Natural gas price took advantage of the minor bullish channel’s support line stability at 3.950$ to start forming new bullish waves and achieve some gains by reaching 4.190$, to close the recent gap.

The contradiction between the major indicators might push the price to form some sideways trades until gathering the required positive momentum to record more gains by rallying towards 4.300$ first, followed by repeating the pressure on 4.500$ high.

The expected trading range for today is between 4.050$ and 4.300$

Trend forecast: Bullish

Crude oil price settles at 69.00$ after the strong decline that it witnessed in the previous sessions, noticing that the price resumes the main bearish track within the bearish channel that appears on the chart, which supports the chances of continuing the decline on the intraday and short term basis and head to achieve more negative targets.

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Down by 14.6%

At today’s low, the price of crude oil had decreased by $11.80 or 14.6% from the recent swing high at $80.76. On a relative basis, that put it at the low end of bearish corrections that have occurred since the April 2024 peak. There were four corrections identified since then that ranged from a decline of 14.7% to 18.3%. These measured moves indicate that the current correction may be close to completing and that crude oil may have a little more to fall before the correction is complete.

Monthly Bearish Reversal Points to Lower Prices

Crude oil triggered a monthly bearish reversal earlier this month (not shown) and it continues to trade near the lows of the month. This shows aggressive selling with lower monthly support in a range from around $67.11 to $66.65. Given the decisiveness of the bearish retracement, these lower price levels may yet be tested before a notable bounce. There are three more trading days before the end of February, which means that crude is at risk of ending the month in a bearish position, near the lows of the month.

Nearing Key Price Levels

Although the lower trendline provides a potential support line, the next lower support zone is from $67.11 to $66.86. That range is determined by two previous interim swing lows that were established late last year. They represent a more significant support area since a drop below that price range more clearly indicates a possible continuation of the larger bear trend.

Since the $131.31 swing high in March 2022 crude oil has been in a downtrend with a series of lower swing highs and lower swing lows. However, a new lower swing low for the downtrend was attempted in September with a decline to $65.65. But that decline failed to fall below the earlier swing low at $63.67 from May 2023. The September support zone could be challenged if the $66.86 price area fails to hold as support.

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

• Silver hits two-week low of $31.29 before bouncing above $31.50.
• RSI signals bearish momentum, with key support at 100-day SMA of $31.20.
• Upside potential if XAG/USD reclaims $32.00, targeting $32.48 and $33.00.

Silver prices plunged on Tuesday more than 1.80%, which witnessed the grey metal printing a daily peak of $32.48, before sliding below the $32.00 figure due to risk aversion and traders booking profits amidst uncertainty about US trade policies. The XAG/USD trades at $31.73 unchanged as Wednesday’s Asian session commences.

XAG/USD Price Forecast: Technical outlook

Despite printing a two-week low of $31.29, XAG/USD bounced near the 100-day Simple Moving Average (SMA) of $31.20, which if broken, would clear the path for bears to drive Silver prices toward the $30 handle. However, bulls emerged and drove the precious metal above $31.50, keeping them hopeful of re-testing the $32.00 figure.

Momentum shifted bearish as depicted by the Relative Strength Index (RSI) standing below 50, an indication that sellers are in charge. Therefore, further downside is seen.

On the other hand, if Silver climbs above $32.00, bulls can push prices towards February 25 high of $32.48. If cleared, they would remain in charge, poised to challenge $33.00.

XAG/USD Price Chart – Daily

Gold price resumed its positive trading, and continues to fluctuate around the bullish channel’s support line that appears on the chart, facing negative pressures affected by the negative momentum that appears through stochastic, while the EMA50 provides continuous positive support to the price.

XAU/USD Current price: $2,895.33

• US President Donald Trump revived tariffs-related concerns and spurred risk aversion.
• United States Consumer Confidence plummeted in February, recession concerns returned.
• XAU/USD turned bearish in the near term, could near the $2,800 region.

