Brent oil price traded with clear positivity yesterday to confirm breaching 76.00$, which stops the negative effect of the head and shoulders’ pattern that appears on the chart to head towards achieving more rise in the upcoming sessions, especially after surpassing the EMA50 and holding above it.
Are you looking for more comprehensive and exclusive analysis? Join the FxNewsToday VIP Telegram Channel
Packages for 5 Instruments of Your Choice
Packages with Unlimited Instruments
What You Get When You Subscribe
Daily market analysis and detailed explanation of signals
Price Bullish/Bearish trends and expected trading range
Midday and end-of-day updates
Live economic news alerts
Exclusive educational content (for beginners and professionals)
At the time of this writing, natural gas was trading in the top third of the day’s trading range and looks likely to close the day in a similar way. A daily close today above last week’s high of $3.44 would provide an additional sign of strength for the developing uptrend. Moreover, today’s advance triggered a breakout above a falling trendline, and the closing price will likely be above it, which would be a sign of strength.
Possibly, upward momentum can stay strong enough for the 50-Day line to be reclaimed and then further exceeded. There is a rising ABCD pattern (light blue) on the chart with an initial target at $3.58. It provides the possibility of this. Nonetheless, it is higher target whether approached on a breakout through the 50-Day line or following a bearish pullback.
Heading Towards Top of Range?
Another item that is supportive of a continuation higher is the wide range engulfing candle pattern on the weekly chart (not shown) with a range of $2.99 to $3.83. Rather than engulfing the prior price action, this candle overrides subsequent price action. Last week’s trading range was within the price range of the week before. And this week’s price range could easily do the same.
Last week’s wide range could provide an environment like trading inside consolidation. Once support is tested at the bottom of a range, which happened with the swing low and weekly low at $2.99, a swing back in the other direction, in this case up. A decisive breakout above the 50-Day MA would provide the next sign of strength and possible continuation of the advance.
For a look at all of today’s economic events, check out our economic calendar.
Silver price could further rise as the daily chart analysis suggests a persistent bullish bias.
The pair may retest its three-month high of $32.65, reached on February 7.
The nine-day EMA of $31.71 acts as immediate support.
Silver price (XAG/USD) rebounds from recent declines, hovering near $32.00 per troy ounce during Monday’s Asian session. A daily chart analysis indicates a sustained bullish trend, with the metal price advancing within an ascending channel.
The XAG/USD pair remains above the nine-day and 14-day Exponential Moving Averages (EMAs), signaling strong short-term momentum. Additionally, the 14-day Relative Strength Index (RSI) stays above the 50 mark, further supporting the prevailing bullish sentiment.
Silver price could encounter initial resistance at its three-month high of $32.65, last tested on February 7, aligning with the upper boundary of the ascending channel. A decisive breakout above this level could strengthen the bullish trend, potentially driving the XAG/USD pair toward the psychological mark of $33.00.
On the downside, support is found at the nine-day EMA at $31.71, followed by the 14-day EMA at $31.44, and the ascending channel’s lower boundary at $31.10. A breach below this key support zone could weaken the bullish outlook, exposing the XAG/USD pair to further downside toward its five-month low of $28.74, recorded on December 19.
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.
Silver price faced clear negative pressure in the previous sessions, as it reached the key support at 31.63$, which forms good barrier against the price, noticing that the EMA50 meets this level to add more strength to it, while stochastic shows clear positive signals now.
Are you looking for more comprehensive and exclusive analysis? Join the FxNewsToday VIP Telegram Channel
Packages for 5 Instruments of Your Choice
Packages with Unlimited Instruments
What You Get When You Subscribe
Daily market analysis and detailed explanation of signals
Price Bullish/Bearish trends and expected trading range
Midday and end-of-day updates
Live economic news alerts
Exclusive educational content (for beginners and professionals)
US President Donald Trump gears up for another round of tariffs.
Federal Reserve Chairman Powell’s testimony and US inflation coming up next.
XAU/USD may correct gains in the near term, but market players seek higher highs.
Risk aversion keeps fueling Gold demand, with the bright metal conquering the $2,900 threshold on Monday. Demand for safety was boosted by comments from United States (US) President Donald Trump, who pledged to impose more tariffs over the weekend.
