Tuesday’s price action established a lower daily high and lower daily low. It is important to notice the day’s high as it shows a successful test of resistance at the nearby trend line. In other words, natural gas found resistance at the trendline, which was support during Monday’s sharp rally above the line. This can more easily be seen in an intraday chart (not shown).
It indicates that the market has recognized the price area around the line as it has done more than a few times since late December. This is short-term bearish behavior that points to a likely deeper decline. The trendline is the top parallel trend channel line for a large channel where the bottom trendline connects to an August 2024 swing low.
Potential for a Test of Trend Support at $4.08
A drop below today’s low of $4.38 will signal a continuation of the bearish pullback. The current advance, beginning from the $2.99 swing low from January 31, shows potential trend support around the 20-Day MA at $4.08 and an internal uptrend line. More significant potential support is around the 50-Day MA, now at $3.81. Moreover, the recent interim swing low at $3.74 is significant in that it partly defines the price structure of the uptrend.
Short-term Bullish Above $4.59
Nonetheless, natural gas remains in a developing uptrend formation in the near term and should recover once it has completed a deeper pullback, if that is what is to come. If the price exceeds Tuesday’s high of $4.59, it is advisable to consider the upper trendline as a resistance level. Otherwise, a daily close above the line could lead to prices rising instead of a pullback.
For a look at all of today’s economic events, check out our economic calendar.
No news for copper price that continues to provide sideways trades within the bullish channel due to the continuous contradiction between the major indicators, to notice its consolidation near 4.6100$ now.
We will keep our bullish overview that depends on the stability of the additional support line at 4.5400$ to manage to form bullish waves and target 4.6800$ level, followed by reaching 4.8100$ barrier, while breaking the additional support and holding below it will force the price to activate the correctional decline to target the bullish channel’s support line at 4.4150$.
The expected trading range for today is between 4.5500$ and 4.6800$
Silver price gains sharply to near $32.50 amid weakness in the US Dollar.
Escalating US economic concerns have kept the US Dollar on the backfoot.
Investors await the US CPI data for fresh cues on the interest rate outlook.
Silver price (XAG/USD) jumps sharply to near $32.50 in Tuesday’s European session. The white metal strengthens as the US Dollar (USD) faces a sharp sell-off, with investors turning cautious over the United States (US) economic outlook due to President Donald Trump’s tariff agenda. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, slumps to near 103.35, the lowest level seen in four months. The lower US Dollar makes precious metals, such as Silver, more attractive to investors.
Market participants worry that tariff policies by President Trump would result in an economic slowdown in the US. On Friday, Trump said, “There is a period of transition because what we are doing is very big.” Historically, periods of transition result in economic turbulence in the short term. Signs of heightened economic tensions improve the safe-haven demand for precious metals, such as Silver.
Meanwhile, investors await the US Consumer Price Index (CPI) data for February, which will be released on Wednesday. Investors will pay close attention to the US inflation data as it will influence market speculation for the Federal Reserve’s (Fed) monetary policy outlook. The US CPI data is estimated to have grown at a slower pace. Signs of a slowdown in inflationary pressures would boost market expectations that the Fed will cut interest rates in a May policy meeting. The likelihood for the Fed to cut interest rates in May has increased to 51% from 37% a day ago, according to the CME FedWatch tool. The scenario of lower interest rates bodes well for non-yielding assets, such as Silver.
Silver technical analysis
Silver price strives to revisit the key resistance of $33.40 plotted from the February 14 high. The 20-day Exponential Moving Average (EMA) near $32.07, continues to support the Silver price.
The 14-day Relative Strength Index (RSI) oscillates inside the 40.00-60.00 range, suggesting a sideways trend.
Looking down, the upward-sloping trendline from the August 8 low of $26.45 will act as key support for the Silver price around $30.00. While, the October 22 high of $34.87 will be the key 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.
Verizon Communications’ stock price (VZ) extended its gains in the intraday levels, and confirmed the breach of the pivotal resistance of $45.36, amid the dominance of the main upward trend in the medium term, while trading alongside the secondary short-term trend line, as the stock is buoyed by trading above the 50-day SMA, coupled with positive signals from the RSI after reaching oversold levels.
Therefore we expect more gains for the stock, targeting the resistance of $50.00, provided it settles firmly above $45.36.
Natural gas price formed temporary correctional bearish wave by crawling towards 4.450$, affected by stochastic stability below 80 level, while that won’t affect the previously suggested bullish scenario due to the main stability within the bullish channel.
Also, 4.180 level forming additional support line confirms keeping the bullish attempts, to keep waiting to gather the positive momentum soon to assist to resume achieving gains, to expect moving towards 4.630$ and 4.670$ levels.
The expected trading range for today is between 4.350$ and 4.630$
No news for copper price that continues to provide sideways trades within the bullish channel due to the continuous contradiction between the major indicators, to notice its consolidation near 4.6100$ now.
We will keep our bullish overview that depends on the stability of the additional support line at 4.5400$ to manage to form bullish waves and target 4.6800$ level, followed by reaching 4.8100$ barrier, while breaking the additional support and holding below it will force the price to activate the correctional decline to target the bullish channel’s support line at 4.4150$.
The expected trading range for today is between 4.5500$ and 4.6800$
Silver attracts some dip-buying on Tuesday and snaps a three-day losing streak.
The mixed oscillators on the daily chart warrant some caution for bullish traders.
Weakness below the Asian session low might expose the 100-day EMA support.
Silver (XAG/USD) reverses an Asian session dip to the $31.85-$31.80 region, or a four-day low, and climbs to a fresh daily high in the last hour. The white metal currently trades around the $32.15-$32.20 area, up nearly 0.20% for the day, and for now, seems to have snapped a three-day losing streak.
