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Silver Holds Ground on Mixed Trade SignalsSilver is trading around $33.50 on Friday morning, continuing to show greater sensitivity to macroeconomic shifts and trade news due to its dual role as both a precious and industrial metal. Recent price movements were shaped by mixed signals in U.S.-China trade relations. Although the Trump administration reportedly considered tariff reductions, Treasury Secretary Scott Bessent clarified that no formal proposals have been made and negotiations have not yet begun. Technically, silver faces initial resistance at $33.80, with further levels at $34.20 and $34.85 if the upward move continues. On the downside, immediate support is seen at $33.15, followed by $31.40 and $30.20 if further weakness occurs.
FOREXCOM:XAGUSD
by ChartMage
Investors Turn to Gold as Tariff Tensions PersistGold is trading near $3,330 on Friday and is on track to record its third consecutive weekly gain. The increase in prices is primarily driven by heightened safe-haven demand, as uncertainty surrounding a potential U.S.-China trade agreement continues to weigh on investor sentiment. Although Chinese officials have publicly denied the continuation of negotiations, President Trump stated that discussions are still in progress. Adding to the cautious outlook, U.S. Treasury Secretary Scott Bessent emphasized that any progress would depend on the reduction of existing tariffs, reinforcing market skepticism about a near-term resolution. Key resistance is at $3410, followed by $3,500 and $3,600. Support stands at $3315, then $3290 and $3250.
EIGHTCAP:XAUUSD
by ChartMage
Sterling Keeps Flat Amid Trade WatchThe British pound held steady near 1.3290 on Friday morning, maintaining levels seen in the previous session. The currency remained flat in recent days, supported by optimistic comments from Donald Trump and largely neutral PMI data. Upcoming economic releases and developments in the US-China trade dispute are expected to play a key role in shaping the pair’s direction next week. If GBP/USD breaks above 1.3430, resistance levels are at 1.3500 and 1.3550. Support is at 1.3200, followed by 1.3050 and 1.2960.
by ChartMage
Trump Reassures on Trade and FedThe EUR/USD traded near 1.1350 on Friday, while the US Dollar Index rose above 99.5, recovering from earlier losses. The dollar strengthened after President Trump reassured markets that trade talks with China would continue, despite Beijing’s denials. Optimism also grew on reported progress with Japan and South Korea. Earlier, Treasury Secretary Bessent said US-China tariffs must be reduced significantly for real progress, increasing hopes for a deal. Trump also eased monetary policy concerns by stating he never planned to remove Fed Chair Powell. Although Cleveland Fed President Beth Hammack mentioned a rate cut in June if needed, renewed trade optimism lifted the dollar. Key resistance is at 1.1460, followed by 1.1580 and 1.1680. Support lies at 1.1260, then 1.1200 and 1.1150.
by ChartMage
BOJ Faces Inflation ChallengeThe Japanese yen weakened to around 143 per dollar on Friday, reversing Thursday’s gains as the U.S. dollar rebounded on easing global trade tensions. President Trump reassured markets that U.S.-China trade talks are ongoing, despite China’s denial, and optimism over talks with Japan and South Korea also supported the dollar. Trump also eased monetary policy concerns by clarifying he never intended to remove Fed Chair Jerome Powell. In Japan, Tokyo’s core inflation rose to 3.4% in April, the highest in two years, posing a challenge for the Bank of Japan as it balances rising inflation with external risks from U.S. tariffs. The BOJ is expected to keep rates steady. Key resistance is at 144.00, with further levels at 145.90 and 146.75. Support stands at 139.70, followed by 137.00 and 135.00.
by ChartMage
XAG/USD Climbs on FOMC WorriesSilver prices climbed above $31 per ounce on Thursday, extending gains for a second straight session as commodities rebounded following President Trump’s rollback of his reciprocal tariff policy. The new measure lowers tariffs on most trade partners to 10% for 90 days to support negotiations. However, China, a key silver consumer, still faces a steep 125% tariff, keeping geopolitical tensions elevated and sustaining safe-haven demand. Meanwhile, FOMC minutes revealed growing concerns about stagflation and the impact of Trump’s trade agenda on the Fed’s dual mandate of price stability and full employment. Resistance starts at 31.50; if breached, the next levels are 32.15 and 33.30. Support sits at 30.20, with 29.50 and 29.20 below if that level gives way.