Speaking to reporters on Air Force One, President Trump said on Sunday he would introduce new 25% tariffs on all steel and aluminium imports into the US while adding that he would soon announce reciprocal tariffs to all countries that levy US goods and services. XAU/USD extended gains towards $2,911.21 during American trading hours, hovering nearby at the time of writing.
Demand for safe-haven assets persists despite the positive tone of equities. The US Dollar (USD) trades with a firmer tone against its high-yielding rivals, while demand for Gold and the Japanese Yen (JPY) exceeds that of the Greenback. Meanwhile, Wall Street holds on to modest intraday gains, although caution prevails as investors await fresh Trump’s headlines.
The focus this week will remain on the US. Federal Reserve (Fed) Chairman Jerome Powell will testify before Congress on Tuesday and Wednesday, with market players looking for fresh clues on the future of monetary policy. Additionally, the US will publish the January Consumer Price Index (CPI) on Wednesday, with the core annual reading foreseen at 3.1%, easing from the 3.2% posted in December.
XAU/USD short-term technical outlook
From a technical point of view, XAU/USD is poised to extend its rally. The daily chart shows it retreated from its fresh peak and trades around the $2,900 mark. Technical indicators maintain their upward slopes well into overbought territory without signs of upward exhaustion. Furthermore, the 20 Simple Moving Average (SMA) accelerated north well above bullish 100 and 200 SMAs while developing roughly $140.00 below the current level. A corrective decline is not out of the picture, yet higher highs lay ahead.
In the near term, and according to the 4-hour chart, XAU/USD is bullish, although a corrective decline is not out of the picture. The Momentum indicator heads firmly north, well above its 100 line, while the Relative Strength Index (RSI) indicator consolidates at around 73. Moving averages, in the meantime, head firmly north, far below the current level, with a bullish 20 Simple Moving Average (SMA) providing intraday support at $2,870.10.
Blackberry’s stock price (BB) kept rising in the intraday levels, amid the dominance of the upward short-term trend, with positive pressure from trading above the 50-day SMA, coupled with positive signals from the RSI despite settling at overbought levels, and accompanied by a surge in trading volumes.
Therefore we expect more gains for the stock, targeting the pivotal resistance of $5.75, provided the support of $4.35 holds on.
Silver price could further rise as the daily chart analysis suggests a persistent bullish bias.
The pair may retest its three-month high of $32.65, reached on February 7.
The nine-day EMA of $31.71 acts as immediate support.
Silver price (XAG/USD) rebounds from recent declines, hovering near $32.00 per troy ounce during Monday’s Asian session. A daily chart analysis indicates a sustained bullish trend, with the metal price advancing within an ascending channel.
The XAG/USD pair remains above the nine-day and 14-day Exponential Moving Averages (EMAs), signaling strong short-term momentum. Additionally, the 14-day Relative Strength Index (RSI) stays above the 50 mark, further supporting the prevailing bullish sentiment.
Silver price could encounter initial resistance at its three-month high of $32.65, last tested on February 7, aligning with the upper boundary of the ascending channel. A decisive breakout above this level could strengthen the bullish trend, potentially driving the XAG/USD pair toward the psychological mark of $33.00.
On the downside, support is found at the nine-day EMA at $31.71, followed by the 14-day EMA at $31.44, and the ascending channel’s lower boundary at $31.10. A breach below this key support zone could weaken the bullish outlook, exposing the XAG/USD pair to further downside toward its five-month low of $28.74, recorded on December 19.
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 shows sideways trades in the previous sessions, and fluctuates around 71.65$ now, waiting to get negative motive that assist to push the price to resume the expected bearish trend for the upcoming period, which gets continuous support by the EMA50.
Are you looking for more comprehensive and exclusive analysis? Join the FxNewsToday VIP Telegram Channel
Packages for 5 Instruments of Your Choice
Packages with Unlimited Instruments
What You Get When You Subscribe
Daily market analysis and detailed explanation of signals
Price Bullish/Bearish trends and expected trading range
Midday and end-of-day updates
Live economic news alerts
Exclusive educational content (for beginners and professionals)
Gold price regains traction amid Chinese stimulus hopes and buying.
