The GBPJPY pair confirmed getting rid of the negative pressures after touching 190.50 level yesterday, to notice reacting to stochastic positivity by surpassing 191.80 barrier and attempt to cover more previously suffered losses by settling near 192.30.

Note that forming continuous support at 189.30 will confirm the price surrender to the bullish track on the near-term and medium-term basis, to expect rallying towards 192.90 soon followed by attempting to press on the additional resistance at 194.10.

The expected trading range for today is between 191.45 and 192.90

Trend forecast: Bullish

• Silver price could test its initial resistance at the ascending channel’s upper boundary at $31.80.
• The short-term momentum is robust, as the XAG/USD pair is trading above both the nine- and 14-day EMAs.
• The immediate support seems to be around the nine-day EMA at $30.47 and the 14-day EMA at $30.32.

Silver price (XAG/USD) extends its gains for the third successive session, trading around $30.80 per troy ounce during Asian hours on Wednesday. A daily chart analysis indicates a prevailing bullish bias for the precious metal, as its price continues to rise within an ascending channel pattern.

Short-term momentum is strong, with the XAG/USD pair trading above both the nine-day and 14-day Exponential Moving Averages (EMAs). Additionally, the 14-day Relative Strength Index (RSI) is positioned above the 50 level, reinforcing the active bullish sentiment.

On the upside, the Silver price could find its initial resistance around the upper boundary of the ascending channel at $31.80. A breakout above this level could boost market sentiment and drive the XAG/USD pair toward its two-month high of $32.28, last achieved on December 9.

Immediate support is located at a nine-day EMA of $30.47, followed closely by a 14-day EMA of $30.32. Further support appears around the ascending channel’s lower boundary at $30.00. A break below this channel would cause the emergence of the bearish bias and put pressure on the XAG/USD pair to navigate the region around its four-month low of $28.74, recorded on December 19.

XAG/USD: Daily Chart

Qualcomm Incorporated’s stock price (QCOM) rose in the intraday levels, confirming that it shook off the negative pressure due to piercing the downward correctional trend line in the short term, while trespassing the resistance of the 50-day SMA, coupled with positive signals from the RSI despite reaching overbought levels. 

Therefore we expect more gains for the stock, provided it settles firmly above the support of $156.34, targeting the resistance of $177.6.

Trend forecast for today: Bullish 

Strengthening Above 3.91

On the upside, a bullish reversal would be indicated on a rally above today’s high of 3.91. Natural gas would then be heading up into a potential resistance zone defined by the prior six days of price history. The bull trend does not continue until there is a rally above the recent trend high of 4.37. In the meantime, natural gas needs to contend with a possible deeper pullback as trend support is being threatened.

Bullish Medium-Term

The medium-term outlook for natural gas remains bullish given the breakout of a large symmetrical pattern in the second half of November. That breakout was accompanied by a bullish trend continuation signal and followed by a trend reversal signal on the advance above the lower swing high of 3.64 on December 20. These are all bullish signals for the medium-term.

In the short term, natural gas could still correct further as a normal component of a bullish trend continuation pattern of an advance followed by profit taking and a pullback. However, until the lower end of the support zone noted above at 3.64 is broken to the downside, the possibility of a continuation higher remains.

Deeper Correction Remains Possible

A continuation of the bearish correction on a decisive drop below 3.64 will put natural gas in a position to test support around a price zone from 3.52 to 3.51. That zone consists of the 127.2% extended target for a small falling ABCD pattern and the 61.8% Fibonacci retracement level, respectively. Moreover, last week’s high of 4.33 generated a lower swing low and possible second top of a double top pattern.

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

• Gold prices added to Monday’s uptick and surpassed $2,740.
• The US Dollar could not sustain the initial bid bias on another tariff story.
• President Trump threatened to impose tariffs on Canada and Mexico.

Gold prices (XAU/USD) maintained their upward momentum unchanged on Tuesday, entering their four consecutive week with gains.

This time, the precious metal advanced north of the $2,740 mark per ounce troy backed by fresh threats by President Trump to impose 25% tariffs on Canadian and Mexican imports, starting as soon as February 1.

That said, the yellow metal extened its auspicious start to the week as US investors returned to their desks following the Martin Luther King Jr. holiday and Inauguration Day on Monday.

Contributing to the second consecutive daily advance, the US Dollar (USD) could not sustain the earlier bid bias, losing momentum afterwards and triggering the second consecutive daily pullback in the US Dollar Index (DXY), all after the initial impact of potential tariffs on Canada and Mexico in February ran out of steam. 

Looking ahead, the spotlight is likely to stay on developments from the White House in a week with relatively few major economic data releases. Meanwhile, traders are also gearing up for the Federal Reserve’s January 28–29 meeting, where interest rates are expected to remain unchanged.

Gold remains firmly in focus as political events and central bank decisions loom, setting the stage for potential volatility in the days ahead.

Gold’s short-term technical outlook 

Gold’s next big target on the upside is $2,745, its 2025 high reached on January 21. Beyond that, traders will be eyeing the all-time high of $2,790, recorded on October 31. Should these levels be breached, Fibonacci projections point to potential milestones at $3,009, $3,123, and $3,288. 

On the downside, the first line of defense lies at December’s low of $2,582, followed by November’s low of $2,536. Further support sits at the 200-day moving average of $2,513, with deeper corrections potentially targeting $2,471 (the September low) and $2,353 (the weekly low from July). 

If the selloff intensifies, the next significant levels to watch are $2,286, the June low, and $2,277, the May low. The ultimate downside marker for now is $1,984, the 2024 low from February 14, which would represent a significant retracement from current levels. 

