XAU/USD Current price: $3,353.43

• The market mood improved despite mixed data, persistent global trade tensions.
• The European Central Bank will announce its decision on monetary policy on Thursday.
• XAU/USD paused its rally and retreated, bulls still have a chance.

Gold price hovers around $3,350 a troy ounce, down on Tuesday as the US Dollar (USD) managed to recover some of the ground shed on Monday. Speculative interest flipped into riskier assets, with US indexes up by the time of writing, reverting from a pre-opening dip.

United States (US) data was mixed, as Factory Orders fell by 3.7% MoM in April, much worse than the 3.4% advance posted in March or the -3% anticipated by market analysts. At the same time, the number of job openings on the last business day of April stood at 7.39 million, according to the Job Openings and Labor Turnover Survey (JOLTS) report. The figure surpassed the 7.2 million openings recorded in March and exceeded the market expectation of 7.1 million.

Also, the Eurozone (EU) reported that Harmonized Index of Consumer Prices (HICP) rose by 1.9% year-on-year (YoY) in May, below the European Central Bank’s (ECB) 2% target. The core annual figure printed at 2.3%, easing from the 2.7% posted in April and below the 2.5% anticipated by market players. The figures lifted the mood ahead of the European Central Bank (ECB) monetary policy decision on Thursday.

Meanwhile, global trade tensions remain the same. The latest from US President Donald Trump was doubling tariffs on aluminium and steel imports into the country to 50%, starting Wednesday. An update on the matter can come later today.

XAU/USD short-term technical outlook

From a technical point of view, XAU/USD seems to be consolidating gains and with the risk still poised to the upside. In the daily chart, the bright metal holds above all its moving averages, with a flat 20 Simple Moving Average (SMA) offering support around $3,292.80, while the 100 and 200 SMAs keep grinding north far below the shorter one. Technical indicators, in the meantime, remain within positive levels, although with uneven directional strength.

In the near term, and according to the 4-hour chart, XAU/USD maintains its positive bias. The pair bounced from a mildly bullish 20 SMA, which advances beyond directionless 100 and 200 SMAs. Finally, technical indicators eased from their recent peaks, but consolidate within positive levels, far from suggesting a steeper decline.

Support levels: 3,333.10 3,316.65 3,292.80

Resistance levels: 3,367.75 3,374.90 3,394.05

The GBPJPY pair formed more of the slow bearish waves, confirming their surrender to the suggested bearish scenario, by moving away from the barrier at 194.55 level, to repeat the pressure on the intraday obstacle at 192.90.

The continuation of providing negative momentum by stochastic will assist in forming an extra decline to target 192.35 level, reaching the main support at 191.70, while breaching the mentioned barrier will cancel the negative suggestion, to provide the price a chance to renew the bullish attempts by its rally towards 195.20 initially.

The expected trading range for today is between 192.35 and 194.20

Trend forecast: Bearish

• Silver corrects lower on Tuesday amid a stronger US Dollar.
• The broader trend remains positive, with bears limited above $34.00.
• XAG/USD faces significant resistance ahead of the $35.00 level.

Silver prices (XAG/USD) are trading lower on Tuesday’s European session, weighed by a somewhat firmer US Dollar, as the risk-off mood witnessed on Monday seems to have eased.

The precious metal hit fresh six-month highs on Monday, with the US Dollar hammered by renewed tariff concerns and downbeat US data. The US Manufacturing PMI confirmed the negative impact of tariffs on factory activity and pushed the US Dollar to fresh multi-month lows.

Technical analysis: Silver’s broader trend remains positive

From a wider perspective, price action remains positive. The reversal from $34.75 has been contained at the 34.00 round level, above the previous resistance, now a potential support area, at $33.70.

On the upside, the area between $34.75 and $35.00 contains several resistance levels (October 23 and June 4 highs), and the 161.8% Fibonacci extension of the Mid may rally, and might be a tough nut to crack.

Above here, a late 2012 peak lies at $35.40. The 261.8% Fiboinnacci retracement is at $37.00.

On the downside, immediate support is at the mentioned $33.70 and then at the $32.65-$32.75 zone.

