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
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)
Gold price gains momentum to around $2,865 in Monday’s early Asian session.
Trump will announce reciprocal tariffs on many countries next week.
China’s central bank expanded its gold reserves for a third month in January.
Gold price (XAU/USD) extends the rally to around $2,865 during the early Asian session on Monday. The precious metal edges higher as escalating trade tensions prompt investors to seek refuge in the safe-haven asset.
US President Donald Trump said on Friday that he plans to announce reciprocal tariffs on many countries by Tuesday or Wednesday, which will take effect almost immediately. This, in turn, provides some support to the yellow metal. Investors will closely monitor the developments surrounding trade war threat. “Central focus of the gold market continues to be the uncertainty in regard to the Trump tariff policies,” said David Meger, director of metals trading at High Ridge Futures.
Furthermore, the People’s Bank of China (PBOC) added gold to its reserves in January for a third month, boosting the Gold price as China is the world’s largest gold consumer. China’s gold reserves were 73.45 million fine troy ounces at the end of January, up from 73.29 million a month earlier. “The PBOC will likely continue to diversify its reserves in the longer term, given the rising geopolitical uncertainty,” said David Qu, an economist at Bloomberg Economics.
On the other hand, data released by the Labor Department on Friday suggested the labor market remains strong, which might prevent the Federal Reserve (Fed) from cutting its interest rate. The US economy added 143,000 jobs in January, compared with a rise of 170,000 expected by economists. Meanwhile, the Unemployment Rate ticked lower to 4.0% versus 4.1% prior, compared with expectations of 4.1%. Traders are now expecting the US central bank to cut interest rates just one time this year. This might lift the Greenback and weigh on the USD-denominated commodity price.
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 $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
Crude oil price continued to decline to press on 71.00$ barrier and attempts to break it, noticing that the price begins today with bullish bias affected by the RSI positivity, and it might achieve some intraday gains before attempting to decline again.
Are you looking for more exclusive insights and analysis? Join Economies.com VIP Club Channel on Telegram and get access to:
Price Range for Today
Bullish/Bearish Trend Forecast for Today
Mid-day and End-of-day Analysis Updates
Live updates
Special In-Depth Analysis
Major Economic Events News and Updates
Exclusive Educational Content for All Levels of Expertise
Exclusive Webinars by Top Industry Experts
Exclusive Brokers Promotions
Competitions and Exceptional Rewards
and more…
Subscribe now to our channel on Telegram and join the Economies VIP Club to get ahead in the market. Limited Spots Available.
For inquiries about how to register, contact us through this link.
As noted in prior articles, price action in natural gas since the January 31 swing low at $2.99 has been contained within last week’s price range. Last week ended with a wide range red candlestick pattern. Trading inside that range can lead to price behavior like what is seen inside a consolidation range. Choppy price action with unreliable follow-through is common. Therefore, it can be helpful to know what patterns are forming and evolving and the key price levels to pay attention to.
Pattern Integrity Retained
In the near-term, natural gas is in the process of advancing from the $2.99 swing low. Since then, it has formed a small rising ABCD pattern (light blue) as Thursday’s high generated a higher swing high (above B) and therefore a bullish trend continuation signal. Despite today’s bearish performance, if natural gas stays above the interim swing low at $3.16 the price structure of the ABCD pattern remains intact and a continuation higher is anticipated. That expectation would change on a drop below $3.16 as that would violate the integrity of the ABCD pattern of higher swing highs and higher swing lows.
ABCD Pattern Upside Target is $3.58
An initial upside target from the pattern points to $3.58. That is in the middle between two of the major moving averages. The 50-Day MA is at $3.52 and the 20-Day is at 3.65. Each line previously identified trend support, following the upside gap on October 29. During the subsequent advance the 50-Day line did a better job of holding as support until it was broken during the sharp drop on January 28. Therefore, it presents a potentially more significant price area, and it could stop an advance and lead to a bearish reversal. Watch and observe the behavior of natural gas around the 50-Day line, with this possibility in mind.
For a look at all of today’s economic events, check out our economic calendar.
Wheat price rallied upwards strongly yesterday to succeed achieving our waited target at 599.00$, which represents 38.2% Fibonacci correction level for the entire decline measured from 728.30$ to 519.10$, which means that breaching it will push the price to achieve additional bullish correction that its next target reaches 623.70$.
