Likely Bottom Established

Nonetheless, there are indications that the recent swing low of $2.86 may have completed a bottom for natural gas. This would mean that a drop below today’s low may eventually generate a higher swing low and the first pullback following Monday’s bullish reversal on a weekly time frame. The 200-Day MA was also reclaimed yesterday with a breakout confirmed by a daily close above the 200-Day line.

Support Confluence

Support for the bottom of the bearish correction was found at the AVWAP level started from the 2024 trend bottom. This gives it extra validity given the reaction since support was at an AVWAP level for the full uptrend. In addition, there was symmetry in the recent correction on a percentage basis. The price of natural gas fell by as much as 41.5% from the recent trend high of $4.90, while the prior large correction from June 2024 saw a price decline of 40.7%. Nonetheless, the current advance is a counter-trend rally within a larger bearish downtrend price structure.

Daily Close Above 20-Day MA will Confirm Strength

A daily close above the 20-Day MA would be a confirmation of strength that could lead to higher prices. That would be needed before there is an indication that buyers are returning, and that bullish sentiment may be sustained. Key potential support during weakness is around the 200-Day MA, now at $3.09, while this week’s low is at $3.05. Once this week ends, that low will be critical to the developing weekly trend of higher weekly highs and higher weekly lows.

On a monthly basis, natural gas looks likely to end the month above the lows of December through February, which were breached during the recent decline, thereby providing one more piece of evidence that buyers are starting to take back control.

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

UiPath’s stock price (PATH) edged higher in latest intraday trading, while trying to pierce the pivotal resistance of $11.40, representing the neckline of a positive technical pattern that formed in the short term, the Double Bottom pattern, while supported by positive signals from the Stochastic despite reaching overbought levels, as the stock tries to shake off negative pressure from the 50-day SMA.

Therefore we expect more gains for the stock, provided it settles above $11.40, targeting the resistance of $13.25 as a price target for that Double Bottom pattern.

Today’s price forecast: Bullish

The GBPJPY pair failed to confirm breaching the barrier at 191.55 yesterday, affected by the moving average 55 above it, which forces it to form sideways trading, to be confined between this barrier and the support level at 190.50.

Monitoring the price behavior and waiting for its rally above the barrier, to increase the efficiency of the bullish track, targeting 192.40 level, reaching the next target near 193.15, while reaching below the support will cancel the positive suggestion to force the price suffer several losses, starting at 189.70 and 188.60.

The expected trading range for today is between 190.50 and 191.55

Trend forecast: Sideways

Copper price continued providing sideways trading, to keep the negative stability below the barrier at $4.9100, which forms a main factor that confirms the suggested bearish scenario, note that gathering the negative momentum is important to begin targeting negative stations that are located near $4.6600 and $4.5600.

Noting that the price rally above the current barrier and holding above it, will confirm the negative attack, which provides chances for recording extra gains by its rally towards $4.9600 and $5.0400.

The expected trading range for today is between $4.6600 and $4.8400

Trend forecast: Bearish

• Silver price gains to near $33.30 amid uncertainty over US-China trade relations.
• US Bessent has stated that China should initiate trade discussions with them.
• Investors await the US JOLTS Job Openings data for March.

Silver price (XAG/USD) trades higher to near $33.30 during European trading hours on Tuesday. The white metal gains as investors start doubting whether de-escalation in the trade war between the United States (US) and China is underway.

A fresh boost in uncertainty over US-China trade relations has come from comments by US Treasury Secretary Scott Bessent stating that Beijing should be the one to commence trade talks. “I believe that it’s up to China to de-escalate, because they sell five times more to us than we sell to them, Bessent said in an interview on CNBC’s Squawk Box on Monday. However, Bessent indicated that trade discussions with other nations are going well.

Though Bessent’s comments have indicated that the trade war will be majorly between Washington and Beijing, the stand-off is expected to keep global economic tensions heightened. Theoretically, the Silver price performs strongly when fears of global economic turmoil escalate.

Meanwhile, the US Dollar (USD) rises ahead of the US JOLTS Job Openings data for March, which will be published at 14:00 GMT. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, move higher to near 99.30. Investors expect US employers to have posted 7.5 million jobs, marginally lower than 7.56 million seen in February.

This week, investors will pay close attention to a slew of US economic data, including the Nonfarm Payrolls (NFP), which will influence market expectations for the Federal Reserve’s (Fed) monetary policy outlook.