XAG/USD 4-Hour Chart

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(This story was corrected on June 3 at 08:43 GMT to say that the 261.8% Fiboinnacci retracement is at $37.00, not the 2611.8% retracement.)

Despite the pullback, gold’s downside was limited. “Persistent concerns about trade disruptions and expectations of Federal Reserve rate cuts have helped stabilize gold prices,” said a commodities strategist at a Hong Kong-based brokerage.

Silver Trades Lower but Remains Supported by Broader Risks

Silver (XAG/USD) traded at $34.79 per ounce, reflecting modest losses as the precious metal followed gold’s trajectory. The dip comes amid an uptick in risk sentiment, as investors rotated into equities. However, expectations of Fed easing and sustained global uncertainties have kept silver’s downside in check.

Market expectations lean toward the Federal Reserve delivering at least two rate cuts in 2025, a view bolstered by recent comments from Fed officials. Traders now await key US economic releases, including the JOLTS Job Openings report and Friday’s Nonfarm Payrolls (NFP) data, which could influence both the dollar and precious metals.

“While stronger-than-expected US jobs data may lift the dollar in the near term, the overarching narrative of a dovish Fed remains supportive for gold and silver,” noted an analyst at a Singapore-based investment firm.

With geopolitical tensions and trade uncertainties persisting, the broader market sentiment remains favorably inclined towards safe-haven assets, positioning gold and silver as key beneficiaries in a volatile global environment.

Short-Term Forecast

Gold consolidates near $3,360, eyeing a breakout above $3,365. Silver holds support at $34.41; a push above $34.79 could target $35.50. Key levels hint at swift moves.

Natural gas price took advantage of stochastic attempt to provide positive momentum, to notice surpassing $3.600 level, recording some of the gains by reaching $3.750, but the repeated stability below the barrier at $3.870 represents a main barrier against regaining the bullish bias, to expect forming mixed trading, and there is chance for the decline again below $3.600 level and targeting the negative stations near $3.450 and $3.320.

While facing new bullish pressure and breaching the mentioned barrier will confirm its readiness to form strong bullish waves, to expect achieving several gains by its rally towards $3.950 and $4.150.

The expected trading range for today is between $3.550 and 3.800

Trend forecast: Bearish

Platinum price took advantage of the repeated stability above the extra support at $1042.00, to notice forming some bullish trading and recording the initial target by hitting $1071.00.

Reminding you that confirming breaching $1070.00 level that represents the extension of the bullish channel’s resistance is important, to confirm its move to a new bullish station that allows it to press on the barrier at $1100.00, while the failure of the breach will force the price to provide mixed trading, and there is chance for renewing the pressure on the support at $1042.00.

The expected trading range for today is between $1052.00 and $1080.00

Trend forecast: Bullish

• Gold price prints monthly highs near $3,400 early Tuesday, then retreats.
• The US Dollar comes up for air after Monday’s sell-off on renewed trade concerns.
• Gold price breaks through the key resistance line on the daily chart amid bullish RSI.

Gold price is on a modest pullback from the monthly high of $3,392 reached in Tuesday’s early Asian trades. The focus is back on the US JOLTS Job Openings data while trade headlines will continue to remain the primary market driver.

Gold price to keep benefiting from trade and geopolitical fears

Despite the latest retreat, Gold price will likely remain underpinned by renewed tensions over US President Donald Trump’s latest tariff announcement and rekindling US-China trade rift.

Ever since Trump announced on Friday that he would double import tariffs on steel and aluminium to 50% in a bid to “even further secure the steel industry in the United States (US)”, the US Dollar (USD) has been on the receiving end amid renewed fears over the economy and policies uncertainty.

Further, trade concerns intensified after Trump accused China of violating its agreement with the US to mutually roll back tariffs and holding back products essential to the industrial supply chain., in a post published on Truth Social on Friday.

Moreover, Reuters reported on Monday that The Trump administration is reportedly working on delivering a final trade deal deadline set for this Wednesday.

However, early Tuesday, USD sellers seem to be taking a breather, limiting the Gold price upside. Traders could be covering their USD short positions, gearing for a slew of critical US employment data this week, with the JOLTS Job Openings Survey due later in the day.

