Platinum price succeeded by forming extra bullish waves, to settle near 1275.00 level that formed the previously awaited main target, then forming sideways trading due to stochastic attempt to exit the overbought level as appears in the above image.
We expect the affection of the price by the sideways bias domination temporarily, but its stability above $1223.00, which forms new support against the bullish trading will increase the chances for gathering the positive momentum, to expect the attempt of targeting $1302.00 level, to form a new extra target for the current trading.
The expected trading range for today is between $1245.00 and $ 1302.00
Platinum price succeeded by forming extra bullish waves, to settle near 1275.00 level that formed the previously awaited main target, then forming sideways trading due to stochastic attempt to exit the overbought level as appears in the above image.
We expect the affection of the price by the sideways bias domination temporarily, but its stability above $1223.00, which forms new support against the bullish trading will increase the chances for gathering the positive momentum, to expect the attempt of targeting $1302.00 level, to form a new extra target for the current trading.
The expected trading range for today is between $1245.00 and $ 1302.00
Silver retreats 0.87% as RSI signals overbought market conditions.
US CPI miss boosts rate cut bets but fails to support metals.
Key support lies at $36.00; upside targets remain near $37.50.
Silver price reverses course on Wednesday as the North American session ends, edging down 0.87%. Although US inflation eased in May, typically a signal that would support rate cuts by the Federal Reserve (Fed) and weigh on the US Dollar, it failed to underpin the grey metal. XAG/USD is trading at $36.21.
XAG/USD Price Forecast: Technical outlook
Despite retreating, XAG/USD remains poised to test higher prices. Momentum depicts that sellers stepped in as the Relative Strength Index (RSI) reached overbought territory. This, along with traders’ booking profits, sent Silver prices below $36.50, which, once cleared, opened the door towards $36.00.
A breach of the latter will expose $35.40, a high point from October 2012, which has since turned into support. Once surpassed, the next stop is $35.00, followed by the $34.00 and $33.00 figures,
On the other hand, if XAG/USD reclaimed $36.50, the next target is $37.00. On further strength, prices could reach 37.49, a 13-year high set on February 29.
XAG/USD Price Chart – Daily
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.
Gold price is sitting at fresh weekly highs near the $3,380 neighborhood, building on the previous upswing early Thursday. Gold buyers closely eye the Middle East geopolitical tensions and the US Producer Price Index (PPI) data for a fresh leg north.
Gold price cheers softer US Dollar, geopolitical woes
Amid escalating geopolitical tensions in the Middle East, markets are slightly risk averse and prefer to flock to the traditional safe-haven Gold price.
According to CBS News senior White House reporter Jennifer Jacobs, United States (US) officials have been told Israel is fully ready to launch an operation into Iran.
“US anticipates Iran could retaliate on certain US sites in Iraq,” Jacobs added.
This comes as US President Trump’s Middle East envoy Steve Witkoff is still planning to meet with Iran for a sixth round of talks on the country’s nuclear program on Sunday.
Bolstering the Gold price advance, the US Dollar (USD) extends the softer US inflation data-led decline and flirts with two-month lows against its major currency rivals.
The US Consumer Price Index i(CPI) increased 0.1% for the month, putting the annual inflation rate at 2.4%. Both prints undermined expectations of 0.2% and 2.5% respectively. Core figures also came in below estimates across the time horizons.
Tame US CPI data ramped up odds for a US Federal Reserve (Fed) interest rate cut in September, with markets now pricing in about a 62% probability of 25 basis points (bps) rate cut, per CME Group’s FedWatch tool, up from 52% seen pre-data release.
The latest downtick in the US Dollar is sponsored by the looming uncertainty surrounding Trump’s tariffs even as US-China trade tensions ease.
Trump said on Wednesday he would be willing to extend a July 8 deadline for completing trade talks with countries before higher US tariffs are imposed.
