• Silver price gains ground as the daily chart analysis suggests a persistent bullish bias.
• The pair may find its primary resistance around the upper boundary of the ascending channel at the $33.10 level.
• The initial support appears at the nine-day EMA of $32.08.

Silver price (XAG/USD) recovers its recent losses registered in the previous session, trading near $32.40 per troy ounce during Monday’s Asian session. A daily chart analysis suggests a continued bullish trend, as the metal price moves upward within an ascending channel.

The XAG/USD pair continues to trade above the nine-day and 14-day Exponential Moving Averages (EMAs), indicating robust short-term momentum. Moreover, the 14-day Relative Strength Index (RSI) remains above the 50 level, reinforcing the overall bullish outlook.

Silver price may face initial resistance near the upper boundary of the ascending channel at the $33.10 level, followed by the four-month high of $33.40, which was reached on February 14.

On the downside, support is located at the nine-day EMA around $32.08, followed by the 14-day EMA at $31.85, and the lower boundary of the ascending channel at $31.60. A break below this critical support zone could undermine the bullish outlook, potentially exposing the XAG/USD pair to further declines toward its five-month low of $28.74, which was recorded on December 19.

XAG/USD: Daily Chart

• Gold price trades in negative territory around $2,880 in Monday’s early Asian session. 
• Trump tariff delay eases panic in markets, weighing on the Gold price. 
• The uncertainty, rising trade tensions and weaker USD could lift the XAU/USD price. 

Gold price (XAU/USD) edges lower to near $2,880 due to profit-taking during the early Asian session on Monday. However, fears of a global trade war in the wake of US President Donald Trump’s push for reciprocal tariffs might help limit the precious metal’s losses.

The delay in the Trump administration’s tariff proposals being implemented and profit-taking by traders cap the upside for the yellow metal. Trump on Thursday signed a presidential memorandum laying out his plan to impose “reciprocal tariffs” on foreign nations. However, he delayed their implementation as his administration launched negotiations on a one-by-one basis with nations that could be impacted. The easing fear of a global trade war weighs on the Gold price, a traditional safe-haven asset.

Investors will closely monitor the developments surrounding further Trump’s tariff policies. Any signs of escalating trade tension and uncertainty could boost safe-haven flows, benefiting the precious metal.

The downbeat US economic data drag the US Dollar (USD) lower, which could provide some support to the USD-denominated commodities price. Retail Sales in the United States fell by 0.9% in January from the 0.7% increase (revised from 0.4%) in December, the US Census Bureau showed Friday. This figure came in below the market consensus of -0.1%.

The price for Gold stood at 7,997.48 Indian Rupees (INR) per gram, up compared with the INR 7,965.92 it cost on Tuesday.

The price for Gold increased to INR 93,281.70 per tola from INR 92,912.91 per tola a day earlier.

FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.

(An automation tool was used in creating this post.)

• Silver prices surged to a three-month high of $32.38 on Wednesday.
• Safe-haven metals gain ground amid risk-off mood following global trade and economic uncertainties.
• Traders await Friday’s US Nonfarm Payrolls, which is expected a slight slowdown in job creation for January.

Silver price (XAG/USD) rises for the third successive session, trading around $32.30 per troy ounce, during the European hours on Wednesday. The safe-haven metals like Silver gain ground due to increased risk aversion following global trade and economic uncertainties.

In response to the new 10% US tariff that took effect on Tuesday, China imposed a 15% tariff on US coal and liquefied natural gas (LNG) imports, along with an additional 10% tariff on crude oil, farm equipment, and certain automobiles.

However, traders remain hopeful for a potential resolution between the United States (US) and China, similar to the agreements reached with Mexico and Canada. US President Donald Trump stated on Monday that he expects to speak with China soon but warned, “If we can’t reach a deal with China, the tariffs will be very, very substantial.” However, no further developments have been reported.

Trump, earlier this week, announced a temporary suspension of tariffs on Mexico and Canada after their leaders agreed to deploy 10,000 troops to the US border to combat drug trafficking. The tariffs initially imposed two days earlier—25% on Mexican and Canadian goods have been postponed for at least 30 days.

