• XAG/USD climbs to $33.47, eyes key resistance at $33.68 and $34.00 amid sustained bullish bias.
• Price action leans bullish; a break above $33.68 may trigger a test of $34.58.
• Support is seen at $32.90, with the 50-day SMA at $32.74 as the next downside target.

Silver price finished Monday’s session with minimal gains as the US Dollar’s (USD) sell-off extended for the beginning of the week, even though financial markets in the United States (US) and the United Kingdom (UK) remained closed for holidays. At the time of writing, XAG/USD trades at $33.47.

XAG/USD Price Forecast: Technical outlook

The grey metal remains consolidating, though slightly tilted to the upside. Stir resistance is seen at $33.68, the April 25 high, but a decisive breach of that level paves the way for testing at $34.00. Once these two levels are cleared, look for a challenge of the March 26 peak of $34.58.

For a bearish scenario, XAG/USD needs to slide below the May 23 swing low of $32.90. This opens the path to challenge the 50-day Simple Moving Average (SMA) at $32.74. A decisive break will expose the 100-day SMA at $32.11, followed by the 200-day SMA at $31.40.

Despite being bullish, the Relative Strength Index (RSI) is flat, indicating sideways price action. However, price action and RSI suggest that further upside is likely.

XAG/USD Price Chart – Daily

XAU/USD Current price: $3,341.79

• Tariffs-related headlines brought near-term relief on Monday.
• The United States will release some interesting figures on Tuesday.
• XAU/USD loses its positive momentum, but a steeper decline is out of the table.

Spot Gold trades firmly above the $3,300 level, marginally down on a daily basis. The mood was generally positive throughout the first half of the day, as speculative interest welcomed tariffs-related news. United States (US) President Trump said on Sunday that 50% levies on European imports would be delayed until July 9, following talks between Trump and European Commission President Ursula von der Leyen.

Most Asian and European indexes closed in the green, reflecting the better mood, although American markets were out on holidays, as the US celebrated Memorial Day. A scarce macroeconomic calendar added to the ongoing quietness across financial markets.

Things will turn a bit more interesting on Tuesday, as the US will release April Durable Goods Orders and May Consumer Confidence, alongside other minor figures. Recent US data showed the economy remains resilient despite concerns about the impact of tariffs on growth and inflation.

XAU/USD short-term technical outlook

The daily chart for the XAU/USD pair shows it has lost its upward momentum, but also that the bearish case has no support. The pair keeps developing above all its moving averages, with a flat 20 Simple Moving Average (SMA) providing support at around $3,288.75. At the same time, technical indicators turned south, with the Momentum indicator heading lower below its 100 level. Still, the pair would need to lose the $3,300 mark to actually discourage buyers and attract additional selling interest.

In the near term, and according to the 4-hour chart, however, bulls retain control. Technical indicators are holding within positive levels, although lacking directional strength. At the same time, the 20 SMA maintains a modest bullish slope above the 100 and 200 SMAs, while providing near term support at around the intraday low i n the $3,320 region.

Support levels: 3,322.35 3.208.65 3,288.75

Resistance levels: 3,351.70 3,365.80 3,381.20

Platinum price reached the initial extra target at $1100.00, to begin providing sideways trading, due to its neediness to the positive momentum by the stochastic attempt to exit the overbought level.

The suggested scenario depends on the stability of $1080.00 level, which represents the extra support, the stability of the support will increase the chances for renewing the bullish attempts, which might target $1125.00 level, while reaching below this support will increase the chances for renewing the bullish attempts, targeting $1125.00, while reaching below the support will delay the bullish rally, and there is a chance for forming correctional trading, which might target $1068.00 and $1060.00 level.

The expected trading range for today is between $1080.00 and $1125.00

Trend forecast: Bullish

• Silver price stays silent as safe-haven demand dampens after Trump extended the 50% tariff deadline on EU imports.
• The safe-haven Silver may regain its ground amid rising concerns over the US economy.
• Silver attracted buyers after Moody’s downgraded the US credit rating from Aaa to Aa1.

