Platinum price repeated providing strong positive pressures on the $972.00 level, which represents the extension of the broken bullish channel’s support, getting an advantage from its stability above the moving average 55, which increases the chances of entering the bullish channel’s levels again.

Confirming the breach makes us expect reaching 50% Fibonacci correction level at $984.00, and breaching this obstacle will extend the trading in the near period towards achieving extra gains that might begin at $994.00 and $1005.00.

The expected trading range for today is between $960.00 and $984.00

Trend forecast: Bullish

• Gold price keeps its record run intact above $3,450 early Tuesday after posting a 3% gain on Monday.
• Trump’s attacks on Fed’s Powell and fears over the US’s financial stability continue to power Gold price rally.
• Gold price could see a brief pullback as the RSI enters a heavily overbought region on the daily chart.

Gold price extends its record run into the second consecutive day on Tuesday as buyers refuse to give up yet while keeping their sights on the $3,500 threshold.  

Gold price keeps rallying on Trump again

Just as the US-China trade war-led US recession fears weren’t enough to sap investors’ confidence, US President Donald Trump doubled down on his criticism of Federal Reserve (Fed) Chairman Jerome Powell since last Friday, negatively impacting the already beleaguered US Dollar (USD), lifting the traditional safe-haven and the USD-denominated Gold price.

Trump continued his verbal attacks on Powell, raising concerns about the central bank’s independence, prompting investors to show no confidence in the US currency. Trump noted on Monday that the US economy is headed for a slowdown “unless Mr. Too Late, a major loser, lowers interest rates NOW.”

Responding to Trump’s criticism, the Fed whisperer and Wall Street Journal’s (WSJ) Nick Timiraos said, “Trump is signalling that he will blame the Federal Reserve for any economic weakness resulting from his trade war if the central bank doesn’t cut interest rates soon. “In the process, he might also be seeking to delegitimize the historically independent institution in a way that could undermine its effectiveness,” Nick added.

Despite the latest uptick in the US Dollar, this narrative remains a constant threat while rendering positive for the go-to safety bet – the Gold price.

Looking ahead, Gold price could see a brief correction as traders will likely cash in on their longs, positioning for the notable US earnings on the docket this week, including Magnificent Seven members Tesla and Alphabet, and a host of high-profile industrials such as Boeing etc.

However, any dip in Gold price could be seen as a good buying opportunity as the US-China trade war escalation and worries over the Fed’s independence will continue to haunt markets.

Gold price technical analysis: Daily chart

Any corrective declines in Gold price could be justified as the 14-day Relative Strength Index (RSI) remains heavily overbought, currently near 79.

If Gold sellers manage to fight back control, Gold price could initially retreat toward the $3,400 mark, below which the previous day’s low of $3,329 will be tested.

Further south, the April 18i low of $3,284 will likely come to the rescue of buyers.

On a sustained uptrend, Gold price targets the $3,500 barrier, above which the $3,550 psychological level will challenge bearish commitments.

XAU/USD Current price: $3,414.05

• US President Donald Trump renewed his attack on Fed Chairman Jerome Powell.
• US indexes collapse amid concerns about the economic performance under Trump.
• XAU/USD is likely to keep posting record highs, with dips seen as buying opportunities.

Spot Gold traded as high as $3,430.36 on Monday, rallying on continued US Dollar (USD) weakness. Market players keep losing confidence in the Greenback amid United States (US) President Donald Trump’s decisions.

After launching a trade war with all its trading counterparts, Trump has chosen a new target: Federal Reserve (Fed) Chairman Jerome Powell. The US President complained last Thursday about Powell’s decision to go slow with rate cuts. Even further, he called for his dismissal, saying Powell’s “termination cannot come fast enough.”

Trump lifted the bets on Monday, posting “Preemptive cuts in interest rates are being called for by many. With energy costs way down, food prices (including Biden’s egg disaster!) substantially lower, and most other ‘things’ trending down, there is virtually no inflation,” calling Powell Mr. Too Late and a major loser.

