US crude oil prices kept rising in intraday trading, amid the dominance of the upward correctional trend in the short term, as the price moves alongside the trend line, with the gains achieved despite a stream of negative signals from the Stochastic, with the price attempting to vent off overbought saturation there.
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Natural gas price was little changed as it stabilized below the $4.180 barrier, with the $4.050 level representing an extension to the support of the breached ascending channel, with the price now engaging in sideways trading near $3.920.
Our negative outlook holds for the time being, with the price potentially heading towards the support of $3.750, with a breach opening the door for more losses towards $3.650 then $3.520.
Expected trading range today is between $3.750 and $4.050.
Platinum price closed lower once more below the 50% Fibonacci retracement level at $983, bolstering the odds of more losses as the price approaches the first target at $969.45.
As the Stochastic sends out negative signals, the price will likely head towards $963, then $950, however, a rush higher above $1000 would flip the scenario towards more gains, targeting $1017.
Expected trading range today is between $960 and $990.
Platinum price closed lower once more below the 50% Fibonacci retracement level at $983, bolstering the odds of more losses as the price approaches the first target at $969.45.
As the Stochastic sends out negative signals, the price will likely head towards $963, then $950, however, a rush higher above $1000 would flip the scenario towards more gains, targeting $1017.
Expected trading range today is between $960 and $990.
Gold price edged higher in latest intraday trading while trying to regain its footing after leaning on the support of the 50-candle SMA, amid the dominance of the main upward trend as the price trades alongside primary and secondary trend lines, while the Stochastic reached oversold levels compared to the price’s movements, boosting the odds of recovery.
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Gold price consolidates a three-day correction but defends $3,000 early Tuesday.
The US Dollar turns south with US Treasury yields as tariff anxiety returns ahead of data and Fed speak.
Gold price finds buyers again at $3,000; a move back toward $3,050 likely?
Gold price is licking its wounds early Tuesday, consolidating the three-day correction while defending the $3,000 mark. Further downside in the Gold price appears elusive as investors remain wary amid mixed news on US President Donald Trump’s tariffs, awaiting the outcome of Monday’s US-Russia talks on the Ukraine ceasefire deal.
Gold price looks to US tariffs and Ukraine updates
Additionally, the US Conference Board (CB) Consumer Confidence data will also be closely watched alongside speeches from two US Federal Reserve (Fed) permanent voting members, Governor Adriana Kugler and New York President John Williams, for the next directional move in Gold price.
A lack of clarity on the likely US tariffs combined with the market’s nervousness on the prospects of a long-term Russia-Ukraine ceasefire revive the safe-haven demand for Gold price, pausing the US Dollar (USD) recovery momentum.
Asian stocks have turned lower after Chinese indices remain on the defensive due to the rising threat of US tariffs and worries over domestic growth.
On Monday, the US Dollar extended its recovery mode alongside a positive shift in risk sentiment, driven by increased expectations of narrower-than-feared Trump tariffs. Additionally, hawkish comments from Atlantic Fed President Raphael Bostic and strong US S&P Global preliminary business PMI aided the Greenback’s rebound, weighing negatively on the USD-denominated Gold price.
Bostic backed away from the idea of two rate cuts this year and said on Monday that he only sees one rate cut in 2025. Meanwhile, S&P Global flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, jumped to 53.5 this month from 51.6 in February.
Gold price technical analysis: Daily chart
The short-term technical outlook for the Gold price remains unchanged, with a ‘buy-the-dips’ trading strategy likely to extend following the confirmed breakout from the ascending triangle earlier this month.
The 14-day Relative Strength Index (RSI) has paused its descent, currently near 64, suggesting that Gold price could resume its upward trajectory toward record highs.
If buyers jump back into the game, Gold price could retest the record high of $3,058. The door will then open to test the triangle target, which was measured at $3,080.
On the flip side, Gold price could test Friday’s low of $3,000 should the downside regain traction. The next support is aligned at the previous week’s low of $2,982.