Silver price (XAG/USD) remains steady after registering more than 1% gains in the previous session, trading around $33.40 per troy ounce during the European hours on Monday. Safe-haven demand for precious metals, including Silver, weakened due to easing trade war between the United States (US) and the European Union (EU).

The risk sentiment improves US President Donald Trump extended the tariff deadline on the European Union (EU) from June 1 to July 9. Trump stepped back after threatening to impose a 50% tariff on imports from the European Union.

However, the downside of the Silver price could be limited as the safe-haven demand would strengthen amid growing uncertainty surrounding the US economy. US fiscal deficit could increase further when Trump’s “One Big Beautiful Bill” passes on Senate floor.

On Sunday, US Senator Ron Johnson said in an interview on CNN, “I think we have enough votes to stop the process until the President gets serious about spending reduction and reducing the deficit.” “My primary focus now is spending. This is completely unacceptable. Current projections are a $2.2 trillion per year deficit,” Johnson added.

Moreover, Silver attracted buyers after Moody’s downgraded the US credit rating from Aaa to Aa1. Moody’s now projects US federal debt to climb to around 134% of GDP by 2035, up from 98% in 2023, with the budget deficit expected to widen to nearly 9% of GDP.

Chicago Federal Reserve (Fed) President Austan Goolsbee noted on Friday that adjustments in the Fed’s interest rates are likely to be delayed due to Trump’s latest tariff threats. Meanwhile, Kansas City Fed President Jeffrey Schmid said that policymakers will gauge hard data before deciding on interest rate decisions, and the Fed needs to be careful how much emphasis it puts on soft data.

Trump Tariff Delay Takes Pressure Off—For Now

Trump’s decision to extend the deadline for 50% tariffs on EU goods to July 9 briefly reduced geopolitical tension. Over the weekend, the U.S. President said he agreed to an extension after a phone call with European Commission President Ursula von der Leyen, calling it a “privilege” to accommodate ongoing trade talks. This move countered last week’s aggressive rhetoric, when Trump threatened a “straight 50% tariff” and floated a 25% levy on Apple iPhones made outside the U.S.

Dollar Slips, While Gold Consolidates Above Key Levels

Despite Monday’s softness, gold remains well bid above key support at $3,166.46 and $3,018.52. Last week, gold posted its strongest weekly performance in six weeks, rising 4.8% to $3,358.13. A drop in the U.S. dollar index—down 1.5% for the week—reflected intensifying concerns about the U.S. fiscal position. Traders continue to rotate out of dollar-denominated assets, with net short positions swelling to $17.3 billion.

U.S. Fiscal Stress Fuels Demand for Safe-Haven Assets

Market anxiety over ballooning U.S. deficits intensified after Moody’s downgraded U.S. sovereign credit and the House passed Trump’s tax-heavy spending bill. The CBO projects this could swell the deficit by nearly $4 trillion. Long-end yields surged, with the 30-year Treasury yield hitting 5.14%, raising fears of debt monetization and inflation. As a result, gold gained favor over traditional U.S. assets.

China Gold Imports Surge as Global Buying Picks Up

China’s net gold imports via Hong Kong more than doubled in April, reaching the highest levels since March. This uptick in physical demand underscores global investor interest in gold as a hedge against both policy risk and currency depreciation.

Gold Prices Forecast: Still Bullish Above $3,310

The GBPJPY pair began today’s trading with clear positivity, getting advantage of the unionism of the main indicators for providing positive momentum, to notice achieving some gains by its current stability above the obstacle at 193.30 level.

Therefore, forming extra support at 192.50 level makes us keep the bullish suggestion, reminding you that the extra targets is located near 194.60 level reaching 23.6%Fibonacci correction level at 195.65.

The expected trading range for today is between 192.60 and 194.60

Trend forecast: Bullish

The (USDJPY) price witnessed fluctuated trading in the intraday levels, rising temporarily affected by the stability of the key support level at 142.40, gaining positive momentum to attempt to recover some of its previous losses, at the same time it attempts to offload some of its clear oversold condition on the (RSI), especially with the beginning pf positive overlapping signals, it seems that the sellers is the dominant on the price move, it bounced quickly preparing for breaking this key support, amid its trading alongside a minor bearish trend on the short-term basis.