FOREXCOM:XAGUSD
by ChartMage
Gold Surges, Hits Record Above $3,200Gold spiked to a new record above $3,200 per ounce on Friday, driven by safe-haven demand and a weakening dollar amid intensifying U.S.-China trade tensions. The U.S. hiked tariffs on China to 145%, while easing duties for other partners. At the same time, U.S. consumer prices unexpectedly fell in March, fueling bets on a Fed rate cut in June and a full percentage point cut by year-end. Despite this, inflation risks remain due to ongoing tariff pressure. Gold is set for its strongest weekly gain since November. Key resistance is at $3,250, followed by $3,300 and $3,350. Support stands at $3165, then $3135 and $3090.
EIGHTCAP:XAUUSD
by ChartMage
Pound Gains on Dollar Softening, GBP/USD at $1.30The pound extended gains to $1.30 for a third session, as the dollar softened following Trump’s 90-day tariff pause for most countries. However, the 145% hike on Chinese goods kept risks elevated. While volatility persists, traders now expect 66 bps of BoE rate cuts this year, down from 79 bps a day earlier. UK GDP is forecast to grow 0.1% in February, suggesting a slow recovery. If GBP/USD breaks above 1.3050, resistance levels are at 1.3100 and 1.3200. Support is at 1.2960, followed by 1.2900 and 1.2850.
by ChartMage
EU Tariff Relief Drives Euro Above $1.13The euro climbed above $1.13, its highest since September 2024, after the EU suspended new U.S. tariffs for 90 days to allow trade talks. This followed President Trump’s move to cut tariffs to 10% for non-retaliating countries while raising Chinese duties to 125%. While easing global slowdown fears, the mixed signals fueled uncertainty. Money markets adjusted ECB expectations, pricing the deposit rate at 1.8% by December, up from 1.65%, and lowered the probability of an April cut to 90%. Key resistance is at 1.1390, followed by 1.1425 and 1.1500. Support lies at 1.1260, then 1.1180, and 1.1100.
by ChartMage
Yen Gains on Recession FearsThe yen rose past 144 per dollar, a six-month high, as U.S. recession fears and a Treasury selloff boosted demand for safe-haven assets. Although Trump paused new tariffs for 90 days, total U.S. tariffs on China now stand at 145%, prompting retaliation with China imposing 84% tariffs on U.S. goods. The U.S.-Japan trade outlook remains in focus, with Japan still facing a 10% U.S. tariff but seeking better terms. Key resistance is at 145.80, with further levels at 148.00 and 152.70. Support stands at 142.00, followed by 139.65 and 138.00.
by ChartMage
Silver Remains Volatile Amid Trade War and Recession FearsSilver stayed above $30.50 per ounce on strong safe-haven demand amid U.S.-China trade tensions. Prices held a 3.5% gain after President Trump announced a 90-day tariff pause and a 10% rate for all but China, which now faces a 125% tariff. China raised tariffs on U.S. goods to 84%, and the EU approved duties on €21 billion of American exports. Fed minutes showed concerns about stagflation and the impact of Trump’s trade policies. Markets now await March U.S. inflation data on Thursday for clues on the Fed’s next move. Technically, the first resistance level is located at 31.50. In case of its breach 32.15 and 33.30 could be monitored respectively. On the downside, the first support is at 30.20. 29.50 and 29.20 would become the next support levels if this level is passed.
