• Gold price finds demand but remains within a familiar range below record highs.    
• The US Dollar stays depressed alongside US Treasury yields, eyeing the US Q4 advance GDP report.
• The daily technical setup continues to favor Gold buyers as record highs remain in sight.  

Gold price is back in demand early Thursday, holding its fort above $2,750. Despite the rebound, Gold price remains in a familiar range below the record high of $2.790 as traders look forward to the US fourth-quarter advance Gross Domestic Product (GDP) report for fresh impetus.  

Will Gold price retest record highs on US GDP slowdown?

Gold buyers are trying their luck in Asian trading on Thursday, helped by a subdued performance of the US Dollar (USD) and the US Treasury bond yields as traders digest the latest US Federal Reserve (Fed) policy decision in the face of looming tariffs by President Donald Trump on Canada, Mexico and China as soon as this weekend.

Meanwhile, markets remained wary of the mixed earnings results from the US tech titans Meta, Tesla, and Microsoft released after the market close. Meta’s sales in the fourth quarter jumped 21% year over year while net income grew 49% to $20.8 billion from $14 billion a year earlier. Microsoft slipped on weak quarterly revenue guidance while Tesla Inc. shares rallied as much as 4% in extended trading on Wednesday despite the company reporting a disappointing quarter on both revenue and the profit front. 

Expectations of a slowdown in the US economic growth also revive the safe-haven appeal of the Gold price. The US economy is expected to grow at an annualized pace of 2.6% in Q4 2024 after expanding 3.1% in the prior quarter. The widening US trade deficit in goods suggests that the advance GDP data could be weaker than the market forecasts.

Faltering US economic growth prospects and looming trade war risks under Trump’s presidency could keep the buoyant tone intact around the traditional store of value – Gold. Also of note will be the weekly US Jobless Claims and the quarterly Personal Consumption Expenditures (PCE) Prices data.

On Wednesday, Gold price returned to the red following a hawkish hold Fed decision as perceived by market participants. The Fed held the benchmark policy rate in the 4.25%-4.50% target range but altered the language in the policy statement to a slightly hawkish tone. The US central bank removed the earlier statement saying that inflation “has made progress” towards its 2% inflation goal while noting only the pace of price increases “remains elevated.”

Additionally, Fed Chairman Jerome Powell, in his post-policy press conference, the Fed wants to see further progress on inflation and could see a pathway for that, adding, “we don’t need to be in a hurry to make any adjustments.”

Traders are pricing in around 46 basis points (bps) of cuts by year-end, a tad lower than around 48 bps before the Fed statement, indicating waning expectations for two Fed rate cuts this year, per Reuters.

However, gold prices managed to stage a modest rebound late Wednesday as the USD failed to sustain Fed-inspired gains. US Treasury bond yields slipped amid souring mood as traders remained cautious ahead of the earnings results from US tech giants – Microsoft, Tesla and Meta.

Gold price technical analysis: Daily chart

The short-term technical outlook for Gold price remains bullish, making it a ‘buy-the-dips’ trade.

The 14-day Relative Strength Index (RSI) holds comfortably above the midline, currently near 63, keeping Gold buyers hopeful.

Adding credence to the bullish potential, the 50-day SMA closed above the 100-day SMA last Thursday, confirming a Bull Cross.

Gold price needs a sustained move above the static resistance at around $2,765 to take on the upside.

However, a daily candlestick closing above the symmetrical triangle target of $2,785 or record high of $2,790 is critical to initiating a fresh uptrend.

The next relevant upside targets are $2,800 and the $2,850 psychological barrier.

On the downside, the immediate support will be seen at the previous day’s low of $2,745.

Sellers will then aim for this week’s low of $2,731, folowed by the $2,700 round level, where the 21-day SMA coincides.

Oil and natural gas markets remain volatile as traders weigh geopolitical tensions and trade uncertainties.

Crude oil prices held steady as markets assessed the potential impact of tariff measures on major energy suppliers, News.Az reports, citing foreign media.

Meanwhile, U.S. crude stockpiles increased by 3.46 million barrels, reflecting reduced demand from recent weather disruptions.

On the supply side, Russian crude exports are set to decline by 8% as refining activity increases, while OPEC+ prepares for its upcoming policy meeting.

Analysts remain skeptical of a potential price war between major producers, noting that an oversupply scenario could drive Brent crude prices below $50 if spare capacity is aggressively deployed. Traders now await further signals on production policy and global energy demand shifts.

Natural gas price forecast

Natural Gas (NG) Price Chart

Natural Gas (NG) is treading water at $3.17, with traders closely watching the $3.20 pivot level for directional cues. The commodity remains below its 50-day EMA at $3.28 and well under the 200-day EMA at $3.38, reinforcing a cautious outlook.

A break above $3.20 could spark a move toward the $3.37 resistance, potentially extending gains to $3.51 if bullish momentum strengthens. On the downside, immediate support at $3.01 is critical—losing this level may accelerate declines toward $2.88.

The market remains bearish below $3.20, with sellers in control unless buyers step in to reclaim higher ground. Until then, traders should remain cautious, as a failure to hold above key technical levels could invite further downside pressure.