Gold daily chart

Futures have breached two pivotal 50% support levels at $3.850 and $4.043, positioning the market for further declines. A potential test of the January 3 low at $3.330 looms as the next downside target. A recovery above $3.850 would signal the first signs of strength, with a move through $4.053 reinforcing a bullish shift. However, a break below $3.736 would further confirm downside momentum. These technical markers are essential for traders looking to time entry and exit points effectively.

Weather Impact Already Priced In

Although an Arctic blast has gripped the central and eastern U.S., driving temperatures as low as northern Florida, traders have largely dismissed the event’s immediate impact. Unlike other markets, natural gas professionals often sell rallies, guided by short-term forecasts. The futures market’s two-week window has rendered the current cold snap irrelevant, as milder weather predictions for late January have already been factored into pricing. Last week’s rally to $4.369 was met with selling pressure, reflecting this forward-looking strategy.

Storage and LNG Factors Add to Bearish Sentiment

Recent data from the Energy Information Administration (EIA) underscores robust heating demand, with a storage withdrawal of 258 Bcf, nearly double the five-year average. While this signals short-term strength in demand, domestic storage levels remain 77 Bcf above the seasonal average, mitigating supply concerns. Liquefied natural gas (LNG) exports continue to provide a bullish backdrop, supported by European demand amid depleted inventories. However, signs of softening LNG flow and declining power generation demand temper the market’s upside potential.

What Does the Weekly Reversal Signal?

Last week’s close at $3.948, following a high of $4.369, marked a bearish reversal pattern, often preceding extended declines. Traders should heed this signal, as it indicates waning buying interest and reinforces the bearish impact of technical and fundamental factors aligning. Profit-taking and milder weather forecasts have compounded the market’s retreat, underlining its sensitivity to rapid sentiment shifts.

Market Forecast: Bearish with Risks of Volatility

Natural gas futures are likely to face additional downward pressure, with support at $3.330 as the next critical level. However, volatility remains a risk, as unexpected weather developments or surging LNG demand could reignite buying interest. For now, the market leans bearish, emphasizing the importance of close monitoring of weather updates and storage data to navigate the near term effectively.

More Information in our Economic Calendar.

• Silver price ticks lower as the US Dollar recovers sharply, with Trump keeping the tariff hike plan intact.
• Trump directed federal agencies to scrutinize trade relations with neighbors and China.
• Traders have raised dovish bets for the Fed’s May policy meeting.

Silver price (XAG/USD) drops slightly to near $30.50 in Tuesday’s European session. The white metal faces pressures as the US Dollar (USD) rebounds strongly after President Donald Trump confirmed that the plan of tariff hikes on foreign countries is delayed not denied. On his first day at the White House, Trump mentioned that the proposal of universal tariff hikes is on the table, but “We are not ready for that yet”.

The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, rebounds sharply from its almost two-week low around 108.00, which it posted on Monday. Historically, a higher US Dollar weighs on precious metals, such as Silver, by making them expensive for investors.

The Greenback plummeted on Tuesday after reports from the Wall Street Journal (WSJ) showed that tariff hikes were absent in a presidential memo. However, the memo indicated that Trump has directed federal agencies to study trade policies and evaluate trade relationships with China and other North American economies.

Meanwhile, the downside in the Silver price has been limited by falling bond yields. Lower yields on interest-bearing assets reduce the opportunity cost of non-yielding assets, such as Silver, which improves their appeal. 10-year US Treasury yields decline to 4.56%. US Treasury yields have slumped as trader expect that the Federal Reserve (Fed) could cut interest rates in the policy meeting in May.

According to the CME FedWatch tool, the probability for the Fed to reduce interest rates in May has eased to 53% from 63% a week ago.

Silver technical analysis

Silver price struggles near the upward-sloping trendline around $30.80, which is plotted from 29 February 2024 low of $22.30 on a daily timeframe.

The white metal discovered strong buying interest near the 200-day Exponential Moving Average (EMA) around $29.45 and but struggles to sustain above the 50-day EMA, which is around $30.30.

The 14-day Relative Strength Index (RSI) faces pressure near 60.00. A fresh bullish momentum would trigger if it manages to break above 60.00.

Silver daily chart

Walgreens Boots Alliance’s stock price (WBA) fell in the intraday levels on profit-taking, while venting off overbought saturation in the RSI, amid the dominance of the upward correctional wave in the short term, with positive pressure due to trading above the 50-day SMA. 

Therefore we expect the price to return higher and target the resistance of $15.54, provided it settles firmly above the support of $11.11. 

Trend forecast for today: Likely Bullish 

The AUDCAD price faced some positive pressures recently, to postpone the negative trades by forming temporary correctional bullish rebound and face 0.9030 barrier, noting that the frequent stability below 0.9085 resistance line and the MA55 crawl below it confirm the continuation of the negativity for the near-term and medium-term trades.

Also, stochastic reach to the overbought areas confirms getting rid of the positive pressures and provides the chance to gather the negative momentum again to ease the mission of renewing the negative attempts and target many negative stations that start at 0.8930 followed by reaching the next main target at 0.8800.

The expected trading range for today is between 0.8930 and 0.9045

Trend forecast: Bearish

Platinum price started to get the positive momentum after stochastic exit from the oversold areas, forming some bullish waves to approach 955.00$ obstacle, assuring the importance of surpassing this obstacle to open the way to record many gains by rallying towards 983.00$ level first, followed by reaching 1005.00$ on the near-term basis.

The risks of changing the bullish trend will appear in case the price formed sharp decline to settle below 920.00$ level, to return to fluctuate within the minor bearish channel that appears on the chart.

The expected trading range for today is between 930.00$ and 965.00$

Trend forecast: Bullish