The EURJPY pair recorded some extra gains by hitting 167.60 level, which forces it to form a temporary correctional rebound, affected by a stochastic attempt to exit the overbought level, providing chances for catching its breath and gathering the gains by reaching 166.70.

The price keeps providing mixed trading, but its repeated stability within the bullish channel’s levels and forming extra support at 166.00 level, so these factors make us keep the main bullish suggestion, which might target 168.00 level in the near period trading reaching the resistance level at 168.90.

The expected trading range for today is between 165.95 and 167.45

Trend forecast: Fluctuated within the bullish track

• Silver breaks above $36.90 and resumes its broader positive trend.
  Precious metals rally on safe-haven demand amid geopolitical tensions.
  XAG/USD’s next resistance area is now at $37.85.

Silver (XAG/USD) broke above the top of a descending channel from early-June highs, favoured by higher safe-haven demand on risk-off markets, and has confirmed a bullish flag.

The fundamental context remains supportive with safe assets favoured as the war between Israel and Iran extends, with the US President Trump tempted to jump in and turn it into a regional conflict of unforeseeable consequences. Precious metals are likely to remain buoyant until geopolitical tensions ease.

The focus today is on the Federal Reserve, which is highly likely to keep interest rates on hold but will release fresh economic and interest rate projections that may have a significant impact on the US Dollar.

XAG/USD: The next resistance is at $37.85

From a technical perspective, the 4-hour chart shows that the pair ended its correction from June 9 highs on Tuesday, breaking above the $36.90 level and resuming the broader bullish trend

The next resistance level is now at the 161.8% Fibonacci extension of the June 9 to June 11 correction is at $37.85. Above here, the next target is the area between the 261.8% extension of the mentioned range, at $39.35, and the Bullish Flag’s measured target, at $39.55.

The 4-Hour RSI is reaching overbought levels, which might lead to some consolidation or a correction. The previous resistance, at $36.90, and the reverse trendline, now at $36.50, are likely to act as support.

XAG/USD 4-Hour Chart

Silver (XAG/USD), meanwhile, held firmer, trading at $37.24 after touching an intraday high of $37.26. The white metal continues to benefit from robust industrial demand and remains supported by persistent safe-haven flows, particularly as rate expectations soften.

Fed Policy Outlook Takes Center Stage Amid Weak Data

Traders are focused on the Fed’s policy announcement later today, especially after a string of disappointing economic releases. U.S. retail sales dropped 0.9% month-over-month in May, while industrial production contracted 0.2%, marking its second decline in three months. Year-over-year retail sales slowed to 3.3%, down from April’s 5.0%.

According to the CME FedWatch Tool, markets are now pricing in roughly 44 basis points of rate cuts by the end of 2025. The 10-year U.S. Treasury yield fell to 4.403%, while real yields dropped five basis points to 2.103%, reflecting growing expectations of monetary easing.

Central Banks Remain Bullish on Gold Reserves

In the longer term, gold remains supported by structural demand. The World Gold Council’s latest survey revealed that 95% of central banks plan to increase their gold reserves within the next 12 months. This trend reinforces a stable demand floor for bullion, especially as global interest in de-dollarization grows.

Additionally, despite the short-term headwinds, analysts at Goldman Sachs reaffirmed their forecast for gold to reach $3,700/oz by year-end and $4,000 by mid-2026, driven by central bank buying and lower real interest rates.

As the Federal Reserve prepares to signal its outlook, investors are bracing for volatility. But for now, gold and silver continue to walk the fine line between policy signals and geopolitical noise.

Copper price began this morning by receiving the positive momentum due to a stochastic surpass to 50 level, accompanied by the attempt of reinforcing the stability of the support at $4.6600 by the moving average 55 level.

And that makes us keep the bullish suggestion, to expect forming bullish waves that allow it to press on the barrier at $4.8900 and surpassing it will ease the mission of reaching the next target at $5.0300.  

