• Silver price remains below the five-month high of $34.49, reached on Friday.
• Safe-haven demand for Silver remains strong as investors seek protection amid rising risk aversion ahead of US tariffs next week.
• As US Treasury yields decline, Silver, a non-yielding asset, may find support and regain momentum.

Silver price (XAG/USD) retreated after gaining over 2% in the previous session, trading near $34.30 per troy ounce during Asian hours on Friday. Despite the retreat, safe-haven demand for Silver remains strong amid heightened risk aversion, driven by escalating trade tensions ahead of new US tariffs next week.

US President Donald Trump recently imposed a 25% tariff on foreign-made cars and auto parts, triggering retaliation threats from the European Union and Canada. This has fueled concerns of a broader trade dispute and potential global economic fallout.

Silver, a non-yielding asset, could regain its footing as US Treasury yields decline. At the time of writing, the 2-year and 10-year yields stand at 3.99% and 4.34%, respectively. However, Moody’s has warned that increased tariffs and tax cuts could significantly widen government deficits, potentially leading to a US debt rating downgrade and higher Treasury yields.

Meanwhile, US Gross Domestic Product (GDP) grew at an annualized rate of 2.4% in Q4 2024, exceeding the 2.3% forecast, according to data released on Thursday. Investors now turn their attention to Friday’s US Personal Consumption Expenditures (PCE) Price Index for further insight into the Federal Reserve’s (Fed) monetary policy stance. The Fed held rates steady last week but reaffirmed expectations for two rate cuts by year-end.

Boston Fed President Susan Collins noted on Thursday that the central bank faces a tough choice between maintaining a restrictive policy stance or acting preemptively to address potential economic deterioration. Meanwhile, Richmond Fed President Thomas Barkin cautioned that uncertainty surrounding the Trump administration’s trade policies could push the Fed toward a more cautious, wait-and-see approach than markets anticipate.

Bitcoin price settled higher in latest intraday trading after a batch of sideways trading while leaning on the current support of $86,000, coinciding with testing the upward correctional trend line in the short term, as it also leaned on the support of the 50-candle SMA, lending the price positive momentum, which helped it rebound rapidly and erase early losses.

• Silver clears $34.23 resistance, eyes last year’s high at $34.86 and potentially $35.00 for first time since 2012.
• US auto tariffs trigger global uncertainty, fueling strong demand for safe-haven metals like Silver.
• Key support now at $34.00; breakdown may expose $33.51 and psychological $33.00 level.

Silver price rallies sharply on Thursday, clears the $34.00 mark as uncertainty about US trade policies, regarding 25% tariffs in all cars, increased appetite for the precious metal. As of writing, the XAG/USD trades at #34.38, up over 2.20%

XAG/USD Price Forecast: Technical outlook

On Wednesday I wrote “After registering a solid rally on Tuesday, Silver failed to break the $34.00 mark, which opened the door for sellers.” Finally, buyers stepped in and pushed Silver’s price higher, clearing the previous year-to-date (YTD) high of $34.23, opening the door to test last year’s high at $34.86. On further strength, the grey metal could reach $35.00, a level last seen in October 2012. Next key resistance levels lie at $37.49, the February 2012 peak, and the August 2011 swing high of $44.22.

Conversely, if XAG/USD slips beneath $34.00, immediate support emerges at the March 26 low of $33.51. Once hurdled, the next stop is $33.00.

XAG/USD Price Chart – Daily

Bullish Outside Day and Hammer

Furthermore, an outside day will be established today along with a likely bullish hammer candlestick pattern. Wednesday’s high was $3.93 and if natural gas closes above it today, the inside day breakout will be confirmed. Also, notice the relationship to the declining parallel trend channel. There was a breakout above the top of the channel and the day’s closing price may also be above the line.

The prior interim swing low at $3.96 can be used as a proxy for the line. Earlier in the day natural gas reclaimed the 50-Day MA on a move above $3.88. Therefore, the recovery since dropping below the line on Tuesday was relatively quick and therefore a bullish indication.