WTI oil price forecast

WTI Price Chart

Crude oil (USOIL) is trading at $72.51, down 0.61%, as it struggles to find footing below the $73.49 pivot level. The 50-day EMA at $73.73 and the 200-day EMA at $74.62 continue to act as strong resistance, keeping sellers in control for now.

A break above $73.49 could shift momentum, targeting $74.93, with further upside potential toward $75.95. However, failure to reclaim this level may push oil toward $72.32, with $71.25 as the next major support.

For now, the trend remains bearish below $73.49, but a decisive move above resistance could spark a fresh rally. Traders should watch for volume confirmation before positioning for a reversal or further downside.

Brent oil price forecast

Brent Price Chart

Brent crude (UKOIL) is trading at $75.40, down 0.59%, as it remains under pressure below the $76.38 pivot level. The 50-day EMA at $77.52 and the 200-day EMA at $78.00 signal a bearish bias, keeping upside momentum in check.

A break above $76.38 could trigger a push toward $77.83, with an extended move potentially testing $79.54. However, failure to reclaim this level may reinforce selling pressure, dragging prices toward $74.68, with $73.73 as the next critical support.

For now, the market remains bearish below $76.38, and sellers have the upper hand unless buyers regain control above resistance. A confirmed breakout or further rejection at these levels will determine the next directional move.

News.Az 

Ethereum price (ETHUSD) still confined between 3017.30$ support and 3222.00$ resistance, which makes us continue with our neutrality until now, waiting to breach one of these levels to detect the next targets clearly.

We remind you that breaching the resistance will push the price to recover and achieve gains that start at 3335.00$ followed by 3425.50$, while breaking the support represents negative factor that will push the price to resume the bearish trend within the bearish channel that appears on the chart, to head towards visiting 2765.00$ areas on the near-term basis.

The expected trading range for today is between 3020.00$ support and 3335.00$ resistance.

Trend forecast: Neutral

• Silver price continues to gain ground amid dovish sentiment surrounding the major central banks’ policy outlook.
• The upside of the non-interest-bearing Silver could be limited amid the cautious tone surrounding the Fed.
• A stronger US Dollar may create headwinds for Silver, as it increases the metal’s cost for investors holding other currencies.

Silver price (XAG/USD) extends its winning streak for the third consecutive session, trading around $30.90 per troy ounce during Asian trading hours on Thursday. The precious metal holds its gains amid dovish signals from major central banks.

The Bank of Canada (BoC) has ended its quantitative tightening and joined Sweden’s Riksbank in delivering a rate cut. Meanwhile, the European Central Bank (ECB) is also expected to lower rates this week, while the Reserve Bank of India (RBI) and the People’s Bank of China (PBoC) have signaled potential rate cuts ahead.

In the United States (US), the Federal Reserve (Fed) kept its benchmark interest rate steady at 4.25%-4.50% during its January meeting on Wednesday, as widely anticipated. This follows three consecutive rate cuts since September 2024, totaling a full percentage point.

However, Silver’s upside may be capped as the Fed delivered a hawkish message by removing language suggesting confidence in inflation moving toward its 2% target. Additionally, the central bank acknowledged strong economic growth and labor market conditions.

During his press conference, Fed Chair Jerome Powell emphasized that the US central bank would need to see “real progress on inflation or some weakness in the labor market” before considering further policy adjustments.

Meanwhile, the US Dollar Index (DXY), which tracks the greenback against six major currencies, remains steady at around 108.00. A stronger US Dollar could pose challenges for Silver, making it more expensive for foreign buyers.

Natural gas price formed temporary correctional bullish wave yesterday to fluctuate above 50% Fibonacci correction level at 3.130$, attempting to cover some previous losses to settle near 3.200$.

Note that the MA55 continues to form additional barrier at 3.260$, along with stochastic consolidation within the oversold areas, these factors support the domination of the bearish bias for the near-term and medium-term period, to keep waiting to form new negative waves and target 2.970$ followed by 2.840$ levels.

The expected trading range for today is between 2.970$ and 3.200$

Trend forecast: Bearish

Crude oil price managed to break 73.90$ level and close the daily candlestick below it, reinforcing the expectations of continuing the correctional bearish trend in the upcoming sessions, opening the way to head towards 72.30$ that represents our next main target, noting that breaking this level will push the price to suffer additional losses that reach 70.30$ on the near-term basis.

Holding below 73.90$ is important to the continuation of the expected decline, as breaching it will lead the price to achieve intraday gains and head to test 75.53$ areas before any new attempt to decline.

The expected trading range for today is between 71.60$ support and 74.60$ resistance

Trend forecast: Bearish

XAU/USD Current price: $2,753.60

• The Federal Reserve will likely keep rates on hold in today’s monetary policy meeting.
• The United States will publish the preliminary estimate of the Q4 GDP on Thursday.
• XAU/USD could extend its slide in the near term amid prevalent US Dollar demand.

