Gold price touched 2920.00$ level and found solid resistance there, noticing that stochastic shows clear negative signals that might hinder the mission to achieve the breach, which might force the price to provide temporary negative trades and testing 2895.00$ areas in the upcoming sessions.

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Lowest Price Since May 2023

Last week’s low was the lowest traded price for crude oil since a spike in volatility was seen during the first week in May 2023. It indicated the potential for a continuation of the downtrend that began from the September 2023 highs. Also, it marks a potentially significant support zone, particularly since crude has already fallen significantly in the current bearish correction.

What is the chance that new lows will see enough selling pressure to keep the price of crude falling? Certainly, it is less than it might be if crude was falling through long-term support from a closer beginning point, such as a bearish continuation pattern for example. Nonetheless, a decisive decline below $65.40 could see a drop to test support around the May 2023 lows.

Strength Indicated Above $67.27

On the upside, there are no signs of a potential bullish reversal until Tuesday’s high of $67.27 is exceeded. If that price level triggers, crude could test an interim swing high of $68.38. That swing high is part of the downtrend price structure. If it is reclaimed, then crude will show signs of improving demand and it will trigger a bullish reversal as a prior swing low will have been exceeded.

Depending on when it happens, a double bottom breakout may also trigger. The convergence of several lines around $70.23 will then define the next higher potential resistance zone. That zone includes a downtrend line, a rising trendline across support starting from September of last year, and a horizontal level from an interim swing low from late-December.

Key Resistance at 20-Day MA

However, the 20-Day MA, at $69.80 currently, defines the more significant potential resistance area. Keep in mind that since the 20-Day line is falling. Therefore, it may reach the price zone mentioned above prior to or when natural gas reaches the zone.

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

XAU/USD Current price: $2916.67

• US President Donald Trump lifts tariffs on Canadian steel and platinum.
• The United States will release fresh Consumer Price Index figures on Wednesday.
• XAU/USD pressures the upper end of its range, aims to regain its bullish pose.

Gold trades with a positive tone on Tuesday, pressuring the upper end of its recent range, as the US Dollar (USD) remains vulnerable due to United States (US) President Donald Trump’s tariffs. Trump embarked on a trade war in the first days of his mandate, spurring concerns about a potential US economic slowdown. Since then, Trump kept escalating tensions, announcing that he instructed Secretary of Commerce Howard Lutnick to add an additional 25% tariff on all steel and aluminium coming from Canada, pushing the total levy to 50%. He added such tariffs will go into effect on Wednesday.

The decision came after Canada imposed a 25% tax on electricity exported to the US. In response, Ontario Premier Doug Ford said if there is a recession, “there’s one person to be blamed,” adding he will not hesitate to shut off electricity exports to the US if the trade war continues.

Other than that, the US published the Job Openings and Labor Turnover Survey (JOLTS), which showed that job openings totalled 7.74 million at the end of January. The reading was above expectations of 7.63 million but below the 7.508 million posted in December.

The focus will remain on the US, as the country will release the February Consumer Price Index (PCI) on Wednesday. Market participants anticipate a 0.3% monthly increase, below the 0.5% posted in January. Annual inflation is expected at 2.9%, while the core annual reading is foreseen at 3.2%, down from the previous 3.3%.

XAU/USD short-term technical outlook

Technically, the daily chart for the XAU/USD pair suggests buyers are regaining confidence, although additional advances are not yet confirmed. Technical indicators turned marginally higher, but lack strength, while the Momentum indicator remains below its 100 level. At the same time, the pair is battling a flat 20 Simple Moving Average (SMA) while the 100 and 200 SMAs maintain their upward slopes far below the current level. The overall picture favors another leg higher, although additional technical confirmation is still needed.

In the near term, and according to the 4-hour chart, XAU/USD is pretty much neutral. The pair is pivoting above, converging and directionless 20 and 100 SMAs, while the 200 SMA advances below the shorter ones. At the same time, technical indicators have lost their directional strength and turned marginally lower within neutral levels, not enough to anticipate an upcoming slide.

Support levels:2,906.70 2,893.35 2,881.80

Resistance levels: 2,927.90 2,941.40 2,956.10

Signs of Bearish Continuation

Tuesday’s price action established a lower daily high and lower daily low. It is important to notice the day’s high as it shows a successful test of resistance at the nearby trend line. In other words, natural gas found resistance at the trendline, which was support during Monday’s sharp rally above the line. This can more easily be seen in an intraday chart (not shown).

It indicates that the market has recognized the price area around the line as it has done more than a few times since late December. This is short-term bearish behavior that points to a likely deeper decline. The trendline is the top parallel trend channel line for a large channel where the bottom trendline connects to an August 2024 swing low.

Potential for a Test of Trend Support at $4.08

A drop below today’s low of $4.38 will signal a continuation of the bearish pullback. The current advance, beginning from the $2.99 swing low from January 31, shows potential trend support around the 20-Day MA at $4.08 and an internal uptrend line. More significant potential support is around the 50-Day MA, now at $3.81. Moreover, the recent interim swing low at $3.74 is significant in that it partly defines the price structure of the uptrend.

Short-term Bullish Above $4.59

Nonetheless, natural gas remains in a developing uptrend formation in the near term and should recover once it has completed a deeper pullback, if that is what is to come. If the price exceeds Tuesday’s high of $4.59, it is advisable to consider the upper trendline as a resistance level. Otherwise, a daily close above the line could lead to prices rising instead of a pullback.

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

No news for copper price that continues to provide sideways trades within the bullish channel due to the continuous contradiction between the major indicators, to notice its consolidation near 4.6100$ now.

