Silver (XAG/USD) struggles to find acceptance above the $48.00 round figure and attracts some sellers during the Asian session on Thursday. The white metal, however, manages to hold comfortably above its lowest level since September 25, touched on Tuesday, and currently trades just below mid-$47.00s, down 0.20% for the day.

From a technical perspective, this week’s rebound from the 50-day Exponential Moving Average (SMA) and the subsequent move up favor the XAG/USD bulls. However, oscillators on the daily chart have just started gaining negative traction. This, in turn, warrants some caution before confirming that the recent corrective decline from the all-time peak touched earlier this month might have run its course.

Meanwhile, the $47.00-$46.95 area now seems to protect the immediate downside, below which the XAG/USD could slide back below the $46.00 mark and retest the 50-day EMA support near the $45.55 . A convincing break below might be seen as a fresh trigger for bearish traders and drag the commodity to the $45.00 psychological mark en route to the $44.45 region, the $44.00 mark, and the $43.55 area.

On the flip side, any positive move beyond the $48.00 round figure is likely to attract some sellers and face a strong barrier near the $48.45-$48.50 region. Some follow-through buying should pave the way for a move towards the $49.00 mark, which, if cleared, should allow the XAG/USD to extend the momentum towards the $49.45 region before aiming to reclaim the $50.00 psychological mark.

Silver daily chart

XAU/USD Current price: $3,984.51

• The US Challenger Job Cuts report showed that US-based employers announced 153,074 cuts in October.
• Wall Street plummets amid concerns surrounding the tech sector, reviving demand for the USD.
• XAU/USD is at risk of piercing its recent lows in the $3,880 price zone.

Spot Gold enjoyed near-term demand throughout the first half of the day, peaking at $4,019.66 on Thursday. The XAU/USD pair changed course after the American opening, as Wall Street plunged, fueling demand for the US Dollar (USD), particularly against safe-haven and commodity-linked rivals. As a result, Gold turned south and trades in the $3,980 price zone.

European indexes closed in the red, indicating that the market’s sentiment began deteriorating earlier in the day, although without a clear catalyst. The only available data from the United States (US) was indeed discouraging, as the Challenger Job Cut report showed that US-based employers announced 153,074 job cuts in October, up from the 55,597 cuts announced a year earlier, and higher than the 54,064 job cuts announced in September. Other than that, stocks fell on the back of mounting concerns bout overvalued tech shares.

Meanwhile, the US government shutdown continues, now officially the largest in the country’s history. House Speaker Mike Johnson held a press conference and noted that he is less optimistic about the shutdown ending, triggering a fresh wave of risk aversion.

The upcoming Asian session will bring the Chinese October Trade Balance, relevant amid the trade war with the US. Other than that, the macroeconomic calendar has nothing relevant to offer, with the US Nonfarm Payroll (NFP) suspended for a second consecutive month.

XAU/USD short-term technical outlook

XAU/USD is currently trading at around $3,985, little changed on a daily basis, yet biased lower in the near term. The 4-hour chart shows the pair remains capped beneath a rising 200 SMA at $4,003 and well below a declining 100 SMA at $4,084, keeping upside attempts in check. A bearish 20 SMA slides below the longer ones, suggesting sellers hold the grip; the 20 SMA stands at $3,982 and offers fragile nearby support. The same chart shows the Momentum indicator remains stuck around its midline, while the RSI eased to 49 from recent highs, also failing to provide clear directional clues.

)In the daily chart, XAU/USD dipped further below the 20-day SMA, which has lost its upward strength and stands at $4,084. By contrast, the 100-day at $3,608 and the 200-day at $3,371 continue to advance, keeping the broader bias tilted higher. At the same time, the Momentum indicator sits well below the 100 line, although it is off its weekly low. Finally, the RSI indicator eased to 50, reinforcing a neutral, consolidative stance. A sustained break above the 20-day SMA resistance at $4,084 would reinstate upward traction alongside the rising longer averages, whereas failure to reclaim it keeps risks skewed to the downside, with initial support at $3,889, the weekly low. Beyond the latter, the slide can continue $3,608 and $3,371, where the 100- and 200-day SMAs are located.

(This content was partially created with the help of an AI tool)

Silver (XAG/USD) appreciates for the second consecutive day on Thursday, reaching session highs above $48.70, supported by a slight pullback in the US Dollar. From a wider perspective, however, the pair remains contained within a horizontal channel, below key resistance at the $49.35 area.

A somewhat brighter market mood has undermined support for the safe-haven US Dollar, providing a mild boost to precious metals. Nevertheless, upside attempts are likely to remain limited, as the strong US data seen on Wednesday cast further doubts on a December rate cut by the Federal Reserve, which is likely to keep the Greenback supported.