Are you looking for more exclusive insights and analysis? Join Economies.com VIP Club Channel on Telegram and get access to:
Price Range for Today
Bullish/Bearish Trend Forecast for Today
Mid-day and End-of-day Analysis Updates
Live updates
Special In-Depth Analysis
Major Economic Events News and Updates
Exclusive Educational Content for All Levels of Expertise
Exclusive Webinars by Top Industry Experts
Exclusive Brokers Promotions
Competitions and Exceptional Rewards
and more…
Subscribe now to our channel on Telegram and join the Economies VIP Club to get ahead in the market. Limited Spots Available.
For inquiries about how to register, contact us through this link.
Silver price moves higher to near $32.40 as bond yields trade cautiously ahead of the US NFP data for January.
Investors expect the US economy to have added 170K workers last month.
Upbeat US labor market data would force traders to raise bets supporting the Fed to keep interest rates steady for longer.
Silver price (XAG/USD) climbs to near $32.40 in European trading hours on Friday. The white metal gains as the US Dollar (USD) and bond yields tick lower ahead of the United States (US) Nonfarm Payrolls (NFP) data for January, which will be published at 13:30 GMT.
Investors will focus on employment data to gauge the Federal Reserve’s (Fed) monetary policy outlook. On Thursday, Dallas Fed Bank President Lorie Logan said she would support holding interest rates at their current levels until the “labor market doesn’t falter.”
The US NFP report is expected to show that 170K fresh workers were added to the labor force in January, fewer than 256K in December. The Unemployment Rate is estimated to have remained steady at 4.1%. Signs of strong labor demand would boost market expectations that the Fed will keep interest rates in their current range of 4.25%- 4.50% for longer. Such a scenario would be unfavorable for the Silver price.
Investors will also focus on the Average Hourly Earnings data, which is a key measure of wage growth. On year, the wage growth measure is expected to have decelerated to 3.8% from 3.9% in December.
Ahead of the US NFP, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades subduedly around 107.70. 10-year US Treasury yields tick lower to near 4.43%.
Silver technical analysis
Silver price strives to break above the immediate resistance of $32.50, which is plotted from the December 9 high. The outlook of the white metal remains bullish as the 20-day Exponential Moving Average (EMA) is sloping higher near $30.90.
The 14-day Relative Strength Index (RSI) oscillates in the 60.00-80.00 range, suggesting that the momentum is bullish.
Looking down, the upward-sloping trendline from the August 8 low of $26.45 will be the key support for the Silver price around $29.50. While, the October 31 high of $33.90 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.
Bitcoin price (BTCUSD) still stuck between the trend keys represented by 95195.00$ support and 100000.00$ resistance, which makes us continue with our neutrality until the price surpassed one of these levels followed by detecting its next destination clearly.
Are you looking for more exclusive insights and analysis? Join Economies.com VIP Club Channel on Telegram and get access to:
Price Range for Today
Bullish/Bearish Trend Forecast for Today
Mid-day and End-of-day Analysis Updates
Live updates
Special In-Depth Analysis
Major Economic Events News and Updates
Exclusive Educational Content for All Levels of Expertise
Exclusive Webinars by Top Industry Experts
Exclusive Brokers Promotions
Competitions and Exceptional Rewards
and more…
Subscribe now to our channel on Telegram and join the Economies VIP Club to get ahead in the market. Limited Spots Available.
For inquiries about how to register, contact us through this link.
Silver price bounced upwards after the decline that it witnessed in the previous sessions, as it approached the key support base 31.63$, noticing that Stochastic provides positive signals that support the chances of achieving more rise in the upcoming period.
Are you looking for more exclusive insights and analysis? Join Economies.com VIP Club Channel on Telegram and get access to:
Price Range for Today
Bullish/Bearish Trend Forecast for Today
Mid-day and End-of-day Analysis Updates
Live updates
Special In-Depth Analysis
Major Economic Events News and Updates
Exclusive Educational Content for All Levels of Expertise
Exclusive Webinars by Top Industry Experts
Exclusive Brokers Promotions
Competitions and Exceptional Rewards
and more…
Subscribe now to our channel on Telegram and join the Economies VIP Club to get ahead in the market. Limited Spots Available.
For inquiries about how to register, contact us through this link.
