Platinum price remains stable near the extra support at $1705.00, affected by the contradiction of the main indicators, however, the stability below $1840.00 barrier makes us wait to confirm the breakout, to begin forming strong bearish waves, to target $1660.00 and $1605.00.
While breaching the previously mentioned barrier and holding above it will confirm recovering the bullish trend, to expect targeting several positive stations that might begin at $1880.00 and $1950.00.
The expected trading range for today is between $1660.00 and $1740.00
Strong US manufacturing PMI data and rising Treasury yields are placing heavy downward pressure on Silver.
Odds of an October Fed rate hike jumped to 69.7%, driven by hawkish official commentary and inflation concerns.
Rising crude oil prices and Middle East geopolitical tensions further reinforce expectations for prolonged monetary tightening.
Silver price (XAG/USD) extends its losses for the second successive day, trading around $64.10 per troy ounce during the Asian hours on Thursday. Silver faces increased downward pressure as both the US Dollar (USD) and US Treasury yields surge, driven by hawkish Federal Reserve (Fed) expectations and resilient domestic economic indicators.
The latest Flash US S&P Global PMI data for September highlighted this momentum, showing manufacturing expanding faster than expected at 52.0 and helping offset slight pullbacks in services and composite activity. Following these economic signals, market expectations for a 25-basis-point Fed rate hike in October surged to nearly 69.7%, up sharply from 48.7% last week.
Traders are now turning their attention to the upcoming US weekly Initial Jobless Claims report, while several Fed officials have reiterated support for the recent rate increase and issued fresh warnings regarding persistent inflation risks.
Fed’s Barr flags need for more hikes, underpinning Dollar support
Fed’s Barr delivers a distinctly hawkish tone, with the FXS Speechtracker score at 8/10, above the 7/10 historical average and signaling a stronger-than-usual tightening bias. The emphasis that “further rate hikes [are] likely needed” and that risks to achieving 2% inflation have increased, while labor market risks have receded, underscores a clear prioritization of inflation control over growth concerns. The admission that the Fed was “out of position” and needed to “recalibrate” policy reinforces the message that the current stance may still be too loose, a backdrop that tends to support the Dollar and weigh on risk assets.
The FXS Fed Sentiment Index rose by 0.42 points to 148.81, firmly in hawkish territory well above the neutral 100 mark, consistent with the elevated FXS Speechtracker reading. This combination of a higher index level and above-baseline speech score confirms a market narrative of persistent Fed tightening risk, which should remain a supportive factor for the Dollar against lower-yielding peers.
Adding to the hawkish interest-rate outlook is a potential rebound in crude oil prices amid lingering uncertainty surrounding United States-Iran diplomatic talks. Speaking at the UN General Assembly, Iranian President Masoud Pezeshkian declared that Tehran would not yield to threats, reaffirming the country’s right to pursue nuclear technology for economic development. He also emphasized that Iran would restrict freedom of navigation through the strategic Strait of Hormuz for as long as US sanctions and blockades remain active. Because higher oil prices exacerbate inflationary pressures, these geopolitical tensions further reinforce expectations for prolonged monetary tightening, maintaining headwinds for Silver.
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.
However, the market must distinguish announced volumes from actual deliveries. This is not always the same thing. The pace of distribution can change as the balance between crude and products—a refinery question—comes into the picture, and the destinations receiving supplies will determine the practical impact. A barrel of crude oil in one country is not necessarily going to be the same as in others.
Improving Middle Eastern exports reinforced that pressure. Shipping data cited by Reuters showed exports exceeding pre-war levels on 4 days during the final week of September. That was well-received news, and that is part of what sent light sweet crude down. Meanwhile, Saudi Arabia reduced its November Arab Light selling price to Asian customers by $3 a barrel. Although not shown on this chart, it does show some relief. Both developments suggest greater availability in the short-term future.
The big distinction though is going to be that there is a difference between crude availability and refined fuel.
This is going to be a story about refiners before it is all said and done. From a technical analysis standpoint, the light sweet crude market is at an area that a lot of traders will be watching for confluence. The 50-day EMA, the $90 level, and the trend line all at least offer some hope.
Gold recently underwent a sharp correction (dropping roughly 6% over September) after hitting historic all-time highs earlier in the year near $5,608.35 in January 2026.
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Quick overview
Gold experienced a sharp correction in September, dropping about 6% after reaching historic highs near $5,608.35 in January 2026.
Rising US Treasury yields have increased the opportunity cost of holding gold, putting downward pressure on its prices.
Geopolitical tensions and high oil prices have created volatility in the market, impacting gold’s traditional role as a safe-haven asset.