Technical analysis: Consolidating losses below $49.35

The technical picture shows Silver crawling through the last two weeks’ trading range., Oscillators show a somewhat stronger momentum, but the immediate upside bias remains frail so far, with the $49.35 area, where bulls were capped in October 23 and 31 highs, likely to pose significant resistance.

A confirmation beyond that level would give bulls fresh hopes to test the previous support in the area of $50.40-$50.60 (October 13, 17 lows). Further up the target would be the October 20 high, near $59.80.

A bearish reversal, on the contrary, would be tested at Tuesday’s low near $47.00, ahead of the $45.55 area (October 28 low). A clear break of this level would resume the broader bearish trend from four-year highs, near $55.00 hit in mid-October, and target the September 24 low, near $43.70.

(This story was corrected on November 6 at 08:41 GMT to include XAG/USD in the title and not XAU/USD and to say that Silver advances to $48.70 and not to $58.70, as it was previously reported.)

Silver (XAG/USD) attracts some sellers following an Asian session uptick to the $48.55-$48.60 region and erodes a part of the previous day’s gains. The white metal currently trades around the $47.75 region, down 0.70% for the day.

From a technical perspective, the XAG/USD has been struggling to build on its strength beyond the 38.2% Fibonacci retracement level of the corrective slide from the all-time peak touched in October, around the $49.35-$49.40 supply zone. This, in turn, favors bearish traders and back the case for a further near-term depreciating move.

However, neutral oscillators on the daily chart make it prudent to wait for acceptance below the $47.00 mark before placing fresh bearish bets. The XAG/USD might then accelerate the fall towards the $46.45 intermediate support en route to the $46.00 round figure before aiming to retest the October swing low, around the $45.75 region.

On the flip side, the Asian session high, around the $48.55-$48.60 zone, might now act as an immediate hurdle, above which the XAG/USD could reclaim the $49.00 mark. Any further move up, however, might remain capped near the $49.35-$49.40 region. A sustained strength beyond the latter might shift the bias in favor of bullish traders.

The subsequent move up has the potential to lift the XAG/USD towards the $50.00 psychological mark, which coincides with the 50% Fibo. retracement level. The momentum could extend further towards the $50.55-$50.60 intermediate hurdle en route to the $51.00 mark and the $51.20 region, or the 61.8% Fibo. retracement level.

Silver 4-hour chart

Gold is trying hard to hold the previous rebound early Thursday, but sellers continue to lurk near the $4,000 mark, leaving the bright metal in a narrow range.

Gold awaits fresh directional and fundamental impetus

Despite Wednesday’s upswing, Gold remains in a consolidative mode for the eighth trading day in a row, following an 11% correction from record highs of $4,382, reached on October 20.

Gold struggles to capitalize on the recent move higher amid a return of risk appetite in Asian trades this Thursday, as strong US private sector employment data and earnings reports offset the record US government shutdown-induced broad US Dollar retreat.

Furthermore, upbeat US private data justify the US Federal Reserve’s (Fed) recent less dovish stance on future interest rate cuts, boding ill for a non-yielding asset like Gold.

Data published by the ADP showed that US private payrolls increased by 42,000 jobs in October, exceeding expectations of a 25,000 gain, while the ISM Services PMI increased more than expected to 52.4 last month due to a solid jump in New Orders.

Markets now price in roughly 62% odds of the Fed lowering rates next month, the CME Group’s FedWatch Tool shows, down from 69% seen before the data release.

That being said, Gold traders appear to be in search of a clear direction amid persisting bearish catalysts. However, the uncertainty around the government reopening and its potential economic impact, alongside the data drought keeps the downside cushioned in Gold.

Gold price technical analysis: Daily chart

The daily chart suggests that the near-term outlook for Gold appears neutral to bearish as the 14-day Relative Strength Index (RSI) flirts with the midline, while looking to reclaim.

The bullion is currently hovering near the 38.2% Fibonacci Retracement level of the parabolic rise to the record high that began on August 19. 

Buyers need to find a daily candlestick closing above the $4,000 mark to attempt another run toward the 21-day Simple Moving Average (SMA) at $4,079.

Ahead of that resistance, strong offers will continue to lurk near the $4,050 psychological level.

On the downside, Gold could find demand once again near $3,930, a break below which would expose the $3,900 figure.

The next relevant supports are seen at the October 28 low of $3,887, followed by the $3,865-$3,850 demand area.

That zone is the confluence of the 50-day SMA and the 50% Fibo level of the same ascent.