Platinum price repeated providing positive closes in the last period by its stability above $1600.00 level, forming an extra support against the bullish attempts, attempting to settle within the minor bullish channel’s levels by its fluctuating near $1655.00.
Note that stochastic attempt to settle within the overbought level might provide extra positive momentum, reinforcing the mission of recording positive stations, which might begin at $1690.00 and $1727.00, while the price decline below the mentioned extra support might force it to provide mixed trading, and there is a chance to decline towards $1665.00 before recording any of the suggested extra targets.
The expected trading range for today is between $1600.00 and $1690.00
Silver (XAG/USD) accelerated its recovery on Thursday, with precious metals trading firmer despite the US Dollar’s strength. The pair has reached fresh long-term highs, near 49.70, drawing closer to the $50.00 psychological levels.
Precious metals remain bid on Thursday, fuelled by the political uncertainty in France and Japan, while the US government shutdown enters its eighth day without a solution in sight.
Earlier in the day, New York Fed President John Williams showed his support for further rate cuts, while the focus now shifts to Fed Chairman Jerome Powell and Governor Michelle Bowman, who are expected to talk at a banking event in Washington later today.
Technical analysis: The $50.00 psychological level is attracting bulls
Silver remains heading north, the pair has rallied more than 20% in the last three weeks and is looking overstretched, but the fundamental scenario remains supportive, and there are no signs of a correction other than the bearish divergence on the 4-hour RSI
The white metal bounced from $48.40 in early trading on Thursday and has reached the 49.70 area, with bulls targeting the $50.00 level, where the top of the ascending channel from the mid-September lows meets the price. Further up, the 161.8% Fibonacci extension of the early October rally is at $50.70.
On the downside, immediate support is at Wednesday’s low of $48.40 ahead of the confluence of trendline support with the October 7 lows, at $47.50, and the September 30 and October 2 lows, at the $45.90-$46.00 area.
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.
Sell gold from the resistance level of $4080, with a target of $3900 and a stop-loss at $4110.
Buy gold from the support level of $3960, with a target of $4060 and a stop-loss at $3920.
Technical Analysis of Gold Price (XAU/USD) Today:
Amid moves that have amazed investors, gold futures are already heading towards a new milestone in the middle of the trading week. Just one day after surpassing $4000 per ounce for the first time, the gold price index is looking to reach $4100 per ounce. According to gold trading platforms, the yellow metal’s index has risen to the resistance level of $4060 per ounce, the highest in the history of the gold trading market. Overall, the price of gold has risen by more than 4% this week, bringing its year-to-date increase to about 54%.
In a similar performance, silver, gold’s sister commodity, is attempting to reach $49 per ounce. According to trades, the price of the white metal has risen by 3% this week, boosting its year-to-date gain to about 67%. Silver prices are closing near their all-time high from 1980.
Reasons for the Rise in Gold Prices
According to the monitoring and expectations of gold analysts, gold prices have continued their meteoric rise amid a weak US dollar, lower interest rates, and massive demand from central banks. This is compounded by increasing global geopolitical tensions led by the ongoing US government shutdown and European political anxiety, most notably the situation in France.
According to forex market trading, the US Dollar Index (DXY), a measure of the greenback’s strength against a basket of other major currencies, has fallen by 9% this year, although it is expected to post consecutive gains. A weak US dollar is beneficial for dollar-priced commodities because it makes them cheaper for foreign investors to buy. Another influential factor in the gold market is that US Treasury yields have mostly declined, with the benchmark 10-year yield falling below 4.1%. Lower interest rates help reduce the opportunity cost of holding non-yielding bullion.
Meanwhile, data indicates that central banks and retail traders are buying gold at a rapid pace. In fact, figures show that central banks now hold an amount of gold equivalent to their holdings of US Treasury bonds, with many pointing to countries diversifying their investments away from the US dollar. Overall, the demand for gold also reflects the growing size of US holdings. Recent data shows that the value of US gold reserves has now surpassed $1 trillion for the first time, driven by price appreciation rather than new acquisitions. Globally, across reliable platforms, precious metals markets have seen a comprehensive recovery as investors hedge against inflation, currency risks, and geopolitical uncertainty, with silver and platinum prices reaching multi-year highs.
