Copper price delayed the bullish rally due to the negative pressure that comes by a stochastic approach from 50 level, suffering some extra losses by hitting $4.6000 level, attempting to settle above the moving average 55.

The contradiction between the main indicators might force the price to provide sideways trading, but the repeated stability below 6.8%Fibonacci correction level at $4.8100 represents a main factor that confirms the bearish correctional bias dominance, to keep waiting for resuming the decline and targeting $4.5000 level in the near period.

The expected trading range for today is between $4.5000 and $4.7000

Trend forecast: Bearish

Copper price delayed the bullish rally due to the negative pressure that comes by a stochastic approach from 50 level, suffering some extra losses by hitting $4.6000 level, attempting to settle above the moving average 55.

The contradiction between the main indicators might force the price to provide sideways trading, but the repeated stability below 6.8%Fibonacci correction level at $4.8100 represents a main factor that confirms the bearish correctional bias dominance, to keep waiting for resuming the decline and targeting $4.5000 level in the near period.

The expected trading range for today is between $4.5000 and $4.7000

Trend forecast: Bearish

• Gold price extends losses to hit weekly lows below $3,250 early Thursday.   
• The US Dollar recovers further on the US court’s tariff ruling, cautious Fed Minutes and upbeat mood.   
• Gold buyers appear to give up as the RSI breaches the midline, critical support near $3,295 cracked.

Gold price is extending its four-day bearish streak early Thursday, flirting with the lowest level in a week near $3,250.

Gold price gives into the US Dollar resurgence

The buying interest around the US Dollar (USD) remains unabated so far this week, with the latest leg up powered by the cautious Minutes of the US Federal Reserve’s (Fed) May policy meeting and a US federal court’s ruling that blocked President Donald Trump’s “Liberation Day” tariffs.

The court deemed such tariffs illegal, citing that Trump didn’t have the authority to impose across-the-board duties on imports from nations that sell more to the United States (US) than they buy, per Reuters.

Meanwhile, the Fed Minutes read, “participants agreed that uncertainty about the economic outlook had increased further, making it appropriate to take a cautious approach until the net economic effects of the array of changes to government policies become clearer.”

Furthermore, the upbeat market mood on the back of encouraging earnings report from the American artificial intelligence (AI) pioneer Nvidia, showing a strong revenue forecast.

The earnings showed a $44.06bn of revenue for last quarter, beating industry estimates of $43.2bn, earnings per share also beat estimates at $0.96, vs. $0.93. 

The market optimism helped the US Dollar bolster its recovery, offsetting any impact of the ongoing US-China trade tension.

According to the latest report, by the New York Times (NYT) the Trump administration is moving to restrict the sale of critical US technologies, including those related to jet engines, semiconductors, and certain chemicals, to China.

Attention now turns to the mid-tier US economic data releases and speeches from a slew of Fed policymakers for some respite to Gold buyers.

A bout of profit-taking in the Greenback could be on the cards ahead of Friday’s US core Personal Consumption Expenditure (PCE) Price Index, the Fed’s preferred inflation measure.

The data could pour cold water on the Fed’s recent hawkish stance and likely trigger a fresh pullback in the USD, allowing Gold price to stage a comeback.

In the meantime, US weekly Jobless Claims and the revision to Gross Domestic Product (GDP) data could provide some trading incentives to the USD and Gold traders.

Trade headlines and geopolitical updates will also continue to play a critical role in the Gold price performance.

Gold price technical analysis: Daily chart

The tide seems to have turned in favor of sellers in the near term as the 14-day Relative Strength Index (RSI) tests waters below the midline, currently near 49.50.

Also, Gold buyers failed to defend a powerful demand area near $3,295, which was the confluence of the 21-day Simple Moving Average (SMA) and the 38.2% Fibo of the April record rally, to keep the upside potential intact.

The next test for them is the 50% Fibo support near $3,230, where the 50-day SMA closes in, making that zone a tough nut to crack.  

A daily candlestick closing below that level could put the focus back on the 61.8% Fibo support at $3,168, from where Gold price rebounded to two-week highs of $3,366 last week.

Alternatively, if Gold price bounces off the abovementioned critical support area near $3,230, buyers could recapture the 21-day SMA, now at $3,287.

The next immediate resistance is aligned near $3,300 where the 38.2% Fibo level and the round level coincide.

Further up, a sustained break above the $3,350 psychological level is needed to resume the uptrend.

