XAU/USD Current price: $2,983.25

• The White House announced 104% tariffs on China starting April 9.
• Chinese authorities will keep fighting US tariffs, details on counter-measures still missing.
• XAU/USD is at risk of falling further according to near-term technical readings.

Gold price hovered above the $3,000 mark for most of this Tuesday, as tariffs-related panic eased, leading to a modest recovery in global equities. The XAU/USD pair pierced the figure in the American session, but trades within a limited intraday range, as trade war-related headlines keep rocking the board.

The tepid good mood seen throughout the first half of the day soured on headlines indicating that the White House Press Secretary said 104% additional tariffs went into effect at noon Eastern time because China has not removed its retaliation. The 104% additional tariff will be collected starting tomorrow, April 9. Wall Street holds on to the green, but trimmed half of its early gains, helping the US Dollar (USD) across the board.

Earlier in the day, China’s Commerce Ministry said they would “fight to the end” against US tariffs. There were no specific details on how Beijing will retaliate, but indeed, the answer is coming. Additionally, Chinese authorities noted that if the United States (US) wants to talk, it should show respect. Chinese Foreign Ministry spokesperson Lin Jian added that “We will continue to take resolute and strong measures to safeguard our legitimate rights and interests.”

The world keeps revolving around US President Donald Trump’s trade war, and the recent calm is just a pause. Turmoil is expected to continue in the upcoming days, as more major economies are likely to announce countermeasures.

XAU/USD short-term technical outlook

From a technical point of view, the daily chart for the XAU/USD pair shows that the intraday spike was quickly reversed, and that the pair trades at fresh daily lows in the $2,970.00 region. The risk remains skewed to the downside, as Gold develops below its 20 Simple Moving Average (SMA), which lacks clear directional strength. The 100 and 200 SMAs maintain their upward slopes far below the current level, yet technical indicators stand well below their midlines, partially losing their bearish strength.

In the near term, and according to the 4-hour chart, the bearish case is clearer. A bearish 20 SMA crossed below a flat 100 SMA, while XAU/USD is currently sliding below the 200 SMA. Finally, technical indicators remain within negative levels without certain directional strength.

Support levels: 2,970.30 2,959.00 2,942.50

Resistance levels: 2,998.30 3,015.55 3,022.60

The EURUSD pair declined in its last intraday trading, to clear most of its early gains, and settling below 1.0945, this is amidst the continued dominance of a corrective downward wave and its trading along a trend line on the intraday levels, after the price attempted to offload some of its clear oversold condition on the (RSI).

Natural gas price remains affected by stochastic negativity, to be forced to delay the bullish rally and providing mixed trading, noticing testing the extra support at 3.610$ yesterday and holding above it.

We expect providing more of the sideways trading until gathering the positive momentum, to ease the mission of renewing the bullish rally and begin targeting the positive stations near 3.950$ and 4.180$, while facing new negative pressure and breaking 3.600$ level will cancel the bullish scenario for the near trading, which force the price to suffer new losses by its decline towards 3.560$ and 3.380$.

The expected trading range for today is between 3.600$ and 3.950$

Trend forecast: Bullish

Apple’s stock price (AAPL) tumbled in latest intraday trading, amid the dominance of the downward correctional trend, while the price is hurt by a negative technical pattern that formed in the short term, the Head and Shoulders pattern, with negative signals streaming from the Stochastic after forming a negative divergence, which bolstered the downward trend.

 
Therefore we expect more losses for the price, targeting the first support at $178.35 as a price target for the forming Head and Shoulders pattern.

 
Today’s price forecast: Bearish

Platinum price confirmed its interaction with the support base at 895.00$, getting advantage from stochastic attempt to provide positive momentum, forming a new positive rally and settled near 930.00$.

The repeated stability above the mentioned support will increase the chances for compensating the losses, to expect the price rally towards 940.00$ reaching the resistance at 960.00$, while activating the bearish track requires a negative close below the current support, then begin targeting several negative stations, the initial target for the negative trading is located at 880.00$.

