Copper price began forming a negative move, activating with the negativity of the main indicators, to settle near the extra support at $4.5000, facing negative pressures will increase the chances for breaking the current support, to open the way towards targeting extra negative stations, which might begin at $4.4500 reaching $4.3100.

The failure to break the current support might push the price to form mixed trading, and there is a new chance for targeting 50%Fibonacci correction level near $4.6600.

The expected trading range for today is between $4.4500 and $4.5600

Trend forecast: Bearish

Institutional interest in bullion remains subdued as traders reassess the likelihood of near-term Fed action. Retail sales and PPI data showed enough resilience to keep growth concerns at bay, while sticky inflation expectations may force policymakers to stay cautious. Without a decisive dovish pivot or renewed geopolitical stress, gold is likely to remain under pressure.

Unless upcoming Fed commentary pushes back clearly against rising real rates or reaffirms a near-term policy shift, capital rotation toward risk assets and away from gold will likely persist. With safe-haven demand cooling and inflation uncertainty elevated, gold faces continued headwinds in the short term.

Technically, XAU/USD is still in an uptrend, but momentum has shifted to the downside.

A sustained move under the pivot at $3166.46 is likely to extend the selling pressure this week towards the next major pivot at $3018.52.

Traders are expected to continue to buy the dips into support, but unlike previous similar moves, they are being met by traders selling the rallies.

The major support is the swing bottom at $2956.56. If this price fails then look out to the downside with the 52-week moving average at $2707.24 the next like target.

More Information in our Economic Calendar.

No news for Copper price until this moment by its repeated sideways fluctuation near $4.6200 level, attempting to settle below the initial barrier at $4.6600, reinforcing the chances for activating the suggested negative scenario, reminding you that the initial targets are located near $4.4500 and $4.3100 level.

Note that regaining the bullish bias requires forming strong bullish waves, to surpass the resistance at $4.9100, and holding above it to open the way towards achieving big gains that might begin at $5.0300.

The expected trading range for today is between $4.4500 and $4.6800

Trend forecast: Bearish

• XAG/USD capped at $32.73 (50-day SMA), supported by 100-day SMA near $31.88 amid choppy trade.
• RSI flat near neutral; a break above $33.00 is needed to turn bias bullish toward $33.50–$34.51
• A drop below $32.00 may expose $31.65 and the 200-day SMA at $31.23 as bearish pressure builds.

Silver prices edged lower on Friday, with losses of over 1%, set to end the week on a negative note amid rising US Treasury yields, which staged a comeback late during the North American session. XAG/USD trades at $32.26 after hitting a daily peak of $32.68 at the time of writing.

XAG/USD Price Forecast: Technical outlook

XAG/USD consolidated within the 50 and 100-day Simple Moving Averages (SMAs) at $32.73 and $31.88, respectively, over the last five days, with no apparent bias as depicted in the daily chart. The Relative Strength Index (RSI), although bearish, remains flat near the 50-neutral line, flat.

This confirms the grey metal’s lack of direction, but buyers could regain control if they clear a downslope trendline drawn from the March 28–April 25 peaks, which could be broken near $33.00. A breach of the latter will expose $33.50, followed by the $34.00 mark. Once surpassed, the next stop would be the October 30 peak at $34.51.

Conversely, if XAG/USD falls below $32.00, the first support would be the 100-day SMA, followed by the May 15 low of $31.65. Once this level is cleared, the next stop would be the 200-day SMA at $31.23, followed by the $31.00 figure.

XAG/USD Price Chart – Daily

Prepped for Bearish Continuation

The high for the day at $3.45 essentially tested prior support as resistance as a minor interim higher swing low was at $3.42. Notice that a falling trendline has been added to the chart from the recent peak in March. Along with the 61.8% retracement level, it may provide an additional guide as it previously represented resistance. It is interesting to note that on Monday the trendline and 61.8% level are converged.

In other words, they mark the same price area on Monday. When two or more indicators mark a similar price area, it has the potential to do two things. One, it can act like a magnet pulling price towards it. And second, it marks a potentially more significant price level. Therefore, it increases the chance for a bullish reversal and the potential selling pressure that could be unleashed if it doesn’t hold as support.

Weekly Bearish Reversal Confirms Selling Pressure

A bearish reversal on the weekly chart triggered on Thursday, with the breakdown confirming today with a likely weekly closing price below $3.42. That is another piece of evidence for the bearish side of the outlook. It increases the chance that natural gas will reach the 61.8% level, and that it could go lower. The 78.6% retracement is the next lower price level at $3.07.

Above $3.45 Could See Higher Bounce

On the upside, a decisive rally above today’s high of $3.45 would show strength and indicate that today’s low may have completed the retracement. Or it is just a bounce before a continuation lower. Resistance from Thursday is at $3.50 and it is confirmed by a potential AVWAP resistance level calculated from the March peak.

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

• Silver price tumbles to near $32.30 on optimism about a potential trade deal between the US and China.
• This week, the US and China agreed to lower tariffs by 115%.
• Soft US economic data has weighed heavily on US Treasury yields.

Silver price (XAG/USD) falls sharply to near $32.30 during European trading hours on Friday. The white metal is down over 1% as investors become increasingly confident about a trade deal between the United States (US) and China.