Looking ahead, investors remain optimistic about gold trading as the Federal Reserve and other global central banks are engaged in an interest rate-cutting cycle. According to the CME FedWatch Tool, the futures market is betting on two additional quarter-point rate cuts this year. Despite investors buying gold at record levels, conditions indicate that the metal is in a severely overbought state. The Relative Strength Index (RSI) for gold has reached approximately 89.72 on the monthly chart – its highest level since at least 1980.
Trading Tips:
Dear TradersUp trader, we advise against buying gold at its all-time highs and suggest waiting for a strong price pullback to consider buying again. According to a Morgan Stanley announcement, gold is their top pick among commodities, and they expect the metal to reach a higher-than-expected price of $4,400 next year.
The EURJPY pair succeeded in resuming its bullish attempts yesterday, to hit the extra target at 177.80, to settle below it announces its confinement within tight track that is represented by the initial support at 176.95, and 177.80 level forms a key barrier against the bullish trading.
We remain neutral due to the instability of the price, until surpassing the previously- mentioned levels, to confirm the suggested targets in the near trading, the price success in breaching the barrier and holding above it will increase the chances for resuming the main bullish trend, attempting to reach 178.45 followed by the trading towards the bullish channel’s resistance at 179.60 level, while the decline below the extra support will support activating the attempts of gathering the gains, to reach 176.20 directly, then testing the next support near 175.20.
The expected trading range for today is between 176.90 and 177.80
Copper price began today’s trading with a new positivity, attempting to breach the barrier at $5.0600 level, to confirm its surrender to the suggested bullish scenario.
We recommend waiting for confirming the activation of the price with the positivity of the main indicators by its rally towards $5.200 level, then attempt to press on the barrier at $5.3200, forming the initial main target of the current bullish track.
The expected trading range for today is between $4,988 and $5.2000
Platinum price repeated providing positive closes in the last period by its stability above $1600.00 level, forming an extra support against the bullish attempts, attempting to settle within the minor bullish channel’s levels by its fluctuating near $1655.00.
Note that stochastic attempt to settle within the overbought level might provide extra positive momentum, reinforcing the mission of recording positive stations, which might begin at $1690.00 and $1727.00, while the price decline below the mentioned extra support might force it to provide mixed trading, and there is a chance to decline towards $1665.00 before recording any of the suggested extra targets.
The expected trading range for today is between $1600.00 and $1690.00
West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session. WTI trades at $64.60 per barrel, down from Wednesday’s close at $64.68. Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $68.28 after its previous daily close at $68.37.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
Gold has managed to defend the key $4,000 level on its retracement from lifetime highs of $4,059 reached on Wednesday. All eyes now turn to a slew of speeches from US Federal Reserve (Fed) officials, including Chairman Jerome Powell, due later in the day.
Gold buyers take a breather
Gold price sustains its pullback alongside the US Dollar (USD) as the Israel-Hamas peace deal lifts risk sentiment and curbs their demand as safe-havens.
Citing US President Donald Trump, BBC News reported early Thursday that Israel and Hamas have both signed off on the first phase of peace plan.
A senior White House official said the latest truce agreement aimed at the release of hostages will be presented to the Israeli cabinet on Thursday.
Meanwhile, markets are also seeing fresh signs of hope that the US government shutdown could partially reopen. This optimism somewhat dents Gold’s appeal as a traditional store of value.
“US Senate Majority Leader John Thune is considering bringing full-year appropriations bills — such as one to fund the Pentagon and pay the military — to the floor for a vote,” he told Axios on Wednesday. Thune is looking at options for a piecemeal government reopening.
However, for now, nothing seems official and confirmed, and hence, the heightened economic uncertainty continues to put a floor on any Gold price pullbacks.
Gold also keeps drawing support from the French and Japanese political crisis, and on hopes of an expansionary fiscal era returning globally.
Increased bets that the Fed will deliver two interest rate cuts this year allow Gold to keep the downside cushioned.
Even though the Minutes of the Fed’s September monetary policy meeting showed prudence and division amongst the policymakers, markets continue to fully price in a cut at the October meeting, with the odds of another reduction in December are seen at about 80%, the CME Group’s FedWatch Tool shows.
Amid a data-sparse US docket, attention remains on the Fedspeak, with Powell set to deliver opening remarks in a pre-recorded video at the Community Bank Conference hosted by the Federal Reserve Board, in Washington DC.
