Brent oil price provides new positive trades now, to test the key resistance 74.00$, which forms key cluster resistance area as appears on the chart, noticing that stochastic loses its positive momentum clearly to reach the overbought areas.

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• Gold price edges higher to $2,870 in Monday’s early Asian session. 
• The uncertainty and global tensions could boost the safe-haven flows, benefiting the Gold price. 
• US PCE inflation for January came in with the expectation. 

Gold price (XAU/USD) attracts some buyers to around $2,870 during the early Asian session on Monday. The uncertainty and ongoing Russia and Ukraine conflicts continue to underpin the precious metal. Traders will keep an eye on the US February ISM Manufacturing Purchasing Managers Index (PMI), which is due later on Monday. 

According to the state RIA news agency, an oil refinery in the Russian city of Ufa has caught fire. The regional branch of Russia’s emergency ministry reported that residents in nearby areas face no danger from the blaze. However, the cause of the fire is yet to be determined.

Over the weekend, US President Donald Trump criticized Ukrainian President Volodymyr Zelenskyy for being “disrespectful” and canceled the signing of a minerals deal that would have brought Ukraine closer to resolving its conflict with Russia. Investors will closely monitor the developments surrounding Russia’s headlines. Any signs of escalating tensions could boost the Gold price, a traditional safe-haven asset. 

On the other hand, the renewed US Dollar (USD) demand might cap the upside for the yellow metal. US inflation data came in line with expectations, suggesting the US Federal Reserve (Fed) might adopt a cautious stance on further rate cuts. 

The US Personal Consumption Expenditures (PCE) Price Index climbed 2.5% YoY in January, compared to 2.6% in December, the US Bureau of Economic Analysis reported on Friday. Meanwhile, the core PCE Price Index, which excludes volatile food and energy prices, climbed 2.6% on a yearly basis in January, down from 2.9% in December. Both figures came in line with market expectations.

The AUDCAD price started to activate the previously waited negative track by crawling below 50% Fibonacci correction level at 0.9030 yesterday, surpassing the EMA50 to start targeting the negative stations by reaching 0.8970.

We notice stochastic attempt to crawl towards the oversold areas to increase the chances of gathering the negative momentum to ease the mission of targeting the target at 0.8940, while surpassing it will extend trades towards 0.8900 direct, to form the next main target for the current trades.

The expected trading range for today is between 0.8940 and 0.9010

Trend forecast: Bearish

Platinum price resumed the negative attempts, surpassing the first target at 950.00$, confirming its preparation to provide more negative attempts on the near-term and medium-term basis.

Also, the EMA50 forms additional barrier now at 960.00$, and stochastic provides the negative momentum, to increase the chances of attacking 941.00$ level, while breaking it might extend losses towards 920.00$ on the near-term basis.

The expected trading range for today is between 941.00$ and 960.00$

Trend forecast: Bearish

Vietnam’s commodity markets are bracing for fluctuation as both coffee and pepper prices are forecasted for March 2, 2025. The latest updates indicate mixed trends, with coffee prices showing signs of instability and pepper prices experiencing a slight rebound.

According to the latest information from Giacaphe.com, as of March 1, 2025, the Robusta coffee prices on the London exchange have seen notable declines. Prices went down by $46 to $61 per ton, with May 2025 delivery prices settling at $5,330 per ton, and prices for subsequent deliveries also reflecting downward trends. Notably, the prices for July and September deliveries are recorded at $5,290 and $5,228 respectively. Conversely, the Arabica coffee market on New York experienced minor fluctuations, with prices peaking and dipping around 342.00 to 379.05 cents per pound, representing delicate balance amid broader market forces.

Gold price settles at the waited target at 2868.80$, which represents 23.6% Fibonacci correction level for the rise from 2583.75$ to 2956.90$, and as we mentioned in our last technical update, breaking this level will push the price to achieve more bearish correction on the intraday and short-term basis.

• XAG/USD slips to $31.13, with downside risks growing
• Silver fails to hold above $33.00, triggering consolidation and selling pressure.
• Price tests 100-day SMA at $31.20; next key support at 50-day SMA of $30.89.
• Break below $30.89 could expose 200-day SMA at $30.47 and January low of $29.70.