Spot Gold is on the back foot in the second half of Tuesday, trading below the $2,900 mark and trimming early weekly gains. The US Dollar (USD) gathered upward momentum after Wall Street’s opening, trading firmly, particularly against commodities and commodity-linked rivals. On the contrary, the USD is mildly weak against European rivals amid falling US Treasury yields. In the case of XAU/USD, the lack of upward progress towards fresh record highs triggered profit-taking.

Concerns gyrate around the United States (US) government’s planned tariffs. President Donald Trump brought back to the table levies on Canada, Mexico and China, saying that he plans to “move forward” after the announced one-month delay, adding that additional tariffs could soon reach Chinese products.

Trump Trade Adviser Peter Navarro, however, clarified that US authorities are negotiating with Mexico and Canada, adding that levies will depend on the progress of such negotiations.

Stock markets suffered since early Asia amid Trump hitting the tech sector, with menaces on imposing restrictions to Chinese semiconductors. As a result, the tech sector is the worst performer, with the Nasdaq Composite down roughly 330 points.

Further fueling the dismal mood, the US CB Consumer Confidence report showed consumers turned more pessimistic, as the index fell to 98.3 in February from 104.1 in January. It also missed expectations of 102.7 while showing Expectations plunged to 72.9, below the 80 mark that separates growth from recession.

XAU/USD short-term technical outlook

The daily chart for the XAU/USD pair shows the bearish corrective decline could continue, particularly if the pair breaks below a bullish 20 Simple Moving Average (SMA), providing dynamic support at around $2,879.95. The 100 and 200 SMAs keep heading north far below the shorter one, limiting the potential of a sustained bearish move. Finally, technical indicators head south almost vertically, reflecting sellers’ strength yet holding above their midlines, which is not enough to confirm a steeper decline.

In the near term, and according to the 4-hour chart, the bearish case is firmer. XAU/USD plunged below a mildly bearish 20 SMA, now acting as dynamic resistance at around $2,936.20. At the same time, the pair is battling a bullish 100 SMA while technical indicators head firmly south near oversold readings. Should the pair clear the area around the mentioned 100 SMA, the slide could extend towards the next relevant level, January’s monthly high at $2,817.04.

Support levels: 2,879.95  2,863.60 2,855.45

Resistance levels: 2,908. 2,921.50 2,636.20

Generac Holdings’ stock price (GNRC) gained ground in the intraday levels, while trying to recoup some recent losses, amid the dominance of the downward correctional trend in the short term, while trading alongside a steel trend line, reflecting the negative pressure, with negative signals from the RSI after reaching overbought levels, and ongoing negative pressure as well due to trading below the 50-day SMA. 

Therefore we expect the stock to return lower, targeting the support of $131.66, provided the resistance of $151.60 holds on.

Trend forecast for today: Bearish 

The GBPJPY pair failed to resume the negative attack despite the consolidation within the bearish channel, affected by the additional support at 188.10, to start forming sideways trades by fluctuating near 189.00.

We expect to witness more sideways trades until gathering the additional negative momentum to manage to break the current support and open the way to target the additional negative stations that might start at 186.90, while rallying above 189.75 will force it to postpone the decline until testing the bearish channel’s resistance line at 191.10.

The expected trading range for today is between 187.00 and 189.70

Trend forecast: Bearish

Coffee price activated the correctional bearish track by providing new negative close below the additional barrier 413.10, to notice suffering big losses by reaching 381.00 to attack 100% expansion level as appears on the chart.

Note that stochastic attempt to settle within the oversold areas increases the negative pressures, allowing us to suggest more negative trades for now, to target 374.00$ as an additional station, followed by reaching the next support at 363.00.

The expected trading range for today is between 363.00 and 390.00

Trend forecast: Bearish

Silver price tested the bullish channel’s support lien that appears on the chart, noticing that the price begins to rebound bullishly from there, motivated by stochastic positivity, to hint heading to recover in the upcoming sessions and achieve gains on the intrada basis.