We will keep our bullish overview that depends on the stability of the additional support line at 4.5400$ to manage to form bullish waves and target 4.6800$ level, followed by reaching 4.8100$ barrier, while breaking the additional support and holding below it will force the price to activate the correctional decline to target the bullish channel’s support line at 4.4150$.

The expected trading range for today is between 4.5500$ and 4.6800$

Trend forecast: Bullish

• Silver price gains sharply to near $32.50 amid weakness in the US Dollar.
• Escalating US economic concerns have kept the US Dollar on the backfoot.
• Investors await the US CPI data for fresh cues on the interest rate outlook.

Silver price (XAG/USD) jumps sharply to near $32.50 in Tuesday’s European session. The white metal strengthens as the US Dollar (USD) faces a sharp sell-off, with investors turning cautious over the United States (US) economic outlook due to President Donald Trump’s tariff agenda. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, slumps to near 103.35, the lowest level seen in four months. The lower US Dollar makes precious metals, such as Silver, more attractive to investors.

Market participants worry that tariff policies by President Trump would result in an economic slowdown in the US. On Friday, Trump said, “There is a period of transition because what we are doing is very big.” Historically, periods of transition result in economic turbulence in the short term. Signs of heightened economic tensions improve the safe-haven demand for precious metals, such as Silver.

Meanwhile, investors await the US Consumer Price Index (CPI) data for February, which will be released on Wednesday. Investors will pay close attention to the US inflation data as it will influence market speculation for the Federal Reserve’s (Fed) monetary policy outlook. The US CPI data is estimated to have grown at a slower pace. Signs of a slowdown in inflationary pressures would boost market expectations that the Fed will cut interest rates in a May policy meeting. The likelihood for the Fed to cut interest rates in May has increased to 51% from 37% a day ago, according to the CME FedWatch tool. The scenario of lower interest rates bodes well for non-yielding assets, such as Silver.

Silver technical analysis

Silver price strives to revisit the key resistance of $33.40 plotted from the February 14 high. The 20-day Exponential Moving Average (EMA) near $32.07, continues to support the Silver price.

The 14-day Relative Strength Index (RSI) oscillates inside the 40.00-60.00 range, suggesting a sideways trend.

Looking down, the upward-sloping trendline from the August 8 low of $26.45 will act as key support for the Silver price around $30.00. While, the October 22 high of $34.87 will be the key barrier.

Silver daily chart

Verizon Communications’ stock price (VZ) extended its gains in the intraday levels, and confirmed the breach of the pivotal resistance of $45.36, amid the dominance of the main upward trend in the medium term, while trading alongside the secondary short-term trend line, as the stock is buoyed by trading above the 50-day SMA, coupled with positive signals from the RSI after reaching oversold levels. 

Therefore we expect more gains for the stock, targeting the resistance of $50.00, provided it settles firmly above $45.36.

Trend forecast for today: Bullish

Natural gas price formed temporary correctional bearish wave by crawling towards 4.450$, affected by stochastic stability below 80 level, while that won’t affect the previously suggested bullish scenario due to the main stability within the bullish channel.

Also, 4.180 level forming additional support line confirms keeping the bullish attempts, to keep waiting to gather the positive momentum soon to assist to resume achieving gains, to expect moving towards 4.630$ and 4.670$ levels.

The expected trading range for today is between 4.350$ and 4.630$

Trend forecast: Bullish

No news for copper price that continues to provide sideways trades within the bullish channel due to the continuous contradiction between the major indicators, to notice its consolidation near 4.6100$ now.

We will keep our bullish overview that depends on the stability of the additional support line at 4.5400$ to manage to form bullish waves and target 4.6800$ level, followed by reaching 4.8100$ barrier, while breaking the additional support and holding below it will force the price to activate the correctional decline to target the bullish channel’s support line at 4.4150$.

The expected trading range for today is between 4.5500$ and 4.6800$

Trend forecast: Bullish

• Silver attracts some dip-buying on Tuesday and snaps a three-day losing streak. 
• The mixed oscillators on the daily chart warrant some caution for bullish traders. 
• Weakness below the Asian session low might expose the 100-day EMA support.

Silver (XAG/USD) reverses an Asian session dip to the $31.85-$31.80 region, or a four-day low, and climbs to a fresh daily high in the last hour. The white metal currently trades around the $32.15-$32.20 area, up nearly 0.20% for the day, and for now, seems to have snapped a three-day losing streak. 

However, mixed technical indicators on the daily chart warrant some caution for bullish traders and positioning for a further appreciating move. Hence, any subsequent move up could face stiff resistance and remain capped near the $32.65-$32.70 region. The said hurdle might now act as a key pivotal point, which if cleared decisively could allow the XAG/USD to reclaim the $33.00 mark and climb further towards the February monthly swing high around the $33.40 area. 

Some follow-through buying should pave the way for additional gains towards the next relevant hurdle near the $33.60-$33.70 area. The XAG/USD might then surpass the $34.00 round figure and extend the momentum further towards the $34.50-$34.55 resistance zone before aiming to challenge the multi-year high, closer to the $35.00 psychological mark touched in October 2024. 

On the flip side, the Asian session low, around the $31.85-$31.80 region, could offer some support, below which the XAG/USD could slide to the $31.25-$31.20 area. The downward trajectory might eventually drag the XAG/USD to the 100-day Exponential Moving Average (EMA) pivotal support, currently pegged near the $31.10-$31.00 region. This is followed by the late February low, around the $30.80 area, which if broken might shift the bias in favor of bearish traders. 

The subsequent downfall has the potential to drag the XAG/USD towards the $30.00 psychological mark en route to the $29.55-$29.50 support and sub-$29.00 levels, or the year-to-date low touched in January.

XAG/USD daily chart