Gold is under modest selling pressure on Wednesday as caution rules ahead of the Federal Reserve’s (Fed) monetary policy announcement. The United States (US) central bank is widely anticipated to keep the benchmark interest rate unchanged after trimming 25 basis points (bps)  and settling it at 4.25%-4.5% in December.

Back then, officials adopted a more dovish stance amid uncertainty about President Donald Trump’s trade policies and their potential effects on economic development. Trump’s initial days at the office have indeed triggered loads of noise, with the focus on tariffs. Still, the US government has announced no new levies.

There is a good chance the Fed will repeat its December statement as officials would prefer to wait for a clearer picture before taking a more hawkish approach. In the meantime, and following the Fed’s decision, the US will publish the preliminary estimate of the Q4 Gross Domestic Product (GDP) on Thursday. The report is expected to show that the economy grew at a solid 2.6% pace on an annualized basis, slightly below the 3.1% posted in Q3.

Meanwhile, US government bond yields held steady. The 10-year Treasury note offers 4.55%, pretty much unchanged on a daily basis. US indexes, in the meantime, are modestly down after their overseas counterparts closed in the green.

XAU/USD short-term technical outlook

From a technical point of view, the daily chart for the XAU/USD shows an undergoing consolidative stage. The bright metal seesaws between gains and losses but remains above the $2,700 mark and not far below record highs. The same chart shows that the 20 Simple Moving Average (SMA) keeps heading north well below the current level, while it is above bullish 100 and 200 SMAs, limiting the bearish case. Finally, technical indicators ease within positive levels, far above their midlines and falling short of suggesting a sustained bearish extension.

In the near term, and according to the 4-hour chart, however, the risk skews to the downside. XAU/USD has spent the last couple of sessions battling a now bearish 20 SMA, developing just below it. The longer moving averages maintain their upward slopes below the current level, yet technical indicators are crossing their midlines into negative territory, favoring another leg south.

Support levels: 2,747.20 2,734.60 2,716.50

Resistance levels: 2,764.85 2,777.30 2,789.95

If 3.02 Fails, 2.67 Looks Possible

line of a large symmetrical triangle becomes a potential target, and further down is the 78.6% retracement at 2.67. Currently the 200-Day MA has converged with the retracement level and is identifying the same price. Nonetheless, the 200-Day MA marks a key potential support level for the larger bull trend.

Large Rising Parallel Trend Channel

A key point to consider is the presence of a large rising parallel trend channel on the chart. Notice that during the recent rally there was a failed attempt to break out above the top channel line before a high was established at 4.37. Given the subsequent bearish decline follow through the possibility of an eventual test of support at or near the lows of the channel are a possibility. Once there is a clear reversal from one side of the channel, there is the possibility of reaching the other side of the channel.

20-Week MA Tested as Support

Further to the above analysis, the weekly chart may provide an additional clue. Today’s low reached a seven-week low and there is also a monthly low from December at 2.98. The decline also tested support around 20-Week MA, which is at 3.11. The 20-week line has marked trend support on the weekly chart since it was reclaimed in October.

This seems to increase the chance that today’s low could hold as support and complete the correction. It also indicates that a decisive decline below the 20-Week MA will provide bearish confirmation and increase the chance for natural gas to eventually test lower prices before the correction is complete.

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

Berkshire Hathaway’s stock price (BRK.B) fell in the intraday levels on profit-taking, while gathering positive momentum to rise anew, amid the dominance of the main upward trend in the medium term, with positive pressure due to trading above the 50-day SMA, while the stock managed to vent off overbought saturation in the RSI.

Therefore we expect the stock to return higher and target the pivotal resistance of $491.65, provided the support  of $455.30 holds on.

Trend forecast for today: Likely Bullish 

9.3% Bearish Correction

As of Monday’s low, crude was down by 9.3% from the recent swing high of 80.76. Support was seen around a prior key resistance level at 73.27. The decline completed a 50% retracement at 73.93 on the way down. Confirmation of support was also indicated by an internal uptrend line that marked a similar price zone as the November 7 minor swing high and top of a price range. In other words, crude has reached a support zone that could lead to a bullish reversal. Continue to watch price behavior around the 73.23 low.

Inside Day Bull Breakout Potential

If there is a rally above todays inside day high of 75.15 and considering the 200-Day line at 75.20, crude could complete a bullish reversal that could lead to an advance. There are several potential barriers that would then need to be considered on the way up as resistance could be seen. The 20-Day MA is at 75.92 and it is a little shy of a trendline that could present resistance. Tuesday’s high at 76.03 could also be considered. Together, these price levels present a potential resistance zone from 75.92 to 76.20 (Friday’s high).

Downside Risk Remains

On the downside, a drop below 73.23 provides a bearish continuation signal and increases the chance that the next lower potential support area is reached. The lower price support zone looks to be around 72.32 to 72.15. That range includes the 61.8% Fibonacci retracement level and the 50-Day MA, respectively. The 50-Day line is key as it was recently reclaimed on December 24, a couple day’s before a sharp rally began. This decline would be the first test of support at the 50-Day line since then. A daily close below it would be bearish and could indicate further selling pressure.

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