Other than that, the American President reported progress on talks with Russia and Ukraine. According to his words, there is a good chance a deal will be done this week. His latest words, however, fell short of impressing investors, with all the major US indexes in sell-off mode.

XAU/USD short-term technical outlook

From a technical point of view, the XAU/USD pair is poised to extend its gains. The daily chart shows it keeps moving above bullish moving averages, with the 20 Simple Moving Average (SMA) currently at around $3,134. The distance between the closest moving average and the current price is a clear indication of the strong buying momentum. At the same time, technical indicators keep heading north, despite standing in overbought readings, another sign of bulls’ dominance.

In the near term, and according to the 4-hour chart, XAU/USD has room to extend its advance. Technical indicators eased modestly from their recent highs but lack any bearish momentum. Particularly, the Relative Strength Index (RSI) indicator hovers at around 81 with no signs of giving back. Finally, the 20 SMA accelerated north above the longer ones, while offering dynamic support in the $3,320 region.

Support levels:3,400.00 3,386.40 3,375.50

Resistance levels: 3,430.40 3,445.00 3,460.00

Despite being far above its key support levels—pivot support at $3,177.23 and the 50-day MA at $3,015.58—the gold market is not showing typical signs of exhaustion. Instead of cooling, investors are using upside breakouts to add positions. While positioning may appear crowded, there is no technical reversal pattern yet to suggest a top.

Gold Prices Forecast: Bullish Bias Remains Intact

With the dollar under pressure, Fed credibility in question, and geopolitical risks escalating, the outlook for gold remains bullish. The next potential target for bulls sits around $3,500, according to UBS, and unless a confirmed reversal pattern emerges, traders are likely to continue buying dips. Dollar weakness remains the primary driver, and until that changes, gold’s rally shows no signs of topping out.

More Information in our Economic Calendar.

Dollar Slides, Boosting Bullion Appeal

The U.S. Dollar Index (DXY) fell to a three-year low, reducing the cost of dollar-denominated metals for international buyers. “Markets are increasingly pricing in structural risks—ranging from trade disruptions to long-term inflation—while continued central bank accumulation offers additional support,” said Yeap Jun Rong, strategist at IG.

The shift in currency sentiment comes as President Trump’s administration moves forward with broad-based tariff plans.

While exemptions were granted to some countries, the focus remains on China, where trade talks have stagnated. Beijing, in response, warned against bilateral deals that could undermine its position in ongoing negotiations.

Fed Uncertainty and Geopolitical Risk Shape Market Tone

Investors are also watching developments at the Federal Reserve, where speculation around leadership persists. The White House has reportedly revisited discussions about replacing Chair Jerome Powell, a move that would further complicate monetary policy signals at a time when inflation remains uneven and growth momentum fragile.

Meanwhile, geopolitical instability—particularly across Eastern Europe—is adding to the cautious mood in financial markets. Although a temporary ceasefire had been announced, reports of renewed conflict have raised doubts about any meaningful de-escalation in the near term.

Short-Term Forecast

Gold eyes $3,404 as bulls defend key support near $3,368; silver holds above $32.63 with upside capped at $33.11 unless volume confirms a breakout.

Warm Forecasts Undermine Short-Term Demand

The primary drag on prices came from updated weather projections. Atmospheric G2 reported warmer-than-normal conditions across the eastern two-thirds of the U.S. for April 22–26, reducing the need for heating demand. With storage builds now expected to accelerate, traders leaned bearish, even as technical indicators show the market holding above its 200-day moving average at $2.897.

Bullish Inventory Data Offers Temporary Support

The EIA reported a +16 Bcf injection for the week ended April 11, well below forecasts of +24 Bcf and the five-year average increase of +50 Bcf. While this bullish surprise triggered a round of short covering, it wasn’t enough to change the broader sentiment driven by warming temperatures. As of April 11, U.S. natural gas inventories were 20.9% below year-ago levels and 3.9% below the five-year average.