• Gold prices bounce off moving average support, reclaiming the $3,300 level.
• XAU/USD technical levels remain firm within a bull flag pattern.
• Momentum remains neutral with a narrow range hinting at the potential for a breakout.

Gold prices are threatening key technical layers of support on Wednesday, with Bullion searching for a fresh catalyst to drive prices out of the confines of the bull flag pattern.

After erasing 1.25% on Tuesday, the momentum of the downtrend has temporarily paused. At the time of writing, Gold prices are trading above the $3,300 psychological level with the 20-day Simple Moving Average (SMA) providing additional support at $3,289.

The current zone of price action remains technically significant, as it aligns with the upper bound of the bull flag and the 23.60% Fibonacci Retracement level of the January-April move at $3,290.

Gold prices bounce off support as pressure builds within the confines of a bull flag

With the descending trendline from the bull flag providing an additional barrier of resistance for bulls near $3,320, bears have struggled to gain momentum below the Fibonacci support. 

With the Relative Strength Index (RSI) flattening around 52, the next big move for the yellow metal hinges on whether bulls or bears can break free from their relative zones of restriction.  

Gold daily chart

A breakdown below $3,200 could open the door toward the 38.2% retracement level at $3,161, followed by deeper support near the 50% and 61.8% Fibonacci levels at $3,057 and $2,952, respectively.

On the upside, a decisive breakout above the descending wedge, particularly a close above $3,350-$3,360, would likely attract bullish momentum. Such a breakout would target a retest of April’s all-time high just below $3,500.

Chile’s state copper commission Cochilco raised its average copper price forecast for 2025 to $4.30 per pound, citing an improved global outlook following a tariff agreement between the US and China, mining minister Aurora Williams said on Wednesday.

The commission also increased its average price projection for 2026 to $4.30 per pound. Both estimates were previously $4.25 in its February report.

Separately, the agency projected that Chilean copper production will increase by 3% this year and again in 2026, when it is expected to reach 5.84 million metric tons.

The production guidance reflects a downgrade from Cochilco’s February estimate of 4.6% growth in 2025 and 3.6% growth in 2026.

(By Fabian Cambero and Brendan O’Boyle; Editing by Natalia Siniawski)

• Silver’s rebound loses steam amid higher appetite for risk and a firmer US Dollar.
• Upbeat US Consumer Confidence data has offset investors’ concerns about debt.
• XAG/USD is correcting lower from $33.70, with support at $32.89 holding bears for now.

Silver prices (XAG/USD) are posting moderate losses on Wednesday, weighed by the upbeat market sentiment, which is undermining demand for safe assets, and a firmer US Dollar.

The Greenback is trading higher across the board, on the back of easing trade tensions, after Trump’s decision to delay tariffs to Europe, and the upbeat Consumer Sentiment figures seen on Tuesday.

The risk-on mood offset the weak US Durable Goods Orders data and pushed debt concerns to the back seat, at least for now. The highlight today is the release of the minutes of the Fed’s May meeting that will provide further clues about the bank’s next steps.

Technical analysis: XAG/USD is in a bearish correction from $33.70

XAU USD was capped at the top of the last two months’ trading range, at $33.70, and is now correcting lower. Last week’s lower high confirms the immediate bearish trend, although the support at the $32.80 area seems to be a strong one.

The pair is struggling to find acceptance above $33.35, and remains moving within Tuesday’s range. Resistance at $33.50 (May 23, 26, and 27 highs) is likely to hold bulls ahead of the mentioned horizontal channel’s top at $33.70.

On the downside, a bearish reaction below $32.80 would bring $32.15 into focus.

XAG/USD 4-Hour Chart

Platinum price continued forming sideways trading since yesterday, attempting to settle above $1080.00, affected by stochastic contradiction, which attempts to exit the overbought level as appears in the above image.

The price might continue forming sideways trading until gathering the required momentum, to ease the mission of recording extra gains by its rally to $1125.00, reaching the next main target near $1156.00, while facing new negative pressures will force it to delay the bullish rally, which forces it to suffer some losses by reaching $1068.00 and $1058.00 by reaching the suggested extra targets.

The expected trading range for today is between $1080.00 and $ 1125.00

Trend forecast: Bullish

Copper price began moving between Fibonacci correction levels that were measured from the price decline from $5.320 reaching to the bottom at $4.000, to notice its confinement between 50%Fibonacci correction level at $4.6600, which represents an extra barrier against the bullish attempts, while 61.8% Fibonacci correction level at $4.8100 represents a barrier against the bullish rally. 

