• Silver reverses an Asian session dip and turns positive for the second straight day.
• The technical setup favors bulls and supports prospects for further appreciation.
• Any meaningful dips could be seen as a buying opportunity near the $30.00 mark.

Silver (XAG/USD) attracts some dip-buying near the $30.20 area during the Asian session on Tuesday and looks to build on the overnight bounce from the vicinity of the 100-period Exponential Moving Average (EMA) on the 4-hour chart. The white metal, however, eases from a two-day high touched in the last hour and currently trades around the $30.60-$30.55 region, up 0.25% for the day.

Looking at the broader picture, the recent move up witnessed over the past four weeks or so, from the $28.75-$28.70 region or a multi-month low touched in December, has been along an upward-sloping channel. This, along with the fact that oscillators on the daily chart have just started gaining positive traction, favors the XAG/USD bulls and supports prospects for a further near-term appreciating move towards the $31.00 mark.

A subsequent move up is likely to confront resistance near the top boundary of the aforementioned channel, currently pegged near the $31.25 region. A sustained breakout above the said barrier has the potential to lift the XAG/USD towards the $32.00 mark, with some intermediate hurdle near the $31.45-$31.50 region. The momentum could extend further towards the December swing high, around the $32.25-$32.30 area. 

On the flip side, the $30.00 psychological mark – comprising the 100-period EMA on the 4-hour chart and the lower end of the ascending channel – might continue to act as immediate support. A convincing break below might shift the bias in favor of bearish traders and make the XAG/USD vulnerable to accelerate the fall towards the $29.50 region en route to the $29.00 mark and the $28.75-$28.70 region, or the multi-month low.

XAG/USD 4-hour chart

 

Brent oil price shows positive trades by today’s open, affected by stochastic positivity, noticing that the price closed yesterday below 80.10$ level, to support the chances of continuing the decline on the intraday basis, as it starts bearish correction for the rise measured from 71.23$ to 82.82$, waiting to head towards 78.39$ as a next correctional target.

 

Holding below 80.85$ keeps the negative scenario valid, as breaching it represents the key to return to the bullish track and head to achieve gains that start by visiting the recently recorded high at 82.82$.

 

The expected trading range for today is between 78.60$ support and 81.60$ resistance.

 

Trend forecast: Bearish

• Gold price extends rebound toward $2,750, retests one-month top.  
• Trump’s tariff threats-led risk aversion lifts the US Dollar weakens, Treasuries and Gold price.
• Risks remain skewed to the upside for Gold price amid a bullish daily technical setup.

Gold price builds on its rebound to retest monthly highs of $2,725 early Tuesday. Gold buyers are back in action alongside US President Donald Trump’s tariff threats, fuelling risk-off sentiment across the financial markets.

Gold price risks volatile trading  

Trump said: “We’re thinking in terms of 25% on Mexico and Canada,” effective February 1. He added that his administration “will straighten out the deficit with EU with tariffs or by them buying our oil and gas,” threatening tariffs on the old continent anytime soon.

Trump also noted that he is prepared to impose tariffs on China if Beijing doesnt approve the TikTok deal. Investors scurried for safety in the traditional safe-haven Gold price, propping up the rates close to monthly highs of $2,725.

The flight to safety theme remains supportive of Gold price and US government bonds, which weigh negatively on the US Treasury bond yields. Trump tariff threats could revive inflation concerns worldwide, providing extra support to Gold price. The bullion is considered a hedge against inflation.

However, further upside appears elusive for Gold buyers as the US Dollar (USD) has also gains on safe-haven demand, capping the USD-denominated bright metal. Additionally, expectations that the US Federal Reserve (Fed) would deliver two interest rate cuts this year after the tame December inflation data, act as a tailwind to Gold price but that could change if inflation concerns sag investors’ sentiment.

On Monday, Gold price witnessed good two-way businesses, initially extending Friday’s correction on easing Middle East tensions and profit-taking heading into Trump’s inauguration. However, during Trump’s inaugural address, the USD dipped to a nine-day low, helping Gold price stage a decent rebound above $2,700.

A 15-month-long relentless war between Israel and Hamas culminated in a ceasefire on Sunday as hundreds of trucks carrying aid entered Gaza on the first day.

In the day ahead, Gold trades will remain at the mercy of the broader market sentiment and Trump’s tariff talks, in the absence of any top-tier US economic data releases.

Gold price technical analysis: Daily chart

The short-term technical outlook remains constructive for Gold price.

This month’s symmetrical triangle breakout remains in play, while the yellow metal holds well above all the major daily simple moving averages (SMA), supporting the bullish case.

The 14-day Relative Strength Index (RSI) points north above the midline, currently near 63, adding credence to the bullish potential.