Strong US jobs data could back the Federal Reserve’s (Fed) prudent policy approach and aid the Greenback’s recovery, impeding the renewed Gold price uptrend toward record highs.

That said, the daily technical setup for Gold price continues to indicate strong gains in the near term.

Gold price technical analysis: Daily chart

Having firmly defended the 21-day Simple Moving Average (SMA), Gold price stormed through the falling trendline resistance, then at $3,346, to finish Monday at $3,382.

At the moment, Gold price is struggling yet again with $3,377, the 23.6% Fibonacci Retracement (Fibo) level of the April record rally.

Buyers yearn for acceptance above the $3,400 threshold to resume the recent upswing toward the lifetime highs of $3,500.

Ahead of that, the May high of $3,439 must be scaled on a sustained basis.

The 14-day Relative Strength Index (RSI) points lower but holds comfortably above the midline, supporting bullish bias.

Conversely, the correction could gather steam on a decisive break below the falling trendline resistance-turned-support, now at $3,341.

The next support is seen at the confluence of the 21-day SMA and the 38.2% Fibo level near $3,300.

Gold sellers could then accelerate declines toward the 50% Fibo level near $3,232 where the 50-day SMA hangs around.

Hits Three Day High

Given today’s bullish reversal signal, last Thursday’s low of $3.44 established a higher swing low within a near-term uptrend structure that is contained within the developing CD leg of a potential rising ABCD pattern. The ABCD pattern is within a potential bullish trend channel that is highlighted in light green. Support for the bearish pullback was seen last around the confluence of a 50% retracement level, the 20-Day MA, and an AVWAP level from the May swing low (A).

Price Rejected from Strong Support

Given the subsequent bullish reaction from that support zone, natural gas looks poised to challenge and possibly exceed the $3.84 lower swing high (B). A decisive breakout above $3.84 would trigger the ABCD pattern as a higher swing high would be established and a daily close above that level would confirm the breakout.

The first higher target zone is $4.08 to $4.12, consisting of the initial target for the rising ABCD pattern and the 61.8% Fibonacci retracement, respectively. Potential resistance around the top line of the trend channel may also provide clues about supply and demand, particularly if it lines up with another indicator once approached by price.

Right Shoulder a Potential Barrier

If the price of natural gas continues to rise it will eventually encounter potential resistance around an interim swing high of $4.25. That swing high established the right should for a recent head and shoulders bearish reversal pattern. It marks a lower high in the bearish correction that started after the $4.90 peak in March. A violation of that bearish price structure would be bullish and provide another bullish reversal signal.

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

• Silver extends rally as improved sentiment and safe-haven flows fuel breakout toward YTD highs.
• RSI shows strong upside momentum; breach of $34.86 could open path to $35.00 and $37.49.
• Support seen at $34.58 and $33.69 if price pulls back from current levels.

Silver prices soar, gaining over 5% on Monday, as investors who had become risk-averse earlier pushed the grey metal higher. However, as market sentiment improved, buyers continued to drive XAG/USD higher, trading at $34.65 near year-to-date (YTD) highs.

XAG/USD Price Forecast: Technical outlook

Silver prices are poised to remain bullish and extend their gains to challenge the 2023 peak of $34.86. Bulls remain in charge, as depicted by the Relative Strength Index (RSI), taking a steeper rise.

With that said, the next resistance for XAG/USD would be last year’s peak. A breach of the latter will expose the $35.00 level, followed by the February 29, 2012 high of $37.49. Conversely, if XAG/USD drops below the March 28 peak of $34.58, a decline towards $34.00 is likely. In the event of further weakness, the next support level would be the May 22 peak, which has since turned into support at $33.69.

XAG/USD Price Chart – Daily

BioNTech SE’s stock price (BNTX) skidded in latest intraday trading, amid the dominance of the downward secondary in the short term, as the price failed to shake off negative pressure from the 50-day SMA, giving in to pressure, amid negative signals from the Stochastic after reaching overbought levels. 

Therefore we expect more losses for the price, targeting the first support at $89.77, provided the resistance of $101.90 holds on.

Today’s price forecast: Bearish