Upside Initial Target is 20-Day Moving Average

An initial upside target for natural gas should be around the 20-Day MA, now at $4.11. Since there is also the 38.2% Fibonacci retracement at $4.18, they can be watched together for signs of resistance. A little higher is a prior interim swing low at $4.26, also a weekly high. Since it is part of the recent decline, it represents a key potential resistance level, as a rally above $4.26 will signal a bullish reversal of the bearish correction.

Week May End in a Strong Position

Since there is only one more trading day to the week, today’s advance may establish a bullish weekly candlestick pattern. That would set up a potential bullish reversal on the weekly chart going into next week. If that happens then the higher targets should be more likely to be reached. Of course, there is always the possibility that trading next week is contained within this week’s price range.

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

Platinum price was trapped in a tight range of trading near the $983 barrier on one hand, and  the 55-day SMA support of $964 on the other hand,  therefore we stand neutral until the price commits to a single path.

A breach of the current support would send the price towards $950.00, while an upward breach would send it towards $1000.00 first then the next major target at $1017. 

Expected trading range today is between $964 and $983.

Today’s price forecast: Neutral 

XAU/USD Current price: $3,049.60

• US President Trump’s threat of more tariffs takes its toll on the US Dollar.
• The United States will release PCE Price Index data on Friday.
• XAU/USD maintains its positive momentum near fresh record highs.

The broad US Dollar (USD) weakness helped XAU/USD resumed its advance, with the bright metal reaching a fresh record high at $3,059.67, in the American session.

Markets rushed away from the USD and into safety after United States (US) President Donald Trump came out with fresh tariffs threats. Trump announced new 25% levies on cars and car parts coming into the US late on Wednesday, while adding more tariffs could be imposed to the Eurozone (EU) and Canada. Taxes on vehicles will come into effect on April 3, while those on auto parts will come in May or later.

Canadian Prime Minister Mark Carney said that Trump’s new auto tariffs are “a direct attack” on the Canadian autoworkers. “We will defend our workers, we will defend our companies, we will defend our country, and we will defend it together,” Carney added.

The news negatively affected stock markets, which struggled to attract investors. Asian indexes ended the day mixed, although European ones ended the day mixed. As for US indexes, they also stand in the red.

Investors will now focus on upcoming US data. On Friday, the country will release the February Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve (Fed )’s favorite inflation gauge. Core annual PCE is foreseen at 2.7%, slightly higher than the 2.6% posted in January.

XAU/USD short-term technical outlook

The XAU/USD pair maintains the upward pressure and aims to extend its advance, according to technical readings in the daily chart. The pair develops above all its moving averages, with a bullish 20 Simple Moving Average (SMA) picking up momentum and currently at around $2,968.40. At the same time, technical indicators resumed their advances within positive levels, in line with a higher high ahead.

The near-term picture is bullish. XAU/USD extended its recovery above a now mildly bullish 20 SMA in the 4-hour chart, while the 100 and 200 SMAs advance below the shorter one. Finally, technical indicators head north above their midlines, with uneven upward strength, yet still reflecting prevalent buying interest.

Support levels: 3,030.50 3,0 23.14 2,999.30

Resistance levels: 3,060.00 3,075.00 3,090.00

• Silver price appreciate amid safe-haven appeal following the US auto tariff announcement.
• The non-yielding Silver could have attracted buyers amid a weaker US Dollar and Treasury yields.
• Traders await Friday’s Personal Consumption Expenditures (PCE) report—the Fed’s preferred inflation gauge.

Silver (XAG/USD) recovers recent losses from the previous session, trading around $33.70 per troy ounce during Asian hours on Thursday. The metal gains traction as investors seek safe-haven assets following the US auto tariff announcement, which has fueled concerns over potential retaliatory measures next week.

Risk-off sentiment intensified after US President Donald Trump signed an order late Wednesday imposing a 25% tariff on auto imports, effective April 2, with collections starting the next day. However, auto parts imports will receive a one-month reprieve.