The expected trading range for today is between 910.00$ and 945.00$

Trend forecast: Bullish 

• The Silver price gains ground to near $30.15 in Tuesday’s Asian session.
• The negative outlook of the index remains intact with a bearish RSI indicator. 
• The first support level to watch is $30.00; the first upside barrier is seen at $30.85.

The Silver price (XAG/USD) posts modest gains around $30.15 during the Asian trading hours on Tuesday. The upside for the white metal might be limited due to investors liquidating positions to secure profits, possibly covering losses or margin calls on falling asset valuations, fueled by concerns about a global trade war. Nonetheless, the weaker Greenback might help limit the USD-denominated commodity price’s losses. 

According to the daily chart, the bearish sentiment of the Silver remains in play as the price remains capped below the key 100-day Exponential Moving Average (EMA). Furthermore, the downward momentum is supported by the 14-day Relative Strength Index (RSI), which stands below the midline near 32.70, supporting the sellers in the near term.

The first downside target for the XAG/USD emerges at the $30.00 psychological level. Further south, the next contention level is seen at $28.80, the low of December 20, 2024. The additional downside filter to watch is $28.31, the low of April 7.  

On the bright side,  the immediate resistance level is located at $30.85, the high of January 21. Any follow-through buying above this level could pave the way to $31.77, the 100-day EMA. A decisive break above the mentioned level could see a rally to $33.20, the high of February 20. 

Silver price (XAG/USD) daily chart

Natural gas price lost the positive momentum recently, which forces it to settle below the obstacle at 4,180$, to form a temporary negative rebound, to keep its stability above the extra support at 3,750$.

We expect the price affection by the sideways bias domination, to attempt to gain the required positive momentum, to expect targeting 4,050 level, then repeat the attempt of breaching the mentioned obstacle, while facing new negative pressures might push the price to resume the correctional decline, to suffer extra losses by reaching 3,560$ before any attempt to achieve the waited positive targets. 

The expected trading range for today is between 3,750$ and 4,050$

Trend forecast: Bullish

XAU/USD Current price: $2,972.83

• Global indexes plunged amid tit-for-tat retaliatory levies between Washington and Beijing.
• The US Dollar found temporary footing on risk aversion, gains limited by recession fears.
• XAU/USD pressures intraday lows and seems poised to extend its slide.

Spot Gold trades in the $2,970 region, approaching the intraday low posted during the Asian session at $2,971.28. Financial markets have been on their toes ever since the day started amid the escalation of the trade war unleashed by United States (US) President Donald Trump last week.

Despite comments about being willing to negotiate retaliatory tariffs announced last Wednesday, Trump decided to lift the bet and pledged additional 50% tariffs on China if Beijing does not back off on the 34% retaliatory levies announced over the weekend.

Chinese announcement sent Asian indexes into a selling spiral, which continued during European trading hours. All indexes closed in the red and with sharp losses, while Wall Street futures also fell. By the time being, indexes managed to bounce from their intraday lows, but are consolidating losses.

In the meantime, rumors of a potential 90-day delay on the implementation of reciprocal tariffs lifted the mood early in the American session, yet hopes were short-lived, as the White House quickly denied such a possibility. Trump, however, repeated on Truth Social that negotiations with “other countries” will take place “immediately.”

Tariff-related developments will dominate the scene during the upcoming days, alongside the trend of all assets. At the time being, the US Dollar (USD) finds risk-related demand, but that may change, considering the ultimate fear is that tariffs will result in higher inflation alongside an economic recession. Markets foresee a gloomy future for the USA, which will impact all other major economies.

XAU/USD short-term technical outlook

From a technical point of view, XAU/USD is poised to extend its slide. The daily chart shows that the pair is developing below its 20 Simple Moving Average (SMA), which now acts as dynamic resistance at around $3,033.60. The 100 and 200 SMAs keep heading north far below the current level, yet technical indicators head south vertically and within negative levels, anticipating another leg south.