Meanwhile, the Wall Street Journal (WSJ) reported late Wednesday that China is putting a six-month limit on rare-earth export licenses for US automakers and manufacturers.
The USD will likely remain defensive as markets try to make sense of the latest trade developments and its impact on the economic outlook.
However, hot US PPI inflation data could offer some respite to USD buyers, limiting the Gold price upside.
The US PPI is forecast to rise at an annual rate of 2.6% in May, following a 2.4% increase in April. The monthly PPI inflation is set to rebound to 0.2% in the same period. Core PPI is expected to rise 3.1% over the year and 0.3% on a monthly basis last month.
Also, of note will remain the simmering Israel-Iran geopolitical conflict and trade headlines, which could have a significant impact on the USD and hence, the bright metal.
Finally, it’s worth mentioning that record purchases by global central banks and rising prices have strengthened Gold’s position as the second biggest reserve holding in value terms, first being the USD, a report published by the European Central Bank (ECB) showed on Wednesday.
Gold price technical analysis: Daily chart
The bullish outlook for Gold price in the short term has been solidified as buyers staged a solid reversal from the critical $3,297 level.
That level is the 38.2% Fibonacci Retracement (Fibo) level of the April record rally.
The 14-day Relative Strength Index (RSI) points north above the midline, currently near 57.50, justifying the renewed upside.
For a sustained uptrend, Gold price must find a foothold above the 23.6% Fibo resistance at $3,377 on a daily closing basis.
The next stiff resistance is spotted at the $3,400 mark, above which the May high of $3,439 will come into the picture.
On the downside, the immediate support is aligned at the 21-day Simple Moving Average (SMA) of $3,315.
Gold sellers need a decisive break below the abovementioned strong support at $3,297 to challenge the 50-day SMA cushion at $3,279.
The last line of defense for buyers is aligned at $3,232, the 50% Fibo level of the same ascent.
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.
Although price levels indicated by the moving averages can provide a guide, they are not as reliable in a consolidating environment as seen recently. The higher swing low at $3.44 shows a potentially more significant price level as it is part of a possible CD leg of a developing rising ABCD pattern (purple). Given the downward pressure shown today, that price level is at risk of being broken.
Furthermore, weakness today triggered a breakdown below last week’s low of $3.50 and created a lower weekly low and lower high. Therefore, a daily close below $3.50 confirms the breakdown on a daily basis, while a potential weekly confirmation will have to wait until the end of day on Friday.
Weekly Breakdown Triggers
It is interesting to note that the past few weeks have shown a series of lower weekly highs on the weekly chart (not shown). That pattern occurred as natural gas was attempting to break above resistance established at the early-May swing high of $3.84. Now that a weekly low was busted, it provides another bearish indication but on the higher time frame. Moreover, there was a potentially bearish shooting start candlestick pattern generated two weeks ago. The pattern suggested potential difficulty in exceeding the $3.84 high as well.
Lower Price Levels
If natural gas falls below today’s low and then the $3.44 low, it looks likely to head for a test of support around the 61.8% Fibonacci retracement at $3.38. That is also close to the weekly opening price two weeks ago.
For a look at all of today’s economic events, check out our economic calendar.
Speculative interest welcomed softer-than-anticipated US inflation figures.
US President Donald Trump claimed a trade deal with China is “done.”
XAU/USD extends its consolidative phase, buyers willing to add on dips.
Gold is in consolidative mode on Wednesday, hovering around the $3,300 level in the mid-American session. The XAU/USD pair peaked at $3,360.72 following some interesting headlines coming from the United States (US).
On the one hand, US President Donald Trump used Truth Social to announce that the US relationship with China is “excellent,” adding that the trade deal is done but subject to Xi’s approval. On the other hand, inflation in the country, as measured by the Consumer Price Index (CPI) rose by less than anticipated in May, up by 0.1% on a monthly basis and by 2.4% from a year earlier vs the expected 0.2% and 2.5% respectively.