However, mixed technical indicators on the daily chart warrant some caution for bullish traders and positioning for a further appreciating move. Hence, any subsequent move up could face stiff resistance and remain capped near the $32.65-$32.70 region. The said hurdle might now act as a key pivotal point, which if cleared decisively could allow the XAG/USD to reclaim the $33.00 mark and climb further towards the February monthly swing high around the $33.40 area.
Some follow-through buying should pave the way for additional gains towards the next relevant hurdle near the $33.60-$33.70 area. The XAG/USD might then surpass the $34.00 round figure and extend the momentum further towards the $34.50-$34.55 resistance zone before aiming to challenge the multi-year high, closer to the $35.00 psychological mark touched in October 2024.
On the flip side, the Asian session low, around the $31.85-$31.80 region, could offer some support, below which the XAG/USD could slide to the $31.25-$31.20 area. The downward trajectory might eventually drag the XAG/USD to the 100-day Exponential Moving Average (EMA) pivotal support, currently pegged near the $31.10-$31.00 region. This is followed by the late February low, around the $30.80 area, which if broken might shift the bias in favor of bearish traders.
The subsequent downfall has the potential to drag the XAG/USD towards the $30.00 psychological mark en route to the $29.55-$29.50 support and sub-$29.00 levels, or the year-to-date low touched in January.
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.
Crude oil price bounced downwards strongly to succeed reaching our first waited negative target at 65.25$, reinforcing the expectations of continuing the bearish trend in the upcoming period, organized inside the bearish channel that appears on the chart, which supports the chances of achieving more negative targets.
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Gold price bounces to near $2,900, awaiting the US-Ukraine Summit for fresh directives.
Gold price capitalizes on the US Dollar and US Treasury bond yields selling spiral.
Gold price breaches 21-day SMA at $2,909, but the downside seems limited as the daily RSI stays bullish.
Gold price is licking its wounds below $2,900 early Tuesday, following three consecutive days of sellers’ rejoicing. All eyes now turn to the US economic data releases for fresh trading impetus, with the JOLTS Job Openings data due later on Tuesday, while the key Consumer Price Index (CPI) report will be published on Wednesday.
Gold price looks to US-Ukraine peace talks and US inflation
Gold traders resorted to profit-taking on their long positions, gearing up for the high-impact US inflation data this week and contributing to the recent losses in the bright metal. No further developments on the trade policies front by US President Donald Trump also gave an excuse to take profits off the table.
Due to Trump’s protectionism, markets remain wary of mounting concerns over a potential US recession, which could prompt the US Federal Reserve (Fed) to proceed with the interest rate cuts this year. This narrative keeps the bearish pressure intact on the US Dollar (USD) and the US Treasury bond yields, limiting the downside in the Gold price.
In a Fox News interview on Sunday, President Trump talked about a “period of transition” while declining to predict whether his tariffs would result in a US recession, which has weighed heavily on risk sentiment. He said they are “looking at a lot of things concerning tariffs on Russia.
President Trump issued a fresh tariff threat on Canadian lumber on Friday, noting that it may or may not come today, or on Monday, or on Tuesday.
Meanwhile, China’s up to 15% tariffs on US farm products took effect on Monday. Increased risks of a tit-for-tat tariff war globally will continue to keep Gold buyers hopeful.
However, Gold prices could face headwinds if the US-Ukraine Summit in Saudi Arabia later on Tuesday culminates with a bilateral minerals deal, eventually leading to the end of the Ukraine-Russia conflict.
Tensions remain high heading into the US-Ukraine peace talks since a February 28 Oval Office meeting between Ukraine’s President Volodymyr Zelenskyy and Trump descended into an argument, leading to the US suspending all military aid to Ukraine.
Gold markets will also take account of the US JOLTS Job Openings data after Friday’s disappointing February labor market report. The data could impact the US dollar’s performance and influence the Gold price movement.
Gold price technical analysis: Daily chart
Despite closing Monday below the 21-day Simple Moving Average (SMA), then at $2,911, the Gold price remains a ‘buy-the-dips’ trade.
The 14-day Relative Strength Index (RSI) points higher above the 50 level, backing the bullish potential.
Immediate resistance is at the 21-day SMA, now at $2,909. Acceptance above that level will challenge the February 26 high of $2,930.
The next topside barriers are at an all-time high of $2,956 and the $2,970 round level.
If Gold sellers refuse to give up, immediate support is seen at the $2,850 psychological barrier, below which the demand area near $2,835 could be a tough nut to crack.
Additional declines will likely test the 50-day SMA at $2,810.
(This story was corrected on March 11 at 3:26 GMT to say that “Gold price bounces to near $2,900,” not Gold price nurses losses below $2,900.)
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.
Silver price drops over 1.20% on Monday even though US Treasury bond yields drop and the Greenback post minuscule gains. At the time of writing, the XAG/USD trades at $32.08 after reaching a high of $32.66.
XAG/USD Price Forecast: Technical outlook
The price of silver has fallen below last Friday’s low of 32.11, with sellers eyeing the $31.00 handle. If XAG/USD closes on a daily basis below $32.00, look for a test of strong support at the confluence of the 100 and 50-day Simple Moving Averages (SMAs) at $31.22. A breach of the latter will expose $31.00 a troy ounce and clear the path to challenge the 200-day SMA at $30.50.
The Relative Strength Index (RSI) aims downwards to indicate that bulls had lost steam. Nevertheless, the RSI remains above its neutral level, indicating that bears are not out of the woods.
Therefore, if XAG/USD climbs past $32.50, the next resistance would be the 32.76 March 6 peak, followed by the $33.00 mark. Bulls could challenge the February 14 $33.39 mark, ahead of $34.00 if surpassed.
XAG/USD Price Chart – Daily
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.