The continuation of the price fluctuations bearishly and forming an extra strong barrier at $4.8900 level, we will return to prefer the negativity in the near trading, to expect reaching the moving average 55 at $4.5650, then attempting to press on $4.5000, while surpassing the bearish scenario requires positive closes above $4.8900 level in the near trading.

The expected trading range for today is between $4.5600 and $4.7400

Trend forecast: Bearish

• Silver price edges higher after registering more than 0.50% losses in the previous session.
• The dollar-denominated Silver lost ground due to a stronger US Dollar.
• The safe-haven demand for Silver may strengthen amid rising US economic concerns.

Silver price (XAG/USD) recovers its recent losses registered in the previous session, trading around $33.30 per troy ounce during the Asian hours on Wednesday. However, the precious metals, including Silver, faced selling pressure amid a strengthening US Dollar (USD).

The dollar-denominated Silver lost its shine as a higher US Dollar makes it expensive for foreign buyers. The Greenback received support after Japan hinted at potential cuts in government debt issuance, boosting global bond markets and putting downward pressure on US yields. At the time of writing, the 10- and 30-year yields on US Treasury bonds are standing at 4.46% and 4.97%, respectively.

Additionally, the safe-haven demand for Silver weakened due to alleviated trade tension between the United States (US) and the European Union (EU). US President Donald Trump extended the tariff deadline on imports from the EU from June 1 to July 9. On Monday, the Brussels agreed to speed up trade talks with the United States to avoid a transatlantic trade war.

However, the safe-haven Silver gains ground due to rising fears over the US economy amid growing debt issues. US President Donald Trump’s “One Big Beautiful Bill” is set to be voted on in the Senate. The Bill is expected to raise the deficit by $3.8 billion as newly added provisions, including tax cuts, spending increases, and raising the debt ceiling. This could raise the risk of bond yields staying higher and keep borrowing costs higher for consumers, businesses, and governments.

XAU/USD Current price: $3,297.13

• A better market mood put pressure on the bright metal on Tuesday.
• The United States will release the FOMC meeting Minutes on Wednesday.
• XAU/USD pressures a near-term key support area, could resume its advance.

Spot Gold fell on Tuesday, piercing the $3,300 level during European trading hours and remaining soft after Wall Street’s opening. Upbeat United States (US) data helped the Greenback.

The country reported that Durable Goods Orders declined by 6.3% following a 7.6% increase (revised from 9.2%) reported in March, yet slightly better than the market expectation for a decrease of 7.9%. Additionally, the Conference Board’s Consumer Confidence Index rose to 98.0 in May, following the 86.0 (revised from 85.7) posted in April. The Expectations Index, which measures short-term expectations for income, economic activity, and employment, gained 17.4 points to 72.8, although holding below the 80-point level that signals economic contraction.

Following a dive in pre-opening trading, US indexes are firmly up mid-American session, with the Dow Jones Industrial Average (DJIA) up over 600 points. The better mood can also be attributed to progress in trade talks. US President Trump announced negotiations with the EU will soon take place, expressing confidence in a fair deal coming up.

The focus shifts to the Federal Open Market Committee (FOMC) Minutes, to be out on Wednesday. The FOMC decided to keep the benchmark interest rate on hold when it met early in May, and the document is expected to shed some light on the decisions’ background, while it could also hint at future monetary policy decisions.

XAU/USD short-term technical outlook

From a technical point of view, the daily chart for the XAU/USD pair shows it is pressuring a key dynamic support, which for now holds. A flat 20 Simple Moving Average (SMA) stands at around $3,288, while the pair bottomed for the day at $3,285.64. The same chart shows the 100 and 200 SMAs maintain their firmly bullish slopes far below the shorter one, limiting the longer-term bearish potential. The Momentum indicator crossed its midline into negative territory, but lost its downward strength, while the Relative Strength Index (RSI) indicator turned lower at around 52, reflecting the ongoing slide but falling short of anticipating another leg south.

The 4-hour chart shows XAU/USD fell below its 20 SMA, now providing dynamic resistance at around $3,326, while it bottomed around converging 100 and 200 SMAs. Finally, technical indicators offer neutral-to-bearish slopes within negative levels, skewing the risk towards the downside without confirming it. A recovery beyond the mentioned $3,320 area should see buyers taking back control of the bright metal.

Support levels: 3,285.20 3,272.40 3,258.10

Resistance levels: 3,326.00 3,335.90 3,349.65