Trade war fears outweigh dovish Fed bets, boosting US Dollar while capping Gold price.
Bull Flag breakout on the 4H chart acts as a tailwind for Gold price.
Gold prices seem to have picked up fresh bids above $2,850 at the start of the US inflation week. However, as trade war fears mount, the further upside in Gold price could remain limited by renewed haven demand for the US Dollar (USD).
Gold price looks to capitalize on Trump’s new tariff threats
Risk aversion returned to the fore with trade war fears late Friday, reversing the US Nonfarm Payrolls (NFP) data-led USD decline. The Greenback got a fresh lift from resurgent haven buying, prompting Gold price to recede from a new all-time high of $2,887.
US President Donald Trump stated on Friday that he would unveil reciprocal tariffs on nations that impose taxes on US imports on Tuesday or Wednesday. Risk sentiment took a hit on Trump’s tariff threats and sent the US indices sharply lower even as dovish bets surrounding the Federal Reserve (Fed) easing outlook ramped up on weak January NFP data.
The NFP report showed that the US economy added 143,000 jobs in January after creating 307,000 jobs in December while missing the estimates of a 170,000 increase. The Unemployment Rate declined to 4% from 4.1%, while the Labor Force Participation Rate ticked a tad higher to 62.6% from 62.5%.
Escalating tensions over a potential global trade war, the 47th US President announced on Sunday that he would impose new 25% tariffs on all steel and aluminium imports, exacerbating the pain in the Euro and the commodity-linked Australian Dollar (AUD) and New Zealand Dollar (NZD), in turn infusing fresh buying interest in the go-to safety net – the US Dollar.
Mounting trade fears also remain supportive of the traditional store of value, Gold price. However, the Greenback’s strength continues as a headwind to the yellow metal’s upward trajectory. Gold price also capitalizes on the People’s Bank of China’s (PBOC) expansion of its Gold reserves for a third month in January.
“Bullion held by the People’s Bank of China rose by 0.16 million troy ounces last month,” Bloomberg cited the official data released on Friday.
Meanwhile, hopes of more stimulus coming through from China could also keep Gold buyers hopeful, especially after China’s Producer Price Index (PPI) deflation extended into a 28th month in January, with a 2.3% decline. The uptick in China’s Consumer Price Index (CPI) failed to impress markets.
In the day ahead, the USD could extend its recovery momentum if risk-off flows intensify or markets resort to profit-taking on their USD short positions heading into Wednesday’s US CPI inflation data release. In both cases, Gold price upside appears limited.
However, the downside in Gold price will likely be cushioned by dovish Fed expectations, China’s stimulus hopes and looming trade war risks.
Gold price technical analysis: Four-hour chart
Gold price confirmed a Bull Cross on the four-hour time frame after it closed above the falling trendline resistance at $2,862 in Friday’s Asian session.
Subsequently, Gold price went onto renew lifetime highs at $2,887 before paring back gains to settle near $2,860.
The bright metal defended the 21-four hourly Simple Moving Average (SMA), now at $2,864.
At the time of writing, Gold price bounces off the 21-day SMA, looking to find acceptance above the $2,880 level.
The next relevant target is aligned at the $2,900 round level, above which the $2,950 psychological level will be tested.
The Relative Strength Index (RSI) points north while above the midline, currently near 61, suggesting more potential for upside.
Alternatively, a sustained break below the 21-four hourly SMA at $2,864 could accelerate the downside toward the 50-four hourly SMA at $2,824.
The line in the sand for Gold buyers is seen at the $2,800 level.
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
The EURJPY pair continue to form negative trades by crawling below 157.25 recently, to notice surpassing the negative target at 156.20 and suffering additional losses by touching 155.60 this morning.
The correctional bullish rebound towards 156.65 won’t affect the main bearish track that depends on 160.25 level forming the major barrier, also, the major indicators continue to provide the negative momentum to force the price to form new negative waves and target 155.10 followed by reaching the historical support at 154.40.
The expected trading range for today is between 155.10 and 157.30