Additionally, Silver, a non-yielding asset, could have attracted buyers as US Treasury yields decline, with the 2-year and 10-year yields hovering at 4.0% and 4.34%, respectively. Moreover, a weaker US Dollar (USD) also makes Silver more affordable for foreign buyers, further supporting the demand for the grey metal.

Meanwhile, the Federal Reserve (Fed) reaffirmed its December projection for two rate cuts this year but adopted a cautious stance. Minneapolis Fed President Neel Kashkari stressed the ongoing inflation battle, stating, “The job market has stayed strong, but the biggest challenge is to finish the job,” echoing Chair Powell’s view that rate cuts are not imminent. Kashkari also highlighted policy uncertainty as a complicating factor for the Fed.

Traders are closely monitoring upcoming US economic data, including weekly Initial Jobless Claims and the final Q4 Gross Domestic Product (GDP) Annualized report due Thursday. Additionally, Friday’s release of the Personal Consumption Expenditures (PCE) report—the Fed’s preferred inflation gauge—will provide further policy insights.

Goldman Sachs’ stock price (GS) tumbled in latest intraday trading, amid the dominance of the downward correctional trend in the short term, with negative pressure due to trading below the 50-day SMA, while a negative divergence forms in the Stochastic after reaching overbought levels compared to the price’s movements. 

Therefore we expect more losses for the price, targeting the support of $527.50, provided the resistance of $611.90 holds on.

Today’s price forecast: Bearish

 Natural gas price formed weak sideways trading yesterday near $3.880 in an attempt to shake off negative signals from the Stochastic, while holding repeatedly above the support of $3.750.

It’s likely an indication of the strength of the upward trend towards $4.060, thus sending the price even higher to $4.180.

Expected trading range today is between $3.750 and $4.060.

Today’s price forecast: Bullish as the support holds 

• Silver price gains as auto tariffs by US President Trump have improved its safe-haven demand.
• Trump’s auto tariffs will also be unfavorable for the US economy.
• Investors await the US PCE inflation data, which will be released on Friday.

Silver price (XAG/USD) advances to near $34.00 during European trading hours on Thursday. The white metal strengthens as fresh 25% tariffs on cars entering the United States (US) have stoked fears of global economic uncertainty.

US President Donald Trump said on Wednesday that auto tariffs “will be 25%”, which will come into effect April 2 and will be collected from April 3. Trump added that these tariffs would be permanent.

The impact of Trump’s auto tariffs will be significant on Mexico, Canada, Japan, South Korea, and Germany, which were the top 5 auto exporters to the United States in 2022, according to the Commerce Department.

The Silver price tends to perform better in heightening global economic uncertainty.

US President Trump’s auto tariffs have also weighed on the US Dollar (USD) as its consequences will also be borne by the domestic economy. The automakers of the US would be forced to set up manufacturing facilities in the domestic region. Given high labor cost in the US economy, prices of cars will shoot up, which will diminish the purchasing power of households. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, retraces from its three-week high of 104.68 posted on Wednesday.

Going forward, investors will focus on the US Personal Consumption Expenditure Price Index (PCE) data for February, which will be released on Friday. Economists expect the US core PCE inflation, which is the Federal Reserve’s (Fed) preferred inflation gauge, to have grown at a faster pace of 2.7% year-on-year, compared to the 2.6% increase seen in January.

Silver technical analysis

Silver price advances toward the flat border of the Ascending Triangle chart pattern formation on the daily timeframe near the October 22 high of $34.87. The upward-sloping border of the above-mentioned chart pattern is placed from the August 8 low of $26.45. Technically, the Ascending Triangle pattern indicates indecisiveness among market participants.

The 20-day Exponential Moving Average (EMA) near $33.20 continues to provide support to the Silver price.

The 14-day Relative Strength Index (RSI) rebounds above 60.00, suggesting a resurgence in bullish momentum.

Looking down, the March 6 high of $32.77 will act as key support for the Silver price. While, the October 22 high of $34.87 will be the major barrier.

Silver daily chart