Natural gas price formed temporary correctional bullish wave yesterday to fluctuate above 50% Fibonacci correction level at 3.130$, attempting to cover some previous losses to settle near 3.200$.
Note that the MA55 continues to form additional barrier at 3.260$, along with stochastic consolidation within the oversold areas, these factors support the domination of the bearish bias for the near-term and medium-term period, to keep waiting to form new negative waves and target 2.970$ followed by 2.840$ levels.
The expected trading range for today is between 2.970$ and 3.200$
Gold price shows slight bearish bias, noticing that this decline is confined within minor bearish channel that we believe it forms bullish flag pattern, thus, breaching 2821.00$ will provide good positive motive that supports the expectations of continuing the bullish trend in the upcoming period.
Therefore, we will continue to suggest the bullish trend for today unless breaking 2810.00$ and holding below it, reminding you that our next main target is located at 2850.00$.
The expected trading range for today is between 2800.00$ support and 2850.00$ resistance.
The GBPUSD price attempted to break 1.2415$ but it returns to consolidate above it, to keep the bullish trend scenario valid for today, which depends on the price stability above this level, supported by the EMA50 that carries the price from below, reminding you that our main waited target is located at 1.2605$.
The expected trading range for today is between 1.2350$ support and 1.2510$ resistance
Platinum price approached the MA55 yesterday at 955.00$, affected by the frequent stability below 983.00$ barrier that formed solid obstacle against the attempts to resume the bullish attack recently.
We expect to witness mixed trades now, noting that stochastic attempt to provide the negative momentum might push the price to suffer additional losses by crawling towards 940.00$, while succeeding to surpass the barrier and holding above it will reinforce the chances of renewing the bullish attack, to target 1005.00$ as a next station.
The expected trading range for today is between 940.00$ and 983.00$
Platinum price approached the MA55 yesterday at 955.00$, affected by the frequent stability below 983.00$ barrier that formed solid obstacle against the attempts to resume the bullish attack recently.
We expect to witness mixed trades now, noting that stochastic attempt to provide the negative momentum might push the price to suffer additional losses by crawling towards 940.00$, while succeeding to surpass the barrier and holding above it will reinforce the chances of renewing the bullish attack, to target 1005.00$ as a next station.
The expected trading range for today is between 940.00$ and 983.00$
Brent oil price broke 77.05$ level clearly and declined strongly to reach the thresholds of 75.66$ level, and by taking a deeper look at the chart, we find that the price completes forming head and shoulders’ pattern that its confirmation line located at 76.00$, which means that breaking this level will put the price under additional negative pressure that we expect to push the price to suffer new losses that start by visiting 74.00$ areas and extend to 72.50$.
Therefore, we expect the domination of the bearish trend on the upcoming trades, taking into consideration that breaching 77.05$ will stop the current bearish wave and lead the price to start recovery attempts on the intraday basis.
The expected trading range for today is between 74.50$ support and 77.50$ resistance.
Gold price off record highs, consolidates recent gains above $2,800 early Tuesday.
The US Dollar demand attempts a rebound in sync with US Treasury bond yields.
US President Trump delays tariffs on Mexico and Canada, not on China.
Overbought conditions on the daily chart caution Gold buyers ahead of US jobs data.
Gold price has entered a consolidative mode above $2,800 early Tuesday, slightly off all-time highs of $2,831 reached on Monday. Attention now turns toward the US labor data and speeches from US Federal Reserve (Fed) policymakers amid tariff respite by US President Donald Trump.
Gold price awaits US jobs data for fresh impetus
After witnessing an extremely volatile trading day on Monday, Gold price bides times as buyers take a breather, weighing the recent tariffs play by Trump amid strong US ISM PMI data and hawkish Fed commentaries.
Additionally, the US Dollar (USD) embarks on a decent recovery across its major currency rivals as markets remain wary heading into the US tariff implementation time on China from 5:01 GMT this Tuesday.
However, if the much-awaited US JOLTS Job Openings data, expected to arrive at 8 million in December, disappoints alongside the upcoming Fedspeak, the selling interest in the Greenback will likely be reinforced, allowing Gold price to pressure record high.
Further, if risk recovery gathers steam, markets are likely to dump the safe-haven US Dollar in search of higher returns in the global stocks, Gold price could find a fresh boost for a continued upside.
Gold price witnessed good two-way businesses on Monday, falling as low as $2,773 in the first half due to intense safe-haven flows into the US Dollar after traders took account of US President Donald Trump’s tariff announcements.