Any hints by Powell on the Fed’s path forward on interest rates amid looming shutdown could fuel a significant reaction in the USD-denominated Gold price.
Gold price technical analysis: Four-hour chart
The four-hour chart shows that the 14-day Relative Strength Index (RSI) has pulled back from the extreme overbought zone to re-entered into the bullish territory, currently near 66.
The leading indicator indicates that a fresh upswing remains on the cards in the session ahead, with a retest of the all-time high of $4,059 likely. A sustained break above that will call for a test of the $4,100.
On the contrary, if the corrective downside regains momentum, Gold could test the initial support of the 21-Simple Moving Average (SMA) at $3,979, below which the 50-SMA at $3,906 could come to buyers’ rescue.
Further south, the $3,850 psychological level could act as a tough nut to crack for sellers.
Economic Indicator
Fed’s Chair Powell speech
Jerome H. Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. On November 2, 2017, President Donald Trump nominated Powell to serve as the next Chairman of the Federal Reserve. Powell assumed office as Chair on February 5, 2018.
Quebrada Blanca mine in Chile is Teck’s largest copper project. (Image courtesy of Teck Resources.)
Copper surged to a 16-month high in London Wednesday when Teck Resources (TSX: TECK.A, TECK.B)(NYSE: TECK) lowered its copper production guidance for 2025 after persistent setbacks at its Quebrada Blanca (QB) mine in Chile and Highland Valley Copper (HVC) operation in Canada.
Prices climbed as much as 0.5% to $10,815 per tonne on the London Metal Exchange. The company said it now expects to produce 170,000 to 190,000 tons in 2025, down from its previous target of 210,000 to 230,000 tons. Teck also trimmed annual production targets for the next three years.
The QB project has long frustrated investors, coming in $4 billion over budget and years behind schedule. Current challenges include tailings storage at the high-altitude site in the Andes, as well as damage to key equipment and instability within the mine pit.
So far this year, copper prices have risen about 23%, as mounting supply concerns outweigh weak demand in major industrial economies. Analysts have cut output projections after a series of accidents and operational setbacks at mines in Chile, the Democratic Republic of Congo, and Indonesia, leading many to anticipate sizable supply deficits.
Supply worries intensified after Freeport-McMoRan (NYSE: FCX) declared force majeure at its Grasberg mine in Papua, Indonesia—the world’s second-largest copper operation—following severe flooding that halted production. The company confirmed over the weekend that all seven missing workers were found dead after the discovery of five additional bodies.
“We are in a world of unprecedented copper supply disruptions, and many of these issues are not short-term,” analysts at Jefferies wrote in a note. “Yet another miss at QB just adds more fuel to the fire.”
Citigroup analysts expect copper to climb further, forecasting prices could reach $12,000 per tonne in the first half of next year amid supply cuts and favorable macro trends, including a weaker US dollar. They project prices will gradually ease through 2026 as disrupted mines resume production.
Technical indicators confirm gold’s extended condition. The relative strength index (RSI) remains in overbought territory, while the slope of the bull trend has steepened notably. This upper dashed line represents the outer boundary of the advance projected from the March base. Though further upside cannot be ruled out, a brief correction would be healthy, allowing the trend to reset before a potential continuation. Without some form of pullback, the odds of a fast, sharp decline increase if momentum falters suddenly.
Key Support Levels to Watch
Initial support lies at the 10-Day moving average, currently near $3,879. A drop below today’s low would hint at the first test of that line. Should it hold, buyers could quickly regain control and drive another leg higher. Deeper support sits at the 20-Day moving average around $3,783, which may come into play if selling accelerates. Given the rapid ascent of recent weeks, a move toward the 20-Day average would not be unexpected and could help stabilize the trend.
Bulls Still Command the Trend
For now, no clear weakness has emerged. A rally above today’s $4,059 high would reaffirm the dominant uptrend and continue the pattern of higher highs and higher lows. Given the enthusiasm of recent sessions, a sharp upward burst toward a potential blow-off top remains possible.
The upper estimate on the chart aligns with a measured move projection from the December swing low. Traders should remain alert, however, as any bearish follow-through from current levels could shift attention to lower targets and mark the beginning of a cooling phase.
For a look at all of today’s economic events, check out our economic calendar.