The dollar-denominated Silver attracts buyers as the US Dollar (USD) goes through a technical downward correction. The US Dollar Index (DXY), which measures the US Dollar’s value against six major currencies, remains under downward pressure for the third successive day, trading around 107.70 at the time of writing. Meanwhile, traders brace for Friday’s US Nonfarm Payrolls (NFP) data, which is expected to shape the Federal Reserve’s (Fed) monetary policy direction.

Silver, which does not yield interest, is benefiting from the dovish stance of major central banks. The Bank of Canada (BoC) has halted its quantitative tightening and joined Sweden’s Riksbank in cutting interest rates. Last week, the European Central Bank (ECB) lowered its Deposit Facility Rate by 25 basis points (bps) to 2.75%, while both the Reserve Bank of India (RBI) and the People’s Bank of China (PBoC) have signaled potential rate cuts ahead. Additionally, markets expect the US Federal Reserve (Fed) to implement two rate cuts this year.

Silver prices have increased by 12.34% since the beginning of the year.

The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, stood at 88.42 on Wednesday, down from 88.60 on Tuesday.

(An automation tool was used in creating this post.)

• Silver price gives up a majority of intraday gains after the release of the upbeat US private employment data for January.
• Strong labor demand would force the Fed to maintain the status quo for longer.
• Investors expect the trade war would be limited between the US and China.

Silver price (XAG/USD) surrenders almost its entire intraday gains and falls back to near $32.00 in Wednesday’s North American session. The white metal faces selling pressure as the US Dollar (USD) attempts to gain ground on the back of upbeat United States (US) ADP Employment Change data for January. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, finds buyers’ demand near 107.40 but is still over 0.4% down intraday.

The agency reported that 183K new workers were hired by the private sector last month, which were significantly higher than estimates of 150K, and the prior release of 176K, revised significantly higher from 122K.

Signs of strong labor demand would force Federal Reserve (Fed) officials to keep interest rates at their current levels for longer. Last week, Fed Chair Jerome Powell said that they will make monetary policy adjustments only after seeing “real progress in inflation or at least some weakness in labor market”. Technically, the Fed’s stance for keeping interest rates steady weighs on precious metals, such as Silver.

Meanwhile, investors are also doubting the Silver outlook amid receding fears of a lethal global trade war. Market participants expect the trade war to remain restricted between China and the US. Investors have interpreted President Donald trump’s tariff agenda as more a negotiating tool after his decision of suspending the order of imposing 25% tariffs on Canada and Mexico.

While 10% tariffs on China have come into effect from February, and in retaliation, China has also imposed levies on the US.

Silver technical analysis

Silver price strives to break above the immediate resistance of $32.50, which is plotted from the December 9 high. The outlook of the white metal remains bullish as the 20-day Exponential Moving Average (EMA) is sloping higher near $30.90.

The 14-day Relative Strength Index (RSI) oscillates in the 60.00-80.00 range, suggesting that the momentum is bullish.

Looking down, the upward-sloping trendline from the August 8 low of $26.45 will be the key support for the Silver price around $29.50. While, the October 31 high of $33.90 will be the key barrier.

Silver daily chart

• Gold price is poised to reach $2,900 amid an uncertain environment triggered by Trump’s policies.
• US businesses in the services industry are cooling, indicating an ongoing slowdown.
• Fed officials turned unease on Trump tariffs, putting inflation ahead of employment.

Gold price is set to extend its gains, rising more than 0.90% on Wednesday, sponsored by US Dollar weakness and falling US Treasury bond yields. The escalation of the China-US trade war keeps investors flocking to Gold’s safety appeal, and the XAU/USD trades near $2,870 as bulls target $2,900.

US President Donald Trump’s rhetoric and policies continued to drive investors toward the golden metal, which is in unchartered territory. Traders are eyeing the $2,900 mark. Economic data revealed that the labor market remains solid after January’s ADP Employment Change report, which showed that private companies hired more people than foreseen.

However, not everything was positive on the data front. Business activity revealed by S&P Global and the Institute for Supply Management (ISM) showed that the services sector is cooling.