The expected trading range for today is between $4.7400 and $4.8900

Trend forecast: Bullish

Platinum price kept the bullish track by forming a new bullish wave to approach from the barrier at $1275.00, affected by providing positive momentum by stochastic stability above 50 level.

Reminding you that the repeated stability below the current barrier will decelerate the bullish attack, to keep preferring the bearish correctional scenario, which might target $1225.00 level, while breaching the barrier and holding above it will ease the mission of pressing on the achieved top at $1303.00 level, then attempts to achieve new gains by its rally to $1343.00.

The expected trading range for today is between $1225.00 and $1275.00

Trend forecast: Bearish

• Silver enters a bullish consolidation phase during the Asian session on Wednesday.
• A slightly overbought daily RSI holds back the XAG/USD bulls from placing fresh bets.
• Any corrective pullback might be seen as a buying opportunity and remain limited.

Silver (XAG/USD) is seen consolidating the previous day’s strong gains to its highest level since February 2012 and oscillating in a narrow range during the Asian session on Wednesday. The white metal currently trades just above the $37.00 round figure and seems poised to prolong the recent well-established uptrend from the April monthly swing low.

From a technical perspective, the overnight breakout through a short-term descending trend channel, which constituted the formation of a bullish flag pattern, and the subsequent move up validate the constructive outlook. However, a slightly overbought Relative Strength Index (RSI) on the daily chart warrants some caution. Hence, it will be prudent to wait for some near-term consolidation or a modest pullback before placing fresh bullish bets around the XAG/USD and positioning for further gains.

That said, any corrective slide is more likely to attract fresh buyers and remain limited near the ascending channel resistance breakpoint, around the $36.90-$36.85 region. A convincing break below, however, might prompt some technical selling and drag the XAG/USD further towards the $36.40-$36.35 horizontal support en route to sub-$36.00 levels, or the weekly low. The latter should act as a key pivotal point, which if broken could pave the way for some meaningful downside in the near term.

Nevertheless, the XAG/USD seems poised to climb further toward testing the February 2012 swing high, around mid-$37.00s. Some follow-through buying should allow the XAG/USD to aim toward reclaiming the $38.00 round figure. The momentum could extend further toward the next relevant hurdle near the $38.50-$38.55 region.

Silver 4-hour chart

• Silver price may find immediate resistance at $36.89, the highest since February 2012.
• The 14-day Relative Strength Index remains below the 70 level, indicating a persistent bullish bias.
• The ascending channel’s lower boundary around $36.10 acts as the immediate support.

Silver price (XAG/USD) retraces its recent gains registered in the previous session, trading around $36.30 per troy ounce during the Asian hours on Friday. A bullish bias is prevailing as the technical analysis of the daily chart shows the price of the precious metal remains within an ascending channel pattern.

The Silver price is remaining above the nine-day Exponential Moving Average (EMA), further highlighting that the short-term momentum is stronger. Additionally, the 14-day Relative Strength Index (RSI) hovers slightly below the 70 level after retreating from higher levels, indicating a prevailing bullish bias while also suggesting the potential for a continued downward correction.

The XAG/USD pair may test the immediate barrier at $36.89, the highest since February 2012. A break above this level may strengthen the bullish bias and support the pair to approach the upper boundary of the ascending channel around $38.50.

Silver price is testing the ascending channel’s lower boundary around $36.10, followed by the nine-day EMA at $35.77. A break below this crucial support zone could weaken the short-term price momentum and put downward pressure on the 50-day EMA at $33.74.

A successful breach below the 50-day EMA could dampen the medium-term price momentum and prompt the price of the precious metal to navigate the region around the two-month low at $31.65, which was recorded on May 15.

XAG/USD: Daily Chart

AirBNB’s stock price (ABNB) rose in latest intraday trading and attacked the current resistance of $139.85, while trading alongside the upward correctional trend line in the short term, with ongoing positive pressure due to trading above the 50-day SMA, countered with negative signals from the Stochastic after reaching overbought levels, hindering upcoming gains. 