The White House has signaled that Washington will “conduct a series of negotiations” with Beijing to avoid “escalation in trade tensions”. “We are going into a series of negotiations with China to prevent escalation again,” US Treasury Secretary Scott Bessent said on Thursday.

Trade tensions between the US and China started receding after both nations agreed to lower tariffs by 115% for 90 days. The event forced market experts to revise their global growth projections on the upside.

Theoretically, the demand for safe-haven assets, such as Silver, declines in a calm market mood. However, the demand for Silver as an industrial product has increased, given that China is recognized as the major manufacturing hub of the world. The temporary trade truce between the US and China is expected to allow Chinese firms to return to their prior capacity utilization. Silver as an industrial product is used in various sectors such as Electric Vehicles (EVs), electronics, and mining, etc.

The Silver price is lower despite a significant correction in US bond yields. 10-year US Treasury yields retrace sharply to near 4.40% from their monthly high of 4.55% posted on Thursday after the release of the soft US Producer Price index (PPI) and Retail Sales data for April.

Theoretically, the demand for non-yielding assets, such as the Silver price rises, when yields on interest-bearing assets decline.

Silver technical analysis

Silver price trades in a Descending Triangle formation on a four-hour timeframe. The chart pattern reflects indecisiveness among market participants. The near-term trend of the white metal is uncertain as it wobbles around the 20-period Exponential Moving Average (EMA), which is close to $32.44.

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 four-hour chart

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The GBPJPY pair affected by the bearish correctional bias domination, to settle near the support at 193.15, the continuation of the main indicator’s contradiction might force the price to provide new mixed trading, but its stability above the mentioned support will increase the chances for renewing the bullish attempts, which targets 194.55 level, to extend the trading towards the next resistance at 195.70.

In case reaching below the current support, we recommend the neutrality and monitoring the price behavior due to the factors that assist to decrease the negativity, starting from the moving average 55 stability below the current trading and its stability near 192.05, besides the continuation of forming a solid support at 191.40 level, to decrease the chances for renewing the negative attack on the upcoming trading.

The expected trading range for today is between 193.00 and 194.55

Trend forecast: Bullish

No news for Copper price until this moment by its repeated sideways fluctuation near $4.6200 level, attempting to settle below the initial barrier at $4.6600, reinforcing the chances for activating the suggested negative scenario, reminding you that the initial targets are located near $4.4500 and $4.3100 level.

Note that regaining the bullish bias requires forming strong bullish waves, to surpass the resistance at $4.9100, and holding above it to open the way towards achieving big gains that might begin at $5.0300.

The expected trading range for today is between $4.4500 and $4.6800

Trend forecast: Bearish

• Silver price struggles as the Trump administration to add several Chinese semiconductor firms to its export blacklist.
• Safe-haven demand for precious metals, including Silver, has weakened amid signs of easing global trade tensions.
• Silver’s downside could be capped as US Dollar softens following economic data that has heightened odds of Fed rate cuts.

Silver (XAG/USD) is pulling back from its recent gains seen in the previous session, hovering around $32.50 during Friday’s Asian trading hours. The metal is under pressure, possibly due to a Financial Times report indicating that the Trump administration plans to add several Chinese semiconductor companies to its export blacklist, known as the “entity list.” Silver’s growing connection to the chipmaking industry—owing to its essential role in electronics and semiconductor production—is amplifying the market’s sensitivity to such developments.

Meanwhile, safe-haven demand for precious metals, including Silver, has softened amid signs of easing global trade tensions. The US and China have reportedly reached a preliminary agreement to significantly reduce tariffs. According to the proposed deal, the US would lower tariffs on Chinese imports from 145% to 30%, while China would cut its tariffs on US goods from 125% to 10%. This breakthrough is viewed as a positive move toward de-escalating trade frictions between the two economic powerhouses.

Despite the recent pullback, Silver’s downside may be limited as the US Dollar (USD) weakens following economic data that increased expectations of potential Federal Reserve (Fed) rate cuts in the near term. Lower US interest rates generally support Silver prices, as they reduce the opportunity cost of holding non-yielding assets like precious metals.

However, Fed Chair Jerome Powell warned that inflation may become more unpredictable due to more frequent supply shocks, which could complicate the Fed’s efforts to maintain price stability moving forward.

Buyers Take Back Control

Other than a daily close above yesterday’s high, signs of aggressive buying are illustrated in the tail on today’s candle pattern, the rise above the open price following a bearish decline, and sustained buying pressure heading into the close. That shows strength that should be carried into the next two or three sessions.

Once dynamic support for the trend is successfully tested as support and followed by bullish signs, there is the potential for the bull trend to keep going. But today’s decline had additional significance as a standard falling ABCD pattern completed near the lows of the day. Overall, there looks like there is the potential for choppy movement within a two-week range from last week’s high of $3,439 to this week’s low of $3,121.

Choppy Between 20-Day and 50-Day Lines

Dynamic support continues with the 50-Day MA, while the 20-Day MA is now at $3,308 and shows a top dynamic resistance level. It will likely be more useful than the lower swing high, which is a bit higher. So, the 20-Day line provides a top price level where if it is exceeded demand may continue to improve and eventually challenge resistance around the recent lower swing high. In the near-term a rise above Wednesday’s high of $3,257 shows strength and would increase the chance for a rise into the 20-Day line.

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