Gold price eyes acceptance above the key static resistance at $2,726 to extend the uptrend toward the $2,750 psychological barrier. The next target is aligned at the record high of $2,790.

On the downside, Gold price could test the $2,700 round level, below which the January 15 low of $2,670 will be threatened.

The 21-day SMA at $2,658 could next be on the sellers’ radars.

 

Uptrend Remains Intact

The uptrend in natural gas remains intact with a rising trendline providing guidance for dynamic support below the 20-Day line. It is currently near a possible support zone from 3.67 to 3.64 or so. Notice how the trendline rises through that price zone is looking directly below today’s price action on the chart. A decisive drop below 3.64 could lead to still lower prices.

That would trigger a breakdown below the trendline and a daily close below the line would be needed to confirm the bearish implications. If this occurs, then there are two lower price levels that identify potential support. The first is the completion of a 61.8% Fibonacci retracement at 3.51.

50-Day MA Marks Lower Support

Nonetheless, it looks like there is a potentially more significant price level around the prior swing high of 3.39 as two indicators point to that price area. Notice that the 50-Day MA has just recaptured the 3.39 price level to arrive at 3.40. If the price area around the 50-Day line fails to provide support that leads to a bullish reversal, lower levels may be tested. Certainly, a full retracement back to the breakout area of a large symmetrical triangle at 3.02 looks possible if the bears take back control.

Bounce Looks Possible

A decisive breakout above today’s high will signal strength after buyers took back control following the low of 3.76. Regardless, a continuation of that strength might be difficult given recent signs of a short-term top. Last week a new trend high of 4.37 was met with a reversal day and a weak close. A second high was then generated last Thursday at 4.33. That sets up a potential falling ABCD pattern (not shown) with an initial target at 3.70. Notice that is very close to the 50% retracement.

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

Oil prices settled lower on Monday after U.S. President Donald Trump was sworn in for a second time, and said he would immediately declare a national energy emergency, promising to fill up strategic reserves and export American energy all over the world.Brent crude futures closed down by 64 cents, or 0.8 per cent, at $80.15 in early settlement due to the U.S. Martin Luther King Jr. Day holiday. U.S. West Texas Intermediate crude futures were down by $1.30, or 1.7 per cent, at $76.58. The more active WTI crude March contract was down 91 cents, or 1.2 per cent, at $76.48. There will be no settlement for WTI contracts due to the U.S. holiday.
US President Donald Trump on Monday announced his administration would declare a “national energy emergency” to significantly expand drilling in the world’s top oil and gas producer, signaling a sharp departure from Joe Biden’s climate-focused policies.

“The inflation crisis was caused by massive overspending and escalating energy prices, and that is why today I will also declare a national energy emergency. We will ‘Drill, baby, drill!'” Trump said during his inauguration speech.

The focus is on what executive orders Trump will sign over the next 24 hours, said UBS analyst Giovanni Staunovo.
Trump is also expected to make policy announcements that include an end to a moratorium on LNG export licences as part of a wider strategy to strengthen the economy.

The Brent and WTI benchmarks advanced more than 1 per cent last week for a fourth-consecutive weekly gain after the Biden administration imposed sanctions on more than 100 tankers and two Russian oil producers.

That led to a scramble by top buyers China and India for prompt oil cargoes and a rush for ship supply, as dealers of Russian and Iranian oil sought tankers not under sanctions for oil shipment.

While the new sanctions could cut supply from Russia by nearly 1 million barrels per day, recent price gains could be short-lived depending on Trump’s actions, ANZ analysts said in a client note.

Trump has promised to help to end the Russia-Ukraine war quickly, which could involve relaxing some curbs to enable an accord, they said.

Easing tension in the Middle East also kept a lid on oil prices. Hamas and Israel exchanged hostages and prisoners on Sunday that marked the first day of a ceasefire after 15 months of war. Yemen’s Houthis will target only Israel-linked vessels following the Gaza ceasefire, the Sanaa-based Humanitarian Operations Coordination Center said.

FAQs

Q1. What are key indexes of Crude oil?
A1. Two key indexes of Crude oil are Brent crude futures and U.S. West Texas Intermediate crude futures.

Q2. What has Donald Trump said about Russia-Ukraine war?
A2. Donald Trump has promised to help to end the Russia-Ukraine war quickly.

Important DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party’s services, and does not assume responsibility for your use of any such third party’s website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.Risk DisclaimersThis website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.

• Gold prices orbited around $2,700 as investors assessed Trump 2.0.
• The Greenback suffered the strong rebound in the risk-linked galaxy.
• The Fed is largely expected to keep rates unchanged in January.

Gold prices (XAU/USD) continued their bullish momentum near the $2,700 mark at the start of the week, amid thin trading conditions due to Martin Luther King Jr. Day and heightened anticipation ahead of President Trump’s Inauguration Day.