Therefore we expect more gains for the price, especially if the aforementioned resistance of $139.85 is breached, targeting the next one at $148.65.

Today’s price forecast: Bullish

XAU/USD Current price: $3,383.60

• US President Donald Trump says patience with Iran “wearing thin.”
• United States data came in below expected as markets gear up for the Fed.
• XAU/USD trades within a well-limited range amid renewed risk aversion.

Spot Gold set a weekly low of $3,366.25 on Tuesday, bouncing from the level yet in the American session. The US Dollar (USD) spent the first half of the day on the back foot, but remained within familiar levels as market players awaited United States (US) macroeconomic figures, while being cautious amid the Middle East crisis.

The US published May Retail Sales, which fell by 0.9% on a monthly basis, worse than the -0.1% posted in April and the -0,7% expected. Additionally, Industrial Production in the same period was down by 0.2% against the 0.1% advance anticipated. Finally, Capacity Utilization stood at 77.4%, down from the 77.7% posted in April and missing the 77.7% expected.

Additionally, trade-war-related headlines kept coming. On the one hand, European Commission President Ursula von der Leyen noted trade talks with the US are “advancing” despite being complex, while adding the EU has a trade surplus with the US, and that could last.”

Finally, it is worth adding comments from the US President about the Middle East conflict, which fueled risk-off, helping XAU/USD trim intraday losses. Trump claimed the US military has full control of the Iranian airspace, adding that US patience “is wearing thin.”

Discouraging US data and renewed Middle-East-related concerns fuel demand for safety.

In the meantime, the US Federal Reserve (Fed) is expected to keep interest rates on hold when it announces its monetary policy decision on Wednesday. US officials will also present a fresh Summary of Economic Projections (SEP), with fresh inflation, growth and employment perspectives.

XAU/USD short-term technical outlook

The XAU/USD pair trades in the $3,380 region, and the daily chart shows it has spent the journey confined to a tight range. The pair has lost its positive momentum, but the overall risk skews to the upside, given that technical indicators have turned flat well above their midlines. Additionally, XAU/USD develops above all its moving averages, with the 20 Simple Moving Average (SMA) partially losing its bullish strength, yet holding far above bullish 100 and 200 SMAs.

In the near term, and according to the 4-hour chart, Gold price has room to ease further. The pair trades below its 20 SMA, which caps advances at around $3,406.90. The 100 and 200 SMAs remain directionless below the current level, while technical indicators grind lower within negative levels. Still, the risk-averse environment will likely prevent the pair from falling further.

Support levels: 3,366.10 3,352.40 3,339.75

Resistance levels: 3,406.90 3,414.60 3,437.85

The Federal Open Market Committee (FOMC) begins its two-day policy meeting today, with a decision expected Wednesday. While no immediate policy changes are anticipated, traders are keenly focused on Chair Jerome Powell’s forward guidance, especially in light of tariff-related inflation risks.

Geopolitical Uncertainty Boosts Safe-Haven Flows

Increased tensions in the Middle East, particularly following strikes near the Strait of Hormuz and concerns over energy infrastructure, have revived safe-haven flows into gold and silver. Though the situation remains fluid, the proximity of these developments to vital shipping lanes has stoked investor caution.

On Monday, three oil tankers reportedly caught fire in the Gulf of Oman. While investigations are ongoing, the incident drew parallels to the 2019 tanker attacks and triggered risk aversion across Asian equity markets. Gold, long considered a geopolitical hedge, responded accordingly.

Silver (XAG/USD), meanwhile, mirrored gold’s strength, rising toward $36.50. The metal briefly touched $36.4955 before stabilizing.

Short-Term Forecast

Gold holds above $3,373 trendline support as bulls eye $3,404. Silver consolidates near $36.64, with breakout potential toward $36.88 if $36.12 support holds. Momentum remains neutral.

Gold Prices Forecast: Technical Analysis