Production Stable, But Demand Picture Mixed

Lower-48 state dry gas production on Thursday reached 105.6 Bcf/day, up 5.4% year-over-year, while demand stood at 70.1 Bcf/day, up 2.2%. LNG flows to export terminals dropped to 15.5 Bcf/day, down 4.8% from the prior week. Electricity demand, however, remained supportive. The Edison Electric Institute reported a 6.4% year-over-year jump in power generation for the week ending April 12, potentially signaling stronger gas burn from utilities.

Market Forecast

• Silver regains positive traction at the start of a new week following Friday’s modest slide.
• The technical setup seems tilted in favor of bulls and supports prospects for further gains.
• Any corrective pullback towards the $32.00 mark could be seen as a buying opportunity.

Silver (XAG/USD) attracts some dip-buyers at the start of a new week and touches an intraday high, around the $32.80 region during the Asian session. The white metal, however, remains below the $33.00 mark and a nearly two-week high touched last Thursday, warranting some caution for bullish traders.

From a technical perspective, the XAG/USD now seems to have found acceptance above the 61.8% Fibonacci retracement level of the recent slump from the March swing high to a fresh year-to-date low touched earlier this month. Moreover, oscillators on the daily chart have again started gaining positive traction and support prospects for a further near-term appreciating move.

However, it will still be prudent to wait for a sustained strength beyond the $33.00 mark, or the 78.6% Fibo. level, before placing fresh bullish bets. The XAG/USD might then accelerate the positive momentum towards the $33.20 area, en route to the next relevant hurdle near the $33.50-$33.55 region and the $34.00 neighborhood, or a multi-month peak touched in March.

On the flip side, Friday’s swing low, around the $32.10-$32.05 region, or the 61.8% Fibo. level might continue to act as an immediate support. Any further slide could be seen as a buying opportunity and remain limited near the $31.35-$31.30 area, or the 50% Fibo. level. A convincing break below, however, might prompt technical selling and make the XAG/USD vulnerable.

The subsequent further might then drag the XAG/USD below the $31.00 round-figure mark, towards the $30.55 area, or the 38.2% Fibo. level. The downward trajectory could extend further toward the $30.00 psychological mark en route to the $29.55 region (23.6% Fibo.). The latter should act as a key pivotal point, which if broken might shift the bias in favor of bearish traders.

• Gold Price rises to around $3,375 in Monday’s early Asian session, up 1.43% on the day. 
• Significant uncertainty over Trump’s tariffs on imports into the US supports the Gold price. 
• The Fed’s hawkish remarks might cap the upside for the XAU/USD. 

The Gold Price (XAU/USD) drifts higher to a fresh record high near $3,375 during the early Asian session on Monday after facing some profit-taking due to the long weekend. Uncertainty about US President Donald Trump’s tariff policies and persistent geopolitical tensions continue to underpin the precious metal. 

Investors have rushed to safe-haven assets like Gold due to rising uncertainty about tariffs and their impact on the economy, resulting in a more than 25% increase in the yellow metal prices since January. “The case for adding gold allocations has become more compelling than ever in this environment of escalating tariff uncertainty, weaker growth, higher inflation, geopolitical risks & diversification away from US assets & the US$,” said UBS analysts. 

Additionally, central bankers have been adding gold to their portfolios. China, the world’s largest gold consumer, China added gold to its holdings for the fifth consecutive month, boosting its demand for the precious metal as a safe haven asset in the face of mounting global trade and geopolitical tensions.

On the other hand, the Federal Reserve (Fed) Chair Jerome Powell turned hawkish last week, reducing the likelihood of a Fed rate reduction in June. Meanwhile, San Francisco Fed President Mary Daly said on Friday that the US economy is in a good place, though some sectors are slowing down. This, in turn, could lift the Greenback and weigh on the USD-denominated commodity price. 