Traders are focused on key technical support levels around $4,100 to $4,000 and are awaiting U.S. employment data for insights on interest rate trends.
Gold recently underwent a sharp correction (dropping roughly 6% over September) after hitting historic all-time highs earlier in the year near $5,608.35 in January 2026. It hit a seven-week low near the $4,110–$4,150 range following a surge in Treasury yields.
Multi-decade-high US Treasury yields (with the 10-year yield near 5.3% and 30-year yields touching multi-year highs) have increased the opportunity cost of holding non-yielding assets like gold, putting severe downward pressure on prices.
Market expectations for Federal Reserve policy remain volatile Following mixed signals and stubborn inflation data (such as core PCE hovering around 3.0% y/y). Hawkish rhetoric from some Fed officials regarding potential rate hikes to counter persistent inflation has strengthened the U.S. dollar, weighing heavily on bullion.
Deadlocked negotiations involving the U.S. and Iran, combined with lingering shipping/export risks around the Strait of Hormuz, have kept crude oil volatile. While geopolitical conflicts typically boost gold as a safe-haven asset, the secondary inflationary shock of high oil prices has instead pushed yields higher, occasionally overriding gold’s traditional safe-haven bid.
Long-term support remains underpinned by robust central bank accumulation (led by countries like China and Poland) aiming to diversify reserves away from fiat currencies.
High absolute price levels have drastically altered physical demand dynamics globally—non-investment demand (like jewelry) has cooled significantly, while bar, coin, and ETF investment channels remain critical barometers for market direction. Major institutional desks (such as Morgan Stanley) view the $4,000 level as a major psychological and technical floor supported by structural central bank and Asian private sector demand.
Watch the $4,100 – $4,000 band as primary technical support. A sustained breakout back above $4,250 – $4,300 is required to invalidate the recent short-term bearish momentum.
Traders are closely monitoring incoming U.S. employment data (jobs reports) and upcoming Federal Open Market Committee (FOMC) meetings for further direction on interest rate trajectories.
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 20 years of working experience in investment trading
CADCHF price surrendered its recent positive momentum after failing to stabilize above the 0.5900 barrier, forcing it to activate a corrective move and slip toward 0.5780, approaching the initial support at 0.5770.
As shown on the chart, the 55-period moving average is positioned above the aforementioned initial support, attempting in turn to curb the negative impact on the current trading and provide the price with an opportunity to gather positive momentum, with the aim of forming new bullish waves and targeting 0.5845 and 0.5880.
The expected trading range for today is between 0.5780 and 0.5845.
Platinum price faced fresh negative pressure, causing it to incur some losses after touching the $1675.50 level before attempting to test the broken support positioned near $1705.00. We note that a negative close below this support would confirm the price’s readiness to form strong bearish waves, with expectations of initially targeting $1660.00 before attempting to reach the next target at $1605.00.
As for confirming a recovery of the uptrend, the price would need to stage a strong bullish surge and stabilize above the barrier at $1840.00. This would pave the way for further gains, with the price gradually targeting $1880.00 and $1950.00.
The expected trading range for today is between $1660.00 and $1740.00.
Despite the bearish implications of this week’s price action, support has held at $4,111, leaving open the possibility that a decisive rally above Friday’s high could lead to a test of resistance near the falling 20-day moving average near $4,285, which is also close to the week’s high of $4,285, or a minor lower swing high at $4,316. The downtrend prevails unless there is a recovery of the lower swing high and the 50-day moving average, currently near $4,326. Therefore, Friday’s failed push above resistance keeps the bearish structure intact, while a break below $4,103 would provide the next confirmation that the correction is extending lower.
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That being said, it is difficult to get long on crude oil heading into a weekend that could bring anything that we can imagine as far as headlines. I think this is probably something that should be thought about over the next couple of days, and maybe Monday we’ll have more of a clear picture.
The situation in Iran just is never going to end, it seems, and that, of course, has a major influence on what’s going on here.
The weekly chart shows this week’s range contained within last week’s range, reflecting consolidation on that timeframe. It also provides key support and resistance levels, at $2.912 and $3.18, respectively. Another important development is that this week is set to close above support represented by the 200-week moving average near $2.997 and the 20-week moving average around $2.985.
Both failed to hold as support earlier in the week, but quick reclaims within the week show that support has been retained near those moving averages. Therefore, Friday’s bullish outside day is occurring as natural gas remains above important weekly support, giving the short-term reversal signal a stronger technical foundation.
