Copper price ended the last bullish rally by facing 4.8100$ resistance line, to form temporary negative rebound towards 4.7100$, while the main stability within the bullish channel and forming continuous additional support at 4.5400$ will increase the chances of activating the bullish track on the near-term basis.

We assure the importance of gathering the additional positive momentum to manage to surpass the current resistance and open the way to record additional gains that might extend towards 4.8800$ followed by reaching the bullish channel’s resistance line near 4.9600$.

The expected trading range for today is between 4.6500$ and 4.9100$

Trend forecast: Bullish

Copper price ended the last bullish rally by facing 4.8100$ resistance line, to form temporary negative rebound towards 4.7100$, while the main stability within the bullish channel and forming continuous additional support at 4.5400$ will increase the chances of activating the bullish track on the near-term basis.

We assure the importance of gathering the additional positive momentum to manage to surpass the current resistance and open the way to record additional gains that might extend towards 4.8800$ followed by reaching the bullish channel’s resistance line near 4.9600$.

The expected trading range for today is between 4.6500$ and 4.9100$

Trend forecast: Bullish

Brent oil price trades are confined within bearish pennant pattern that appears on the chart, thus, the price needs to break this pattern’s support line at 69.30$ to activate the negative effect of the mentioned pattern followed by rallying to resume the expected main bearish trend on the intraday and short-term basis.

• Silver holds near $32.50, with buyers unable to push past key resistance.
• Next upside targets: $33.00, February 20 high of $33.20, and cycle high of $33.39.
• A break below $32.00 could expose $31.50 and the 100-day SMA at $31.21.

Silver price consolidates, snapping three days of gains, trading near the $32.50 area, with buyers failing to prolong their advance to challenge the last cycle high of $33.39. At the time of writing, XAG/USD is virtually unchanged as the Friday’s Asian session begins.

XAG/USD Price Forecast: Technical outlook

Silver (XAG/USD) remains sideways near $32.50 with neither buyers nor the sellers unable to decisively push the grey’s metal quote upwards or downwards. The Relative Strength Index (RSI) shows that momentum remains flat, yet buyers have the upper hand.

That said the XAG/USD first resistance would be $33.00, followed by key levels such as the February 20 high of $33.20 and the February 14 cycle high of $33.39. Conversely, if XAG/USd falls beneath $32.00, the next support would be the $31.50, ahead of the 100-day Simple Moving Average (SMA) at $31.21. Further weakness could expose $31.00, with additional support at the 200-day SMA near $30.48.

XAG/USD Price Chart – Daily

Polygon’s currency price (MATICUSDT) inched lower in the intraday levels, confirming the breach of the pivotal support of $0.286, amid the dominance of the main downward trend in the medium term, while trading alongside the secondary short-term trend line, with negative pressure from trading below the 50-day SMA, coupled with negative signals from the RSI. 

Therefore we expect the price to decline and target the support of $0.149, provided it settles firmly below the resistance of $0.286.

Trend forecast for today: Bearish

New Trend High Stalled Advance

A new trend high of $4.55 was reached on Tuesday and the day ended with natural gas in a relatively weak position in the lower half of the day’s trading range. Moreover, the closing price was the second highest level for the bull trend, but it was not the highest.

That is not a convincing response to a new bull breakout as it shows short-term weakness, rather than improving strength. Then, on Wednesday a new closing daily high was established at $4.52. And Wednesday’s high of $4.52 completed another test of resistance around a top trend channel line that marked a resistance zone for the three most recent rallies.

Top Channel Line Remains Resistance

Previous attempts to break out above the channel line have failed. This would seem to put greater weight on the possibility of a bearish retracement rather than a bullish continuation. Nonetheless, the behavior of natural gas around key near-term price levels mentioned above will provide clues.

Although demand remains relatively strong given the two days of consolidation that further tested resistance around the channel line, a sustained upside breakout and a continuation of the bull trend may have greater success following a pullback first, or a longer rest in consolidation.

Bullish Weekly Price Action

On the weekly time frame natural gas showed strength this week. This week’s rally began following an initial bearish move to test support at a confluence zone that is marked by several indicators. Of significance is the 50-Day MA, now at $3.77. That line was joined by the 20-Day MA and a 50% retracement level. It was the first real test of support at the 50-Day line since it was reclaimed on February 13.