Silver technical analysis

Silver price aims to revisit an over three-week high around $33.70. The near-term outlook of the white metal remains bullish as it holds the 20-day Exponential Moving Average (EMA), which trades around $32.73.

The 14-day Relative Strength Index (RSI) struggles to break above 60.00. A fresh bullish momentum would emerge if the RSI breaks above that level.

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

Meanwhile, US Treasury Secretary Scott Bessent said trade relations with key partners were “progressing,” reinforcing the risk-on mood in equity markets.

Despite short-term pressure, gold remains underpinned by expectations of a more dovish Federal Reserve. Futures markets now price in a 76% probability of a rate cut by June, with three total cuts expected by year-end, according to CME FedWatch.

Lower rates reduce the opportunity cost of holding metals, providing a buffer against aggressive declines.

Upcoming US economic data—including the JOLTS job openings, core PCE inflation, and April’s Nonfarm Payrolls—may serve as catalysts. Until then, metals are likely to remain sensitive to macro crosscurrents and dollar positioning.

Short-Term Forecast

Gold hovers near $3,315, supported by $3,270, as markets await key U.S. data. Silver steadies above $33, but momentum hinges on a breakout above $33.27 to confirm upside.

Gold Prices Forecast: Technical Analysis

The GBPJPY pair failed to confirm breaching the barrier at 191.55 yesterday, affected by the moving average 55 above it, which forces it to form sideways trading, to be confined between this barrier and the support level at 190.50.

Monitoring the price behavior and waiting for its rally above the barrier, to increase the efficiency of the bullish track, targeting 192.40 level, reaching the next target near 193.15, while reaching below the support will cancel the positive suggestion to force the price suffer several losses, starting at 189.70 and 188.60.

The expected trading range for today is between 190.50 and 191.55

Trend forecast: Sideways

Copper price continued providing sideways trading, to keep the negative stability below the barrier at $4.9100, which forms a main factor that confirms the suggested bearish scenario, note that gathering the negative momentum is important to begin targeting negative stations that are located near $4.6600 and $4.5600.

Noting that the price rally above the current barrier and holding above it, will confirm the negative attack, which provides chances for recording extra gains by its rally towards $4.9600 and $5.0400.

The expected trading range for today is between $4.6600 and $4.8400

Trend forecast: Bearish

• Gold price declines to near $3,335 in Tuesday’s early Asian session. 
• Improved optimism over a US-China trade deal undermines the Gold price. 
• Fed rate cut bets might help limit the XAU/USD’s losses. 

The Gold price (XAU/USD) loses ground to around $3,335 during the early Asian session on Tuesday. The yellow metal edges lower amid a modest rebound of the US Dollar (USD) and a softening in tensions between the United States and China. 

China exempted some US imports from its 125% tariffs on Friday,  raising hopes that the trade war between the US and China is nearing an end, although China quickly knocked down US President Donald Trump’s assertion that negotiations between the two countries were underway. 

US Treasury Secretary Scott Bessent said on Monday that the US government is in contact with China but that it’s up to Beijing to take the first step in de-escalating the tariff fight with the US due to the imbalance of trade between the two nations. The easing fears of trade tension between the world’s two largest economies reduce demand for traditional safe-haven assets like gold. Additionally, a stronger Greenback added further headwinds for the precious metal.

“Comments last week from the White House have fueled optimism that a US-China trade deal may eventuate, which has caused safe-haven demand for assets such as gold to subside,” said Tim Waterer, Chief Market Analyst at KCM Trade.

On the other hand, rising expectations that the Federal Reserve (Fed) will resume its rate-cutting cycle in the June meeting could lift the non-yielding Gold price. Meanwhile, the Fed remains in blackout mode ahead of its Federal Open Market Committee (FOMC) meeting on May 7.

Traders will keep an eye on the preliminary US Q1 GDP report and April employment data this week, as it might offer some hints about the Fed’s next policy decisions and the US economic outlook. The expectation for April is that the US economy will add 135,000 jobs and the Unemployment Rate will remain at 4.2%. If the reports show a weaker-than-expected outcome, this could drag the Greenback lower and boost the USD-denominated commodity price in the near term.

Cisco Systems’ stock price extended the gains in latest intraday levels, boosted by positive signals from the Stochastic, however, it reached overbought levels, indicating the weakness of that positive momentum, especially amid the dominance of the downward correctional trend in the short term, with negative pressure due to trading below the 50-day SMA.

Therefore we expect the price to decline and target the support of $52.00, provided the resistance of $58.45 holds on.

Today’s price forecast: Bearish