Copper price surrendered to the sideways bias domination by its repeated fluctuation between 38.2% Fibonacci correction level, which represents extra support at $4.5000, while 50%Fibonacci correction level at $4.6600 represents an extra barrier against the attempt of resuming the bullish attack.

Noticing the stability of the moving average 55 above the current extra support, to reinforce the chances for renewing the bullish attempts, and surpassing $4.6600 level is important for opening the way for achieving extra gains that might extend towards $4.7500 and $4.8200.

The expected trading range for today is between 3.7500 and 4.0500

Trend forecast: Bullish

The GBPJPY pair ended yesterday’s trading by providing new negative close below 189.90 resistance, to be forced to form mixed sideways trading by its stability near 189.00, due to the continuation of the contradiction between the main indicators, specifically by stochastic approach from 80 level as appears in the above image.

The price success to gain the negative momentum will allow it to renew the negative trading, to press on 38.2% Fibonacci correction level at 187.85, as breaking it will extend the trading towards the next negative target near 186.50, while breaching the resistance and holding above it will cancel the negative suggestion, and makes the price begin building a new bullish track, to target several positive stations that begin at 190.50.

The expected trading range for today is between 187.85 and 189.60

Trend forecast: Bearish

• Silver price rises as ongoing uncertainty surrounding US trade policy boosts safe-haven demand.
• A softer US Dollar is also lending support, making the dollar-denominated metal more appealing to overseas buyers.
• President Trump has called for an investigation into potential tariffs on all critical mineral imports.

Silver price (XAG/USD) is inching higher after recent losses, trading around $32.30 per troy ounce during Wednesday’s Asian session. The uptick comes as lingering uncertainty over US trade policy continues to fuel safe-haven demand for the precious metal.

A weaker US Dollar (USD) is also supporting Silver prices, making the dollar-denominated asset more attractive to foreign buyers. The US Dollar Index (DXY), which measures the Greenback against a basket of six major currencies, is trading lower near 99.80 at the time of writing. Market attention now turns to the upcoming US Retail Sales data for March, which could shed light on the impact of tariff tensions on consumer spending.

Safe-haven flows into Silver were further bolstered after US President Donald Trump called for an investigation into potential tariffs on all critical mineral imports. This move signals a more aggressive trade stance and raises the risk of tensions with key suppliers, including China. It also partially offsets the market optimism sparked by recent exemptions on certain tech products and possible exclusions for auto parts.

Meanwhile, Federal Reserve Governor Christopher Waller attempted to calm market nerves, saying that any inflation arising from tariffs would likely be temporary. Waller also reaffirmed the Fed’s willingness to lower interest rates if needed, signaling the central bank’s commitment to supporting growth. Investors now await the US retail sales report and a speech from Fed Chair Jerome Powell later in the day for further direction on the economic and monetary policy outlook.

• Gold price resumes its record rally on Wednesday, with eyes on $3,300.  
• China’s annual Q1 GDP beats expectations but US tariff uncertainty looms, aiding Gold price upside.
• Gold price is back in the overbought zone on the daily chart; US Retail Sales and Powell eyed.

Gold price is consolidating its latest uptick to a new record high of $3,275 early Wednesday as buyers take a breather in anticipation of the top-tier US Retail Sales data and Federal Reserve (Fed) Chairman Jerome Powell’s speech due later in the day.

Gold price keenly awaits Powell and tariff talks

Gold price preserves its renewed bullish momentum from the previous day after fairly upbeat growth and activity data from China, the world’s second biggest economy. China’s Q1 Gross Domestic Product (GDP) beat expectations with 5.4% year-over-year (YoY) while the country’s Retail Sales and Industrial Production also reported a bigger-than-expected growth in March.

Despite the improvement in China’s macro picture in the first quarter, looming risks from US tariffs impact dim its outlook, keeping investors on the edge while maintaining the safe-haven demand for Gold price. China’s National Bureau of Statistics (NBS), however, said that “US tariffs will not change the long-term improving trend in China’s economy.”