Trump on Saturday imposed 25% tariffs on Canada and Mexico while slapping China with 10% levy, citing that the measures were necessary to combat illegal immigration and the drug trade. The Trump tariff war rattled markets and pushed them to ‘sell everything’, with the Greenback emerging as the only winner.
However, the tide turned against the USD in Monday’s American trading after the US struck a deal with Mexico and Canada to delay tariffs by a month in exchange. for strict border security from both its neighbors and to ban fentanyl exports to the US.
Notwithstanding the sharp rebound in US Treasury bond yields, the renewed US Dollar sell-off helped push Gold price to fresh record highs at $2,831. Gold price, however, moved slightly away from the record highs to settle near $2,815 as Fed policymakers maintain their cautious outlook on inflation and interest rate cuts amid Trump’s policy uncertainty.
Atlanta Fed President Raphael Bostic said that “uncertainty has been increasing; want to be cautious and not have policy lean in a direction and have to switch.” “I’m prepared to wait for a while to cut again,” he added.
Meanwhile, Chicago Fed President Austan Goolsbee noted that “uncertainties warrant caution in rate cuts,” warning of “possible inflation increase.“
Gold price technical analysis: Daily chart
The daily chart warrants caution for Gold optimists as the 14-day Relative Strength Index (RSI) has entered the overbought region to currently trade near 71.
Therefore, further upside could remain elusive, with a pullback likely in the offing before the uptrend resumes.
If a correction sets in, Gold price could challenge the $2,800 round level, below which the previous day’s low of $2,772 will be tested.
Additional declines will put the January 30 low of $2,754 at risk. The last line of defense for buyers is seen at the 21-day SMA at $2,731.
However, the 50-day Simple Moving Average (SMA) and 100-day SMA Bull Cross keep hopes alive for buyers.
On the upside, Gold price needs a sustained move above the all-time high of $2,831 to target the $2,850 psychological level.
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.
Given the sharp bullish reversal seen today, higher targets seem likely before the advance is complete. This doesn’t mean natural gas goes straight up but it does indicate a possible bottom has been established at last Friday’s low of 2.99, at least for now. That low was in an area of confluence from several indicators all pointing to possible support around the 61.8% Fibonacci retracement at 3.03.
Above 3.41 Trigger Bullish Continuation
A breakout above today’s high of 3.41 triggers a continuation of the bounce. The next upside target is marked by two indicators from 3.51 to 3.52, consisting of the 38.2% Fibonacci retracement and the 50-Day MA, respectively. If upward momentum can be sustained there is a chance for a test of a higher potential resistance zone starting from the October 2023 peak at 3.64.
A potential resistance zone goes up to the 20-Day MA, currently at 3.71. Notice that a breakdown of the rising trend triggered a breakdown below the 20-Day MA and trendline on the same day, January 27. The current advance has the potential to eventually test resistance around the 20-Day line.
Bottom Likely Establish for Now
If natural gas decides to pullback and further test recent lows as support, the expectation is that it would hold as support, at least till there is a higher bounce. This is due to the combination of a clear support zone, as well as the rising trendline that is also around the lows. The expectation would be for further tests of recent lows to find support above the 2.99 price level.
Last week’s high was 3.83 and it established a high for a relatively wide range week. Since natural gas is stuck within the range, there is a chance to approach and test the area zone as resistance in reaction to last week’s very bearish price action.
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Silver price loses ground to around $30.90 in Monday’s early European session, losing 1.30% on the day.
The positive view of silver prevails above the 100-period EMA with a neutral RSI indicator.
The initial support level is located at $30.60; the immediate resistance level is seen at $31.72.
The Silver price (XAG/USD) tumbles to near $30.90 during the early European trading hours on Monday. The mounting fears of a global trade war following US President Donald Trump’s sweeping tariff measures boost the US Dollar (USD) broadly and exerts some selling pressure on the white metal.
According to the 4-hour chart, the bullish outlook of the white metal remains intact, with the price holding above the key 100-period Exponential Moving Averages (EMA). Nonetheless, the Relative Strength Index (RSI) hovers around the midline, suggesting that further consolidation cannot be ruled out.
The first downside target is located at $30.60, the 100-period EMA. Further south, the next contention level to watch is $30.40, the lower limit of the Bollinger Band. Extended losses will pave the way to the $30.00, psychological level, en route to $29.50, the low of January 13.
In the bullish case, the immediate resistance level emerges at $31.72, the high of January 31. The next hurdle is seen at the $31.90-$32.00 region, representing the upper limit of the Bollinger Band and the round mark.
Silver price 4-hour chart
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.
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