Platinum price reached the initial extra target at $1100.00, to begin providing sideways trading, due to its neediness to the positive momentum by the stochastic attempt to exit the overbought level.

The suggested scenario depends on the stability of $1080.00 level, which represents the extra support, the stability of the support will increase the chances for renewing the bullish attempts, which might target $1125.00 level, while reaching below this support will increase the chances for renewing the bullish attempts, targeting $1125.00, while reaching below the support will delay the bullish rally, and there is a chance for forming correctional trading, which might target $1068.00 and $1060.00 level.

The expected trading range for today is between $1080.00 and $1125.00

Trend forecast: Bullish

• Silver price appreciates as safe-haven demand counterbalances commodities’ concerns.
• Trump’s “One Big Beautiful Bill” passed the US House of Representatives and is now headed to the Senate floor.
• US debt and tariff concerns undermined the Silver demand in the photovoltaic industry.

Silver price (XAG/USD) edges higher after registering losses over 1% in the previous session, hovering around $33.10 per troy ounce during the Asian trading hours on Friday. The manufacturing-sensitive commodities, including Silver, faced challenges due to growing concerns regarding the increase in the fiscal deficit in the United States (US). However, rising safe-haven demand over these fiscal concerns could offset the demand-related threat surrounding such commodities.

On Thursday, US President Donald Trump’s “One Big Beautiful Bill” passed the US House of Representatives and is on its way to the Senate floor. The US House of Representatives approved Trump’s budget by one vote. The proposal is expected to increase the deficit by $3.8 billion, as it would deliver tax breaks on tip income and US-manufactured car loans, according to the Congressional Budget Office (CBO).

Silver attracts sellers as uncertain US economic conditions, along with tariff concerns, undermine strong momentum for the photovoltaic industry. Silver is used in various industrial applications, such as electronics, solar panels, and automotive components.

In the first quarter of 2025, China’s wind and solar capacity rose to nearly 1,500 GW due to a 60GW jump in photovoltaic power. Given China’s status as one of the world’s largest manufacturing hubs, the country’s industrial demand for Silver is significant. Moreover, solar power output in Europe also surged by 30% annually in the first quarter.

Moody’s downgraded the US credit rating from Aaa to Aa1 and predicted that US federal debt is expected to climb to around 134% of GDP by 2035, up from 98% in 2023, with the budget deficit expected to widen to nearly 9% of GDP. This deterioration is attributed to rising debt-servicing costs, expanding entitlement programs, and falling tax revenues.

• Gold price edges lower to $3,335 in Monday’s Asian session. 
• Trump set a July 9 deadline for a trade deal with the European Union. 
• Renewed inflation concerns and recession fears might help limit the Gold’s losses. 

The Gold price (XAU/USD) attracts some sellers to near $3,335 during the early Asian session on Monday. The de-escalation of the trade war provides some support to the yellow metal. The FOMC Minute will be the highlight later on Wednesday. 

On Sunday, US President Donald Trump said that he agreed to an extension on the tariff deadline on the European Union (EU) until July 9, rescinding his threat of a 50% tariff from June 1. The easing fears of a global trade war drag the precious metal lower. 

However, traders will closely monitor the developments surrounding US-Japan trade deals and other major economies’ trade deals for fresh impetus. Any signs of escalating trade tensions could boost the safe-haven flows, benefitting the precious metal. 

Renewed inflation concerns and a US credit rating downgrade boost could underpin the Gold price. Moody’s downgraded the US long-held ‘Aaa’ credit rating to ‘Aa1.’ The downgrade added fuel to a weakening US Dollar (USD) and lifted the USD-denominated Gold price. 

Jigar Trivedi, Senior Research Analyst at Reliance Securities, expects the rise in gold prices to continue into the month of June 2025. Trivedi emphasized key drivers like the US credit downgrade, continued Chinese central bank gold purchases, and trade tensions.