FOREXCOM:XAGUSD
by ChartMage
Gold Jumps 3% on U.S.-China Tariff BattleGold jumped over 3% to above $3,095 per ounce on Wednesday as U.S.-China trade tensions escalated. President Trump announced a 90-day tariff pause and a reduced 10% rate for all but China, which now faces a 125% tariff. Treasury Secretary Bessent said the lower rate would apply during talks, excluding China and some sectors. In response, China raised tariffs on U.S. goods to 84%, and the EU approved levies on €21 billion worth of American exports. Fed minutes showed policymakers expect higher inflation from tariffs but remain uncertain about its scale and duration. Supporting gold’s rally further, the World Gold Council reported that gold-backed ETFs attracted 226.5 metric tons in inflows during Q1, totaling $21.1 billion in value. Key resistance is at $3,135, followed by $3,165 and $3,200. Support stands at $3030, then $3010 and $2956.
EIGHTCAP:XAUUSD
by ChartMage
Euro Steady as EU Retaliates on TariffsThe euro hovered around 1.0980 on Thursday, supported by rising trade tensions and renewed political stability in the Eurozone. Sentiment favored the currency after China raised tariffs on all U.S. goods to 84% from 34%, retaliating against Washington’s hike to 104% on Chinese imports. The European Commission also approved retaliatory tariffs on €21 billion worth of U.S. goods, including soybeans, motorcycles, and orange juice. The escalation pushed investors away from typical safe havens like the dollar and Treasuries. Political stability in Germany further supported the euro, as the CDU/CSU and SPD finalized a coalition, clearing the way for Friedrich Merz to become Chancellor next month. The ECB is also expected to cut rates by 25 basis points later this month. Key resistance is at 1.1020, followed by 1.1100 and 1.1150. Support lies at 1.0880, then 1.0810 and 1.0730.
by ChartMage
Yen Climbs as Trump Softens Stance on Japan TariffsThe Japanese yen strengthened past 147 per dollar on Thursday, moving in a volatile range as trade tensions persisted. Markets reacted to President Trump’s 90-day pause on tariffs for non-retaliating countries, offering Japan some relief with a reduced 10% baseline tariff. However, tensions remained elevated as Trump raised tariffs on Chinese imports to 125% in response to Beijing’s retaliation. The EU may be excluded from the pause due to its own countermeasures. Meanwhile, the U.S. confirmed plans to begin trade talks with Japan after Trump’s call with Prime Minister Shigeru Ishiba. Key resistance is at 148.70, with further levels at 152.70 and 157.70. Support stands at 145.60, followed by 143.00 and 141.80.
by ChartMage
Yields and Trade Wars Induce Silver InstabilitySilver dropped below $30 per ounce, hitting $29.57 on April 4, its lowest since mid-January, as rising U.S. Treasury yields made non-yielding assets less attractive. The U.S. announced a 104% tariff on Chinese imports starting at midnight, intensifying trade war concerns. Although over 70 countries have reportedly requested tariff relief, market sentiment remains cautious. The EU’s retaliatory tariff plans further fueled risk aversion, pressuring industrial metals. Still, expectations of Fed rate cuts and safe-haven demand offer some support. Technically, the first resistance level is located at 30.90. In case of its breach, 31.40 and 32.50 could be monitored respectively. On the downside, first support is at 29.00. 28.40 and 27.50 would become the next support levels if this level is passed.
FOREXCOM:XAGUSD
by ChartMage
1
Gold Experiences Surge with Economic FearsGold soared to around $3,000 per ounce as investors sought refuge from intensifying trade war concerns and recession risks. The U.S. confirmed a new round of tariffs with no exemptions, China faces a record 104% hike. Trump also warned of a forthcoming pharmaceutical import tariff. The market is now focused on the Fed's March meeting minutes, set for release later today, for potential rate cut clues. Ongoing central bank purchases and strong ETF demand, China’s ETF added 233,000 ounces, also supported the rally. Key resistance is at $3,035, followed by $3,085 and $3,105. Support stands at $2,956, then $2,930 and $2830.
EIGHTCAP:XAUUSD
by ChartMage
Sterling Remains Firm Despite Inflationary PressuresGBP/USD traded around 1.2830 on Wednesday, holding gains from the previous session. However, ongoing global trade tensions and fears of goods dumping from China and Europe weighed on sentiment. Though U.S. tariffs are relatively lower on