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• Silver price looks for a temporary support after sliding almost 1% to near $33.00 as trade tensions between the US and China have renewed.
• Trump accused China for non-compliance of trade agreement.
• The US PCE inflation cools down in April.

Silver price (XAG/USD) is down almost 1% near the key level of $33.00 during North American trading house on Friday. However, the white metal strives to gain ground as renewed trade tensions between the United States (US) and China are limited the upside in the US Dollar (USD).

The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, struggles to extend its early recovery move above the immediate resistance of 99.70.

Historically, global economic tensions improve demand for safe-haven assets, such as Silver. However, it is struggling to find bids as higher US Dollar makes investment in Silver price an expensive bet for investors.

During North American session, US President Donald Trump accused Beijing for non-compliance on the trade agreement in a post on Truth.Social. “The bad news is that China, perhaps not surprisingly to some, has totally violated its agreement with us,” Trump wrote.

Meanwhile, soft US Personal Consumption Expenditure Price Index (PCE) data for April has weighed some pressure on the Silver. The US core PCE inflation, a Federal Reserve’s (Fed) preferred inflation gauge, rose by 2.5% on year, as expected, slower than 2.7% in March. Precious metals underperform in a low-inflation environment.

Silver technical analysis

Silver price ranges between $31.65 and $33.70 from over a month. The near-term trend of the white metal is uncertain as it wobbles around the 20-period Exponential Moving Average (EMA), which trades near $32.90.

The 14-period Relative Strength Index (RSI) oscillates inside the 40.00-60.00 range, indicating a sideways trend.

Looking up, the March 28 high of $34.60 will act as key resistance for the metal. On the downside, the April 11 low of $30.90 will be the key support zone.

Silver daily chart

Natural gas price confirmed its surrender to the bearish correctional bias by reaching below the initial support at $3.600, to settle below the moving average 55, hitting the initial negative target by reaching $3.450.

The stability of stochastic near 20 level will increase the negative pressure on the trading, which assist to renew the negative attempts that might target levels near $3.320, while the price success to regain the bullish bias requires providing a positive close above the barrier near $3.850.

The expected trading range for today is between $3.320 and $3.600

Trend forecast: Bearish temporarily

No change on copper price’s current negativity by its repeated fluctuation below 50%Fibonacci correction level at $4.6600, besides the continuation of suffering negative pressure by stochastic approach from 20 level, therefore, we will keep preferring the negative trading in the near period, which might target $4.5500 reaching the support at $4.4900.

 Note that regaining the bullish bias is conditioned by forming a strong bullish rally, to succeed to breach 61.8%Fibonacci correction level at $4.8100.

The expected trading range for today is between $4.5000 and $4.6600

Trend forecast: Bearish

Kremlin spokesperson Dmitry Peskov confirmed receiving Ukraine’s response to peace talks in Istanbul, while the White House announced a tentative ceasefire proposal from Israel, though its acceptance remains uncertain.

Fed’s Inflation Data and Rate Cut Prospects Shape Gold’s Path

Market participants remained cautious ahead of Friday’s US Personal Consumption Expenditure (PCE) Price Index, the Federal Reserve’s preferred inflation gauge. A cooling in inflation could raise expectations for interest rate cuts, potentially weakening the dollar and lifting gold.

Conversely, stronger inflation data could reinforce a hawkish Fed stance, strengthening the dollar and capping gold’s upside. Federal Reserve minutes revealed a “wait-and-see” approach, with policymakers balancing risks to inflation and employment.

Chicago Fed President Austan Goolsbee and San Francisco Fed President Mary Daly suggested two potential rate cuts this year, contingent on continued disinflation and labor market resilience.

Dallas Fed President Lorie Logan emphasized balanced risks, while Fed Chair Jerome Powell reiterated that future rate moves hinge on incoming data.

Silver Holds Ground as Gold Struggles for Direction

Meanwhile, silver (XAG/USD) prices traded steadily near $33.20, supported by underlying geopolitical uncertainty and consolidation patterns. The market’s focus remains split between inflation data and global tensions, keeping silver’s technical levels in play.

The EURJPY pair kept positive stability, taking advantage of forming extra support at 163.35 level, to begin achieving some of the gains by its rally towards the initial target by hitting 164.20 level.

The positive factors are represented by the continuation of forming main support at 162.00 level, and providing positive momentum by the main indicators, so that confirms the continuation of the positivity, which might target 164.80 level, to attempt to breach the obstacle near 165.20, to reinforce the continuation of the positivity in the upcoming period.

The expected trading range for today is between 163.30 and 165.20

Trend forecast: Bullish

Platinum price continued to resist stochastic negativity by its continuous fluctuation above $1056.00 level, which represents an important support as appears in the above image, as it represents 100% Fibonacci extension, and its stability reinforces the chances of the bullish scenario domination again.

Gathering the positive momentum is important to lead the price begin forming bullish waves to surpass $1100.00 level, then begin achieving new gains by its rally to $1125.00 reaching $1158.00 in the medium period trading.

The expected trading range for today is between $1068.00 and $1100.00

Trend forecast: Bullish

The GBPAUD ended its bullish rally by recording the initial target at 2.1035, facing 161.8%Fibonacci extension level, to form an intraday barrier against the attempts of resuming the bullish attack, which explains the negative rebound to 2.0915.

Note that the attempt of forming extra support at 2.0780 level will reinforce the chances for gathering the required positive momentum, to surpass the mentioned barrier, then begin targeting new bullish stations by its rally towards 2.1085 and 2.1150.

The expected trading range for today is between 2.0865 and 2.1035

Trend forecast: Fluctuated 

The EURJPY pair kept positive stability, taking advantage of forming extra support at 163.35 level, to begin achieving some of the gains by its rally towards the initial target by hitting 164.20 level.

The positive factors are represented by the continuation of forming main support at 162.00 level, and providing positive momentum by the main indicators, so that confirms the continuation of the positivity, which might target 164.80 level, to attempt to breach the obstacle near 165.20, to reinforce the continuation of the positivity in the upcoming period.

The expected trading range for today is between 163.30 and 165.20

Trend forecast: Bullish

The EURJPY pair kept positive stability, taking advantage of forming extra support at 163.35 level, to begin achieving some of the gains by its rally towards the initial target by hitting 164.20 level.

The positive factors are represented by the continuation of forming main support at 162.00 level, and providing positive momentum by the main indicators, so that confirms the continuation of the positivity, which might target 164.80 level, to attempt to breach the obstacle near 165.20, to reinforce the continuation of the positivity in the upcoming period.

The expected trading range for today is between 163.30 and 165.20

Trend forecast: Bullish