The US Dollar (USD) fell with the combined headlines, pushing the bright metal towards the mentioned high, yet the same optimistic news sent investors into riskier assets, to the detriment of XAU/USD.
XAU/USD short-term technical outlook
From a technical point of view, the daily chart for the XAU/USD pair shows it remains little changed for a third consecutive day. The pair keeps holding above a mildly bullish 20 Simple Moving Average (SMA), providing dynamic support at around $3,310. At the same time, the 100 and 200 SMAs extend their advances below the shorter one, in line with the dominant bullish trend and despite the limited momentum. Finally, technical indicators are stuck around their midlines without clear directional strength, reflecting the ongoing consolidation.
The 4-hour chart gives no clear directional clues. The XAU/USD pair is resting just above a bearish 20 SMA (Simple Moving Average), which converges with a mildly bullish 100 SMA. The 200 SMA, in the meantime, maintains its modest downward slope below the shorter ones. Finally, technical indicators head nowhere within neutral levels, reflecting the absence of a clear directional trend.
Traders are closely monitoring today’s U.S. consumer price index (CPI) report, scheduled for release at 1230 GMT. The data could clarify the Federal Reserve’s stance on interest rates. A softer CPI would increase the likelihood of rate cuts, which would typically support gold prices. Conversely, a hotter-than-expected reading could dampen gold’s appeal by reinforcing expectations for prolonged high interest rates.
Trade Deal Headlines Offer Limited Relief
U.S. and Chinese officials announced on Tuesday they had agreed on a framework to restore trade cooperation, including the rollback of China’s export restrictions on rare earths. However, markets showed little enthusiasm, reflecting skepticism over the durability of any agreement. April’s tit-for-tat tariffs and only partial progress since underscore lingering distrust. “Gold should remain supported as long as global trade tensions risk escalating further, or even just staying elevated for longer,” said Han Tan, chief market analyst at Exinity Group.
Gold Prices Forecast: Neutral to Bearish While Below $3403.63
Gold is trading in a tight range, supported by geopolitical risk but held back by technical resistance. The support zone between $3310.48 and $3274.00 will be key—failure to hold above this area could open the door to extended downside. Unless the $3403.63 top is breached, sentiment remains mixed with a neutral-to-bearish near-term bias. Traders should watch both CPI outcomes and trade headlines for confirmation of the next directional move.
The EURNZD failed to record any new positive target, due to the continuation of the contradiction between the main indicators, to notice its approach from the moving average 55 at 1.8810, reinforcing the stability of the bullish channel’s support at 1.8785.
Depending on the stability of the previously mentioned main support, we will keep waiting for positive momentum in the near period, to ease the mission of recording positive stations by its rally to 1.8960 initially, then attempt to press on the intraday obstacle at 1.9050.
The expected trading range for today is between 1.8860 and 1.8960
Copper price remains stable until this moment below $4.8900 level, which decelerates the chances for renewing the bullish attempts, to keep preferring the sideways bias domination in the near trading, and there is a possibility to form some correctional waves that target $4.7500 reaching $4.6600 level.
While the price success to breach the mentioned barrier and hold above it will reinforce the chances for renewing the bullish attempts, to expect reaching $5.0300 followed by the next barrier at $5.1000.
The expected trading range for today is between $4.7500 and $4.8900
Trend forecast: Fluctuated within the bullish track
The GBPJPY pair kept its stability within the bullish channel’s levels, taking advantage of forming extra support at 194.50 level, to notice forming some bullish waves and its stability near 195.50, to confirm the continuation of the previously suggested bullish scenario.
The price needs a new positive momentum that allows it to settle above the obstacle at 195.65 level, to begin forming strong bullish waves, targeting 196.30 level reaching 61.8%Fibonacci correction level at 197.35, forming the next main target for the bullish track.
The expected trading range for today is between 194.80 and 196.30