Heightened markets’ nervousness heading into China data dump propelled Gold price to a fresh all-time high. Additionally, the traditional safe-haven Gold price also capitalized a fresh risk-aversion wave in Asia as traders reacted negatively to the overnight slump in the American artificial intelligence (AI) leader Nvidia, who said that the US government will begin requiring a license to export the company’s H20 chips to China, citing about a likely $5.5 billion hit to the company.

Meanwhile, the US-China trade war fears show no signs of abating after the Wall Street Journal (WSJ) reported early Wednesday, citing sources, the Trump administration may use tariff negotiations to try to pressure US trading partners to limit dealings with China.

This comes after Bloomberg News reported on Tuesday that the European Union (EU) expects most of the US import tariffs to remain in place after little progress was made in the latest talks.

Escalating trade tensions and increasing recession risks continue to power the Gold price. Furthermore, ANZ Bank raised its year-end Gold price forecast to $3,600 per ounce and its six-month forecast to $3,500, keeping Gold buyers hopeful.

Traders eagerly look forward to the high-impact US Retail Sales data for March and Fed Chair Jerome Powell’s speech for hints on the state of the US economy and the Fed’s interest rate outlook, in the face of heightened geopolitical and economic risks.

Gold price technical analysis: Daily chart

The daily chart shows that the 14-day Relative Strength Index (RSI) has re-entered the overbought region, currently near 71, warranting caution for buyers.

If they manage to sustain above the $3,275 level on a daily closing basis, a test of the $3,300 mark will be inevitable, opening the door toward the $3,350 psychological mark.

Conversely, the initial support aligns at the $3,200 threshold, below which the April 11 low of $3,176 will be challenged.

Additional declines could test the $3,100 round level, where the 21-day Simple Moving Average (SMA) resistance-turned-support closes in.

Bull Hammer Breakout Above $3.38

An upside breakout will be triggered on a rally above today’s high. That would put natural gas in a position to eventually test resistance around the top of the channel. For now, the intersection of two trendline at $3.80 can be used as a proxy for the top of the channel. That price level is another price level defined by last Wednesday’s high of $3.83.

Furthermore, better clarity is provided by potential resistance around the 20-Day MA, now at $3.82, and the 50-Day MA at $3.90. Note that the 20-Day MA is falling and will continue to represent a lower price area. It becomes a more significant potential resistance zone if a similar price level is indicated by other analysis.

Rally From Bottom of Channel Targets Top of Range

There is a chance that bullish signs following the completion of an 88.6% retracement may mark the end of the bearish correction. Keep in mind that advances from current levels are counter-trend rallies within a decline trend channel. A rally above the 20-Day MA, followed by a daily close above it would be supportive of the bullish thesis. Earlier signs of strength would be indicated on a rally above Monday’s high of $3. 61. That price would be an initial short-term target following a breakout above today’s high.

Bullish Signs Need Confirmation

Despite the potential for a bullish reversal from a key support zone, a trigger above today’s high is needed for confirmation of strength. There is always a possibility that the bulls cannot maintain control and the bearish correction continues to lower prices. An area of potential support confluence is shown on the chart from $3.08 to $2.99. That price range includes the potentially significant 200-Day MA as possible support at $3.05.

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

Platinum price formed a new bullish rally achieving $958.00 level, then rebound directly to settle near the barrier at $950.00 level, affected by the continuation of the contradiction between the main indicators.

The price might be forced to form mixed sideways trading, but the main stability above the support level at $920.00 represents a main factor that motivates the bullish trading, reminding you that the main targets settled near $966,00, and surpassing it will confirm regaining the main bullish bias, by its stability within the bullish channel’s levels that appear in the above image.

The expected trading range for today is between $940,00 and $966.00

Trend forecast: Bullish

• Silver price could aim for the upper boundary of the ascending channel near $33.50.
• The 14-day RSI holding at the 50 mark reinforces the ongoing bullish bias. 
• Immediate support is seen at the 50-day EMA around $32.21.