Copper price confirmed its surrender to the previously suggested positivity by settling within the bullish channel frequently and surpassing 4.6800$ barrier now, to notice the beginning of recording the positive targets by touching 4.7800$ now.

The continuous positive momentum provided by the major indicators will increase the efficiency of the bullish track, to expect attacking 4.8100$ recorded high soon, while surpassing it will start targeting new positive stations by rallying towards 4.9100$ and face the bullish channel’s resistance line.

The expected trading range for today is between 4.6800$ and 4.9100$

Trend forecast: Bullish

XAU/USD Current price: $2,916.91

• The United States’ back and froth on tariffs keeps investors on their toes.
• The US will release the February Nonfarm Payrolls report on Friday.
• XAU/USD losing bullish strength, yet sellers remain side-lined.

Spot Gold consolidated in the $2,910 region for most of this Thursday, attracting buyers on an intraday dip to $2,891.27. Financial markets kept swinging at the pace of sentiment, with prevalent demand for safety maintaining the bright metal afloat.

Concerns revolve around United States (US) government tariff plans. President Donald Trump kick-started his mandate by announcing massive levies on most trading partners, rolling 25% taxes on Canadian and Mexican imports on Tuesday, only to delay such levies on automakers for one month on Wednesday.  

Additionally, Trump said on Thursday, “After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement. This Agreement is until April 2nd. I did this as an accommodation and out of respect for President Sheinbaum. “

The back and forth does not overshadow the fact that the trade war is in full fashion, and hence, concerns about the economic performance of the world’s largest economy. Speculative interest considers that Trump’s plans pose a downward risk to growth and an upward risk to inflation, resulting in a weakening Greenback.

Meanwhile, US employment-related data came in mixed. On the one hand, weekly unemployment claims fell in the last week of February, while Q4 Unit Labor Costs declined to 2.2% from 3% in the previous quarter. On the other hand, US-based employers last month announced plans to slash 172,017 jobs, a 103% increase from January and the highest February total since 2009, according to the Challenger Job Cuts report.

The US will release the February Nonfarm Payrolls report on Friday. The country is expected to have added 160K new jobs in the month, while the Unemployment Rate is foreseen steady at 4%.

XAU/USD short-term technical outlook

The daily chart for the XAU/USD pair shows is little changed for a second consecutive day, yet at the same time, it posted a lower high and a lower low, which skews the risk to the downside. However, the same chart shows that intraday dips below a bullish 20 Simple Moving Average (SMA) quickly attract buyers. Technical indicators, in the meantime, remain within positive levels, although with uneven strength.

The near-term picture shows buyers battling to retain control. The XAU/USD pair is currently developing above all its moving averages, although a flat 100 SMA stands at $2,911.50. The 20 SMA, in the meantime, advances below the longer one. Finally, technical indicators diverge around their midlines, with the Momentum indicator aiming lower yet the Relative Strength Index (RSI) advancing. The bearish potential remains limited, with dips likely to keep attracting buyers.

Support levels: 2,911.50 2,894.25 2,876.90

Resistance levels: 2,927.90 2,941.40 2,956.10

This does tend to be a very volatile time, but because of this, I want to take my time and see a nice surge lower to get involved in a short position. As far as buying is concerned, if it wasn’t for the seasonality, that would obviously be the trade here. But the last thing I want to do is be the last buyer of natural gas for the season.

The risk to reward ratio just is not that appealing to me right now. So as much as it pains me to not participate in what’s been such a strong three days, the reality is the move I’m looking for is a lot bigger than this. So, we’ll have to wait and see, but right now we’re still just flirting with that top and we’ll have to see if we can break through it. If we do, it could open up a move to the $5 level, which, quite frankly, I hope it does, because I can short it from a higher level at that point, as soon as we start to price in the warmer weather.

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

Polygon’s currency price (MATICUSDT) inched lower in the intraday levels, confirming the breach of the pivotal support of $0.286, amid the dominance of the main downward trend in the medium term, while trading alongside the secondary short-term trend line, with negative pressure from trading below the 50-day SMA, coupled with negative signals from the RSI. 

Therefore we expect the price to decline and target the support of $0.149, provided it settles firmly below the resistance of $0.286.

Trend forecast for today: Bearish