Silver ended the week on a lower note, down almost 4%, as traders booked profits amid US recession jitters following the release of crucial US data. At the time of writing, the XAG/USD trades at $31.13, down 0.32%.

XAG/USD Price Forecast: Technical outlook

The grey metal had shown signs of consolidation after failing to decisively clear the $33.00 on a daily closing basis, which could’ve exacerbated a rally towards the $34.00 figure. Instead, XAG/USD spot price cleared the 100-day Simple Moving Average (SMA) at $31.20, opening the door to test the 50-day SMA at $30.89.

Although bears pushed prices lower, buyers reclaimed $31.00. Nevertheless, the Relative Strength Index (RSI) shows sellers are gathering momentum.

Therefore, XAG/USD’s first support would be the 50-day SMA at $30.89 on further weakness. A breach of the latter will expose the 200-day SMA at $30.47. If sellers conquer those two levels, the trend shifts downwards, and bears would be poised to challenge the January 27 daily through at $29.70.

XAG/USD Price Chart – Daily

50% Retracement at $3.73

The 50% retracement at $3.73 marks the beginning of a possible support zone that goes down to the 61.8% Fibonacci retracement level at $3.56. Last week’s low at $3.55 marked support for the week and is part of the uptrend price structure of higher weekly highs and higher lows.

It therefore has significance as a drop below it provides a bearish weekly signal and could lead to a drop towards the lower internal uptrend line. Since the weekly low aligns with the 61.8% retracement at $3.56, it deserves extra attention. In addition to a lower trendline target, there is a price zone from $3.32 to $3.31, consisting of the 20-Week MA and the 78.6% retracement, respectively.

Price Range From $4.73 to $3.56

Within the $3.73 to $3.56 price range is the 50-Day MA at $3.71. That looks to be the next key potential support level, particularly since the 20-Day MA has converged with the 50-Day as of today. Both moving averages are rising and are on track converge with the 50% retracement level. Unless there is a sharp drop before the end of today’s session, this week will end as an inside week with a closing price near the lows of the range.

Monthly Chart Shows Downward Pressure

Moreover, February ends today with the sixth consecutive month of higher monthly highs and higher monthly lows. However, the month is set to close in a relatively weak position near the midpoint of the month’s trading range, which is $3.82. The prior two months also ended in a relatively weak position, especially January, which closed near the lows for the month. In addition, the 50-Month MA was exceeded over the past few months but in each case the month ended below the 50-Month line, now at $3.85.

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

• Silver price could test the primary support at the psychological level of $31.00.
• The daily chart analysis indicates an increasing bearish bias, with the descending channel pattern continuing to expand.
• The pair could approach the initial resistance at the nine-day EMA of $31.83.

Silver price (XAG/USD) remains steady after registering losses in the previous session, trading near $31.20 per troy ounce during the early European session on Friday. Technical analysis on the daily chart indicates a strengthening bearish outlook, with the grey metal moving downwards within a descending channel pattern.

Silver price also remains below the nine-day and 14-day Exponential Moving Averages (EMAs), signaling weakened short-term momentum. Additionally, the 14-day Relative Strength Index (RSI) falls below the 50 mark, confirming the bearish bias is active.

To the downside, the XAG/USD pair may find initial support at the psychological level of $31.00, followed by the lower boundary of the descending channel at the 30.70 level. A break below this level could reinforce the bearish bias, potentially pushing Silver’s price toward the five-month low of $28.74, last seen on December 19.

Silver price could encounter initial resistance at the nine-day EMA of $31.83, followed by the 14-day EMA at $31.89. The further barrier appears around the descending channel’s upper boundary at the $32.10 level. A break above this crucial resistance zone could restore the bullish outlook, potentially pushing the pair toward the four-month high of $33.40.

XAG/USD: Daily Chart

Brent oil price continued to rise to test 74.00$ level, noticing that the price consolidates below this level after attempting to breach it in the previous sessions, accompanied by witnessing clear negative signals through stochastic, which overlaps negatively now.

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