At 9:15 a.m. Eastern Time today, oil was priced at $103.37 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article). That’s a gain of $0.39 drop compared with yesterday morning and around $37.41 higher than the price one year ago.
Oil price per barrel
% Change
Price of oil yesterday
$103.86
-0.47%%
Price of oil 1 month ago
$97.34
+6.19%
Price of oil 1 year ago
$65.96
56.72%
Price of oil yesterday
Oil price per barrel
$103.86
% Change
-0.47%%
Price of oil 1 month ago
Oil price per barrel
$97.34
% Change
+6.19%
Price of oil 1 year ago
Oil price per barrel
$65.96
% Change
56.72%
Will oil prices go up?
It’s impossible to forecast oil prices with detailed precision. Many different elements affect the market, but ultimately it boils down to supply and demand. When worries about economic recession, war, and other large-scale disruptions increase, oil’s path can shift fast.
How oil prices translate to gas pump prices
Gas prices at the pump don’t only track crude oil. They also include what it takes to refine and move that fuel, the taxes layered on top, and the extra markup your local station adds to stay in business.
Since crude oil generally makes up a majority of the per-gallon cost, changes in its price have an outsized impact. When oil surges, gas prices typically rise in tandem. But when oil retreats, gas prices often lag on the way down, a trend sometimes described as “rockets and feathers.”
The role of the U.S. Strategic Petroleum Reserve
In case of emergency, the U.S. has a store of crude oil known as the Strategic Petroleum Reserve. Its primary purpose is energy security in case of disaster (think sanctions, severe storm damage, even war). But it can also go a long way toward softening crippling price hikes during supply shocks.
It’s not a long-term answer and is more meant to provide temporary relief, assisting consumers and keeping critical parts of the economy running, like key industries, emergency services, public transportation, etc.
How oil and natural gas prices are linked
Both oil and natural gas are key sources of the energy we use every day. Because of this, a big change in oil prices can affect natural gas. For example, if oil prices increase, some industries may swap natural gas for some segments of their operations where possible, which increases demand for natural gas.
Historical performance of oil
To gauge oil’s performance, we often turn to two benchmarks:
Brent crude oil, the main global oil benchmark.
West Texas Intermediate (WTI), the main benchmark of North America
Between these two, Brent better represents global oil performance because it prices much of the world’s traded crude. And, it’s often the best way to track historical oil performance. In fact, even the U.S. Energy Information Administration now uses Brent as its primary reference in its Annual Energy Outlook.
Looking at the Brent benchmark across several decades, oil has been anything but steady. It’s seen spikes due to factors such as wars and supply cuts, and it’s also seen crashes from global recessions and an oversupply (called a “glut”). For example:
The early 1970s brought the first big oil shock when the Middle East cut exports and imposed an embargo on the U.S. and others during the Yom Kippur War.
Prices dropped in the mid-1980s for reasons such as lower demand and more non-OPEC oil producers entering the industry.
Prices spiked again in 2008 with increased global demand, but it soon plummeted alongside the global financial crisis.
During the 2020 COVID lockdown, oil demand collapsed like never before—bringing prices below $20 per barrel.
All to say, oil’s historical performance has been anything but smooth. Again, it’s hugely affected by wars, recessions, OPEC whims, evolving energy initiatives and policies, and much more.
Energy coverage from Fortune
Looking to stay up-to-date regarding the latest energy developments? Check out our recent coverage:
Frequently asked questions
How is the current price of oil per barrel actually determined?
The current price of oil per barrel depends largely on supply and demand, including news about potential future supply and demand (geopolitics, decisions made by OPEC+, etc.). In the U.S., prices also move based on how friendly an administration is to drilling, as it can affect future supply. For example, 2025 saw the Trump administration move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing the Biden administration’s policy of limiting oil drilling in the Arctic.
How often does the price of oil change during the day?
The price of oil updates constantly when the “futures” markets are open. A futures market is effectively an auction where people agree to buy or sell oil in the future. As long as people and companies are trading contracts, the oil price is changing.
How does U.S. shale oil production affect the current price of oil?
In short, shale is rock that contains oil and natural gas. Think of shale as energy yet to be tapped. The more shale the U.S. accesses, the more energy we’ll have—and the more easily oil prices can keep from spiking as much thanks to a greater supply.
How does the current price of oil impact inflation and the broader economy?
When oil is expensive, it tends to make everyday items cost more. This can be related to energy (your heating, gas utilities, etc.), but it’s also due to the logistics involved with making those items accessible to you. Shipping, for example, can affect the price of things at the grocery store, as it’s more expensive to get those products from warehouses and farms onto the shelf.
