountered around the top line of a rising channel multiple times since the December interim swing high. On Monday, a bullish breakout of the channel led to a new trend high of $4.90 and then a failure of the breakout given the quick bearish reversal and subsequent downside continuation. Therefore, it is possible that a bearish correction could test lower support levels, below the trendline, before it is done.

For a look at all of today’s economic events, check out our economic calendar.

• Silver price may test the primary barrier at the four-month high of $33.40 level.
• The 14-day RSI remains above the 50 mark, reinforcing a bullish bias.
• The initial support appears at the nine-day EMA of $32.41.

Silver price (XAG/USD) loses ground after registering gains in the previous session, trading around $32.80 during the Asian hours on Wednesday. Technical analysis on the daily chart indicates a weakening bullish bias, with the grey metal remaining below an ascending channel pattern.

However, the Silver price remains above the nine-day and 50-day Exponential Moving Averages (EMAs), signaling that short-term momentum is stronger and further upward movement. Additionally, the 14-day Relative Strength Index (RSI) is positioned above the 50 mark, reinforcing the bullish bias.

On the upside, the primary barrier appears at the four-month high of $33.40, recorded on February 14, which is aligned with the lower boundary of the ascending channel. A successful return to the ascending channel would strengthen the bullish outlook and drive the metal price toward the channel’s upper boundary at $35.10.

To the downside, the XAG/USD pair may find initial support at the nine-day EMA of $32.41, followed by the 50-day EMA at $31.65 level. A break below this level could weaken short- and medium-term price momentum, pushing Silver’s price toward the two-month low of $30.70, recorded on February 3.

XAG/USD: Daily Chart

XAU/USD Current price: $2,927.84

• US inflation, as measured by the Consumer Price Index, eased in February.
• Trade war concerns keep investors on their toes, weighs on the US Dollar.
• XAU/USD aims to break higher after a long week consolidative phase.

Spot Gold kept trading within familiar levels throughout the first half of Wednesday, finding buyers on approaches to the $2,900 mark yet meeting sellers ahead of the $2,930 level. The US Dollar (USD) broad weakness maintained the bright metal afloat yet fell short of boosting demand.

Wall Street opened with a positive tone but quickly turned into the red after the United States (US) reported softer-than-expected February inflation figures. The US Consumer Price Index (CPI) was up 0.2% MoM in February, while the annual figure printed at 2.8%. Finally, core annual inflation rose 3.1%, with all figures coming below expected.

Easing price pressures temporarily boosted speculation the American economy was doing good enough to skip President Donald Trump’s inspired chaos. However, trade-war-related concerns weighed more. The US Dollar came under renewed selling pressure after the American opening, pushing XAU/USD to the upper end of its recent range.

Market participants, however, maintain the focus on trade tensions. Levies on all steel and aluminium imports into the US pay levies of 25% as of today, with Canada and Europe announcing retaliatory measures. Canada announced new trade duties on some $21 billion worth of US goods, while the European Commission launched levies worth around $29 billion on US industrial and agricultural products starting April 1.

XAU/USD short-term technical outlook

The daily chart for the XAU/USD pair shows it is pressuring the upper end of the aforementioned range, albeit with limited bullish strength. The pair rests above a flat 20 Simple Moving Average (SMA), which provides support at around $2,912.50. The same chart shows, however, that the Momentum indicator remains stuck around its 100 line. At the same time, the 100 and 200 SMAs head firmly north far below the current level, in line with the dominant bullish trend. Finally, the Relative Strength Index (RSI) indicator advances at around 60, also supportive of a bullish continuation.

In the near term, and according to the 4-hour chart, XAU/USD bullish momentum increased. The pair is developing above all its moving averages, with converging 20 and 100 SMAs providing support around the daily low. The 200 SMA keeps heading north far below the shorter ones, while technical indicators aim north well above their midlines, in line with an upcoming leg higher.

Support levels:2,912.50 2,893.35 2,881.80

Resistance levels: 2,929.90 2,941.40 2,956.10