Silver price (XAG/USD) continues to show strength for the fifth consecutive session, trading around $32.30 per troy ounce during the Asian session on Tuesday. The technical analysis of the daily chart suggests a growing bullish trend, with the grey metal moving upward within an ascending channel pattern.

Silver price remains above both the nine-day and 50-day Exponential Moving Averages (EMAs), indicating strong short-term momentum. Furthermore, the 14-day Relative Strength Index (RSI) sits at the 50 level, reinforcing the active bullish bias.

On the upside, the XAG/USD pair may target the upper boundary of the ascending channel around $33.50. A decisive break above this level could strengthen the bullish outlook and pave the way for a retest of the six-month high at $34.59, last seen on March 28.

Silver price may find immediate support at the 50-day EMA near $32.21, followed by the nine-day EMA around $31.90. A break below this level could signal weakening short-term price momentum, potentially driving precious metals’ price toward the $31.50 support area. Further downside support lies at the seven-month low of $28.00, marked on April 7.

XAG/USD: Daily Chart

The crude oil price move downside in its recent intraday trading, affected by the negative pressure that comes from the EMA50, besides the stability of the stubborn resistance level at $61.50, attempting to gain some of the positive momentum that might assist breaching the resistance and surpassing its negative pressures. 

XAU/USD Current price: $3,221.69

• The US Dollar remains on the back boot despite a more optimistic mood.
• Upcoming central banks’ decision may bring some action into a quiet week.
• XAU/USD aims to resume its record rally, $3,300 in sight.

Gold prices held above the $3,200 mark on Tuesday, with the bright metal trading uneventfully around $3,220 a troy ounce. Financial markets maintain an optimistic mood on Tuesday, as no news is good news. United States (US) President Donald Trump has, so far, refrained from fresh threats of tariffs, while speculative interest hopes he could announce another round of exceptions, cooling down speculation that the trade war will dent global growth.

The shortened week due to the Easter holidays adds to the market’s quietness, although the US Dollar (USD) remains out of investors’ radar. The USD trades unevenly across the FX board, yet not far from its recent multi-month lows. Speculative interest still believes Trump’s levies will negatively affect economic progress in the world’s largest economy, while pushing price pressures higher.

The Bank of Canada (BoC) is set to announce its monetary policy decision on Wednesday, while the European Central Bank (ECB) will follow on Thursday. Other than that, the macroeconomic calendar has nothing relevant to offer. The BoC is expected to remain on hold, while the ECB will likely trim interest rates by 25 basis points (bps) each. The focus will be in both cases on policymakers’ views of the trade war and its impact on their future decisions.

XAU/USD short-term technical outlook

Technically, the daily chart for the XAU/USD pair shows that bulls have just paused, yet are far from giving up. Technical indicators resumed their advances within overbought levels, although with limited strength, given that the pair remains below the record high posted last Friday. Meanwhile, the pair stands above all its moving averages, which maintain solid bullish slopes, in line with the dominant bullish trend.

The near-term picture shows that, while technical indicators corrected extreme readings, the XAU/USD pair is consolidating. The 4-hour chart reading suggests XAU/USD could soon resume its run. At the same time, a firmly bullish 20 Simple Moving Average (SMA) provided intraday support, while extending its advance above also bullish 100 and 200 SMAs.

Support levels:3,214.60 3,193.30 3,181.15

Resistance levels 3,231.60 3,245.75 3,260.00

The CHFJPY succeeded to activate the bullish attack by its repeated stability above the breached bearish channel’s resistance at 173.95, which represents a strong support against the bullish attempts, to notice achieving several positive gains by reaching 176.45.

The current sideways fluctuation caused by stochastic attempt to exit the overbought level, which makes us wait for gathering extra positive momentum in the current trading, reinforcing the chances for attacking 176.75 barrier, and surpassing it will reinforce recording extra gains by reaching 177.40.

The expected trading range for today is between 174.85 and 176.70

Trend forecast: Bullish