Further south, the 21-day Simple Moving Average (SMA) and the triangle support confluence at $2,952 will be a tough nut to crack for sellers.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
Silver steadies near $33.00 after bears lose momentum at $32.89 intraday low.
‘Quasi gravestone doji’ hints at potential shift as bulls defend narrow support range.
A break above $33.30 opens path to $33.94; downside risks if $32.90 support fails.
Silver’s price was flatline on Monday, hovering around $33.00 an ounce, snapping three consecutive days of losses. As the Asian session begins, XAG/USD remains firm and virtually unchanged.
XAG/USD Price Forecast: Technical outlook
Silver price formed a ‘quasi gravestone doji’ that usually appears in an uptrend, signifying a pause or end of the trend. Nevertheless, as it is preceded by a downtrend, it might indicate that bears had lost steam while buyers stepped in near the lows of the day of $32.89, with prices finding acceptance within the $32.90 – $33.00 range.
For a bullish continuation, XAG/USD needs to clear the March 24 peak of $33.30. Once surpassed, the next stop is the March 21 daily high of $33.59, ahead of the March 20 peak of $33.94.
Conversely, if XAG/USD slips beneath $32.90, immediate support emerges at March 21 through at $32.66. Once hurdled, the next stop is the 50-day Simple Moving Average (SMA) at $32.04.
XAG/USD Price Chart – Daily
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
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Silver price fell in intraday trading after retesting the important resistance of $33.30, while hurt by piercing the secondary upward trend line previously in the short term, as the Stochastic reached overbought levels compared to the price’s movements, hinting at negative divergence, which would double negative pressure on the price.
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Markets kick-started the week with optimism about upcoming Trump’s tariffs.
Major economies will post inflation updates in the upcoming days.
XAU/USD nears the $3,000 threshold and may pierce it in the upcoming sessions.
The US Dollar (USD) surged after Wall Street’s opening, resulting in XAU/USD sliding to $3,005.87. As the American session unfolds, the USD retains its broad near-term strength, resulting in the bright metal trading barely above the aforementioned intraday low.
Optimism leads the way on Monday, with stock markets hesitating throughout the first half of the day, but Wall Street soaring. The three major United States (US) indexes are up over 1.5% each at the time of writing, amid hopes President Donald Trump’s pre-announced tariffs for April 2nd would be more targeted than previously threatened. The tech sector is among the best performers after the setback suffered in the last few weeks. Government bond yields are down as investors drop safety and seek high-yielding assets.
According to the latest headlines on the matter, Trump will be announcing tariffs on autos, aluminium and pharmaceuticals in the “very near” future.
Meanwhile, US data was mostly encouraging. S&P Global published the preliminary estimates of the March Purchasing Managers’ Indexes (PMIs). The official report states that US business activity growth picked up momentum in March “ as a marked upturn in the service sector offset a renewed fall in manufacturing output.” The Composite PMI improved to 53.5 from 51.6 in February.
There will not be relevant US macroeconomic data on Tuesday, although inflation will be under the spotlight. Several major economies will post updates on price pressures, while the US is meant to release the February Personal Consumption Expenditures (PCE) Price Index figures on Friday.
XAU/USD short-term technical outlook
The daily chart for XAU/USD shows its under pressure for a third consecutive day, although the decline still seems corrective. The pair keeps developing above all its moving averages, with a bullish 20 Simple Moving Average (SMA) providing dynamic support at around $2,949.20. The 100 and 200 SMAs, in the meantime, keep heading north far below the shorter one. Finally, technical indicators continue to retreat from extreme levels, heading lower, although well above their midlines.
The near-term picture is bearish. In the 4-hour chart, a mildly bearish 20 SMA at around 3,030. At the same time, technical indicators gain downward momentum within negative levels, in line with another leg south. Still, the 100 and 200 SMAs maintain their bullish slopes over $60 below the current level, limiting the odds for a steeper decline.