In the meantime, Federal Reserve (Fed) officials had crossed the wires and shown that they were uncertain about the impact of tariffs on inflation. Yet Chicago’s Fed President Austan Goolsbee said that ignoring tariffs’ potential impact would be a mistake.

“If we see inflation rising or progress stalling in 2025, the Fed will be in the difficult position of trying to figure out if the inflation is coming from overheating or if it’s coming from tariffs,” Goolsbee said.

Given the backdrop that Trump delayed 25% tariffs on Mexico and Canada for 30 days but levied 10% duties on China, uncertainty has kept investors uneasy about the potential disruption to global trade. Hence, they continued to seek the safety of the precious metals and ditched the Greenback.

Daily digest market movers: Gold remains underpinned by falling US yields

• The US Dollar Index (DXY), which tracks the buck’s performance versus a basket of six currencies, drops 0.38% and sits at 107.58 after hitting a three-week high at 109.88.
• The US 10-year Treasury bond yield plunges over nine basis points, down to 4.244%.
• US real yields, which correlate inversely to Bullion prices, dropped three basis points from 2.10% to 2.07%, a tailwind for XAU/USD.
• In January, the US ADP National Employment Change reported an increase in private sector jobs, rising from 176K to 183K and surpassing estimates of 150K.
• Concurrently, the ISM Services PMI for January registered at 52.9, slightly above forecasts of 52.8, although it decreased from December’s 54.0. Additionally, the S&P Global Services PMI decreased from 56.8 to 52.9 for the same period, still outperforming the anticipated 52.8.
• Money market fed funds rate futures are pricing in 52 basis points (bps) of easing by the Federal Reserve in 2025.

XAU/USD technical outlook: Gold prices set to challenge $2,900

After printing a new all-time high of $2,882, the yellow metal is set to challenge $2,890 ahead of the psychological $2,900 figure. Momentum remains bullish, and although the Relative Strength Index (RSI) has pushed well into overbought territory, it hasn’t reached the most extreme level above 80, which could pave the way for a mean-reversion trade.

On the other hand, if Gold tumbles below the $2,800 figure, the first support would be the January 27 swing low of $2,730, followed by $2,700.

• Silver price holds ground near its three-month high of $32.56, recorded on February 5.
• A break above the 70 RSI level could indicate overbought conditions, potentially triggering a downward correction.
• The critical support zone appears at a nine-day EMA at $31.58, followed by the ascending channel’s lower boundary at $31.00.

Silver price (XAG/USD) extends its winning streak for the fourth consecutive session, trading near $32.30 per troy ounce during Asian hours on Thursday. Technical analysis on the daily chart highlights a strong bullish bias, with the price maintaining an upward trajectory within an ascending channel.

The XAG/USD pair remains above both the nine-day and 14-day Exponential Moving Averages (EMAs), indicating solid short-term momentum. Additionally, the 14-day Relative Strength Index (RSI) is approaching the 70 level, reinforcing bullish sentiment. A break above the 70 mark could signal overbought conditions, potentially leading to a downward correction.

On the upside, Silver price faces immediate resistance at its three-month high of $32.56, last reached on February 5. A decisive breakout above this level could pave the way for a test of the ascending channel’s upper boundary at $33.10.

Support levels include the nine-day EMA at $31.58, followed by the 14-day EMA at $31.28, and the lower boundary of the ascending channel at $31.00. A drop below this critical support zone could weaken the bullish outlook, exposing the XAG/USD pair to further downside toward its five-month low of $28.74, recorded on December 19.

XAG/USD: Daily Chart

The price for Gold stood at 8,074.29 Indian Rupees (INR) per gram, up compared with the INR 8,053.87 it cost on Wednesday.

The price for Gold increased to INR 94,176.97 per tola from INR 93,938.73 per tola a day earlier.

FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.

(An automation tool was used in creating this post.)

Silver prices have increased by 11.03% since the beginning of the year.

The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, stood at 89.05 on Thursday, up from 88.76 on Wednesday.

(An automation tool was used in creating this post.)