In the near term, and according to the 4-hour chart, the bearish case is even clearer. The 20 SMA turned sharply lower, still holding above the 100 and 200 SMAs, which, anyway, lost their bullish strength. The XAU/USD pair is currently piercing its 200 SMA a handful of $ above the current level, while technical indicators resumed their slides after barely correcting early oversold conditions. Immediate support comes at around 2,959.00, where the pair topped late in February. A clear break lower opens the door for a steeper Gold slide.

Support levels: 2,959.00 2,942.50 2,929.45

Resistance levels: 2,982.20 2,998.30 3,015.55

Outlook Weakens Below Trendline

If a breakdown below the trendline triggers and it is sustained, the bearish decline may continue to lower potential support areas. A key potential trend support level is around the 200-Day MA, now at $3.03. It turns out that a prior interim swing high of $3.02 from October previously signaled a bull breakout of a large symmetrical triangle and the continuation of a developing uptrend. It would not be unusual to see another test of support around that initial breakout level, or an attempt.

Return to 200-Day MA Looks Possible

Following a reclaim of the 200-Day MA in September last year there was one initial pullback that successfully tested support around the 200-Day line. That low was followed by a steady rise that eventually reached the current trend high and 2025 high of $4.90. Also, following an initial upside breakout through $3.02, natural gas eventually pulled back and successfully found support around the $3.02 price area at the end of January. Since the 200-Day MA has converged around the $3.02 price level, it may act like a magnet if the trendline is broken.

Support Zone Shows Confluence from $3.08

Furthermore, there is also an initial target for a falling ABCD at $3.08. That target expands the potential support zone from around $3.08 to $2.99. The lower value is the interim swing low from late January. It adds to the potential significance of the support zone since it points to a similar price area.

Since the 50-Day MA was broken to the downside again last Friday, the 200-Day line becomes a potential target. Also, if the trendline also fails as support, the next lower trendline becomes an eventual target. This doesn’t mean that either of the lines will be reached, but it does reflect intensifying selling pressure.

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

• Silver price bounces back sharply to near $30.30 as market expectations for the Fed to cut interest rates in June swelled.
• Fed Powell warned that Trump tariffs could lead to higher inflation and unemployment.
• The demand outlook for Silver as an industrial metal has weakened.

The price of silver (XAG/USD) is up almost 2.4%, nearing $30.30, during North American trading hours on Monday. The white metal bounces back strongly after a bloodbath on Thursday and Friday as traders have become increasingly confident that the Federal Reserve (Fed) could cut interest rates in the June meeting.

According to the CME FedWatch tool, traders have completely pared their bets, favoring an interest rate reduction in June.

Traders have raised Fed dovish bets as Fed Chair Jerome Powell has signaled concerns over the United States (US) economic outlook after President Donald Trump swept reciprocal tariffs on all its trading partners.

“We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,” Powell said on Friday.

However, the industrial demand for Silver has turned sluggish as Trump’s tariffs have stemmed concerns over the global economic outlook, especially in China, which has been slapped with 54% tariffs.

Silver has applications in various industries, such as Electric Vehicles (EV), electronics, and solar energy. Given that China is the manufacturing hub of the world, a higher degree of tariffs on them impacts its manufacturing sector, which eventually hits Silver’s demand.

Theoretically, heightening global economic tensions increase the appeal of precious metals, such as Silver, but fears of a slowdown in its industrial demand weighs on its price.

Silver technical analysis

Silver price recovers to test the breakdown region of the Ascending Triangle chart formation near its upward-sloping border around the August 8 low of $26.45. The horizontal resistance of the above-mentioned chart pattern is plotted from the October 22 high of $34.87

Technically, the breakdown of the Ascending Triangle pattern indicates results in a volatility expansion, which leads to higher volume and formation of wide ticks.

The 14-day Relative Strength Index (RSI) rebounds slightly after turning oversold around 27.00. This indicates that the recovery move appears to be a short-lived one, and investors should brace for more weakness.

Looking down, the August 8 low of $26.45 will act as key support for the Silver price. While, the April 4 high of $32.00 will be the major barrier.

Silver daily chart