The US Dollar (USD) weakened throughout Monday’s session as investors adopted a risk-on approach in anticipation of Donald Trump beginning his second term as President.

Looking ahead, developments surrounding the White House are expected to dominate the immediate market focus during a week light on significant data releases. Meanwhile, attention is gradually shifting toward the January 28–29 FOMC meeting, where the Federal Reserve is widely expected to keep interest rates unchanged.

XAU/USD short-term technical outlook

Gold’s next major upward target is $2,724, the 2025 peak reached on January 16. Just beyond that lie the December high of $2,726 (December 12) and the all-time top of $2,790 set on October 31. If prices break these levels, Fibonacci projections suggest potential new milestones at $3,009, $3,123, and $3,288.

On the downside, immediate support stands at the monthly low of $2,582 from December 19, seconded by $2,536, the November low (November 14), and the critical 200-day simple moving average at $2,511. A deeper pullback might retest $2,471, the September low (September 4). Beyond that, $2,353 (the weekly low from July 25) and $2,286 (the June low from June 7) could come into play.

If gold prices breach this lower region, the May low of $2,277 (May 3) might resurface on traders’ radar, followed by the weekly low of $2,146 (March 18). The ultimate downside target for now remains the 2024 bottom of $1,984, recorded on February 14.

Gold daily chart

Created on January 20, 2025

• Silver has fallen pretty significantly during the trading session on Friday, but it is trying to hang on to the 50 day EMA.
• The 50 day EMA of course is a technical indicator that a lot of you will be paying attention to and this does at least show some signs of hope, but I’m not really keen on silver or I should say, I believe silver will lag in reference to gold as the market is falling the way it has shown just how brittle it can be.

While the gold market did pull back a little bit in the early hours of Friday, silver really got hammered at one point in time, the XAG/USD pair was down about 2%. Now it looks like we are at least trying to hang on to the $30 level as support, which makes a certain amount of sense considering that it’s a large round psychologically significant figure and an area where I would imagine a lot of options traders are watching. If we were to break down below there, then it opens up the possibility of a move down to the 200 day EMA currently hanging around the $29.30 level or so.

On the Upside

To the upside, if we can break above the $31 level, I think that opens up the possibility of silver to go much higher, probably to $32.50. The previous uptrend line has offered resistance. So that dissects right about where I think the buy and sell orders probably end up being, especially around that $31 level. So it all ties together for a market that’s very noisy but still trying to figure out what to do with the longer term. I think we’re probably neutral to somewhat negative right now. That being said, the $31 level and the double bottom down at $28.75, I think are the two main points to watch if we break above or below that should give you a heads up as to which direction we are going.

Ready to trade our daily Forex forecast? Here’s a list of some of the Top Silver Trading Brokers to choose from.

Created on January 20, 2025

• The West Texas Intermediate or Light Sweet Crude market has been somewhat noisy during the trading session on Friday as we continue to bounce around an area that quite frankly is going to end up being more or less consolidation and resistance.
• After all, the $78.50 level has been resistance in the past, so it does make a certain amount of sense that there’s market memory here, causing a bit of a headache.

I do think at this point, you probably see a lot of volatility and perhaps even a bit of a pullback. That pullback might be a nice buying opportunity, especially if we drop towards the $75 level, as the 200-day EMA is racing towards that region.

Alternatively…

On the other hand, if we break above the $80.56 level, then it’s likely that the crude oil markets will continue to go higher. Nonetheless, this is a market that I do think you’re looking for value to take advantage of and it makes quite a bit of sense that we would see oil slightly positive due to concerns about supply coming out of places like Russia and the possibility of sanctions against Iran now that the Trump administration is taking over.

But at the end of the day, I think there’s also the idea that central banks around the world cutting rates will probably continue to spur demand as well. I do think ultimately pullbacks though get bought into and those are probably the entry points that you’re looking for as chasing the move all the way up here has been a bit risky as oil shot straight up in the air over the last couple of weeks to get to this region. In other words, we have to work off some of that inertia that has been expended. Ultimately, I like finding value on dips in this bullish market.

Ready to trade Crude Oil daily analysis and predictions? Here are the best Oil trading brokers to choose from.

Natural gas price surrendered to the stability of the bullish channel’s resistance line at 4.360$ on last Friday to force it to postpone the bullish rally and form temporary correctional rebound to settle near 3.800$.

 

This correctional decline won’t affect the main bullish track due to the frequent stability above the bullish channel’s support line at 3.610$, also, stochastic reach to the oversold areas will increase the chances of gathering the positive momentum to assist to form some bullish waves that might target 4.030$ level soon, followed by reaching the mentioned resistance line.

 

The expected trading range for today is between 3.800$ and 4.030$

 

Trend forecast: Bullish