Created on April 20, 2025

• WTI Crude Oil went into the weekend near the 63.500 mark before the long holiday weekend began. The price from a mid and long-term perspective looks low, but after suffering values which challenged the 55.000 level and below on the 9th of March, the higher realm now looks like a technical accomplishment.
• Sentiment in WTI Crude Oil is clearly being effected by nervous conditions in the broad markets, which fear potential implications of tariffs from the U.S White House and the possibility this could trigger less demand for energy.
• Following this long holiday weekend WTI Crude Oil will battle tariff shadows again, but the move higher produced last week which showed that support is near the 60.000 level might be a sign some large traders are feeling a bit more optimistic about their outlooks. However, news developments will continue to be heard and day traders should brace for sudden shifts in sentiment which could be seen.

The current price in WTI Crude Oil is certainly within the lower part of its long-term track record. Any prices below the 66.000 USD level can be thought to be rather low in the commodity. Before the onslaught of selling which erupted in the first week of April due to concerns about Trump tariff policies, WTI Crude Oil was flirting with nearly 72.000 USD per barrel.

Day traders need to remain cautious in WTI Crude Oil and all commodities in the coming days, there is still a lot of dynamic influence large players could cause. Looking for higher prices in WTI Crude Oil which are not overly ambitious may feel correct, but speculators should keep their targets realistic and watch the broad markets like equity indices as a barometer. If prices climb above 64.000 USD early this week and sustain higher values this would be a sign large players are still focusing on further price recovery.

The current price of WTI Crude Oil is certainly within the lowest aspects of its long-term range. A look at six month and one year charts show that anything below the $66.000 level looks relatively cheap.

• However, for the $66.000 level to be achieved it will mean that optimistic impetus will somehow have to be triggered in WTI Crude Oil, and for the moment that still feels like it is wishful thinking.
• Day traders need to look at technical charts from the past week and consider the potential that a range between 62.500 and 64.500 may be a lower trading realm which will prove durable for the moment.
• Yet, there is always the possibility for a change of attitudes being driven by large speculative trades, and positive rhetoric from the White House.

WTI Crude Oil has been hit with volatility because it is one of the key commodities in the global economy. If tariff implications continue to be debated without clarity for solutions, large traders may remain nervous. However, the ability of the commodity to ebb higher on Wednesday and Thursday of last week before the long holiday weekend may indicate traders were a bit less nervous.

Day traders should watch the first handful of hours in WTI Crude Oil as it begins to trade this week to gauge behavioral sentiment. The broad markets and the energy sector remain in fragile price ranges. Although some recovery of value was demonstrated last week, conditions are not abundantly optimistic. A wagering environment may continue to hold the power in the coming days as a tendency for optimistic outlooks fights with potential calls of retaliatory actions by some nations being confronted by U.S tariffs.

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High Hits Projected Target

The high for the week was a successful test of resistance at the 200% projection of a rising ABCD pattern that began from the August 2018 lows. It was also in the region of $3,335, which is the 261.8% extension for the bearish correction that began from the 2011 peak. Both price levels are derived from long-term patterns. So far, the targets seem to be recognized by the market. But given the sustained signs of strength, the quickening uptrend may continue.

Global Uncertainty and Gold’s Rise

Gold has benefited from rising global uncertainty and it may continue to do so. Therefore, a decisive advance above this week’s high of $3,358, has gold next targeting the $3,383 price zone as that is the 127.2% projection for a rising ABCD pattern (purple) that began from the February swing low (A). Then, a little higher is the projection for a recent small bull pennant pattern that triggered on Wednesday at $3,454. The 161.8% projection for the rising ABCD pattern is then at $3,498.

Strength Retained but Short-term Risk Remains

Although the rising angle of ascent in the price of gold is a sign of strong and growing demand, it also indicates that the trend may be extended with the risk of a correction increasing. The top of two rising trend channels were broken recently. Subsequently, a pullback to test support around the prior trend high of $3,246 and near potential support of a top channel line, would be normal and retain the near-term bullish outlook for gold. However, a decline below Tuesday’s low of $3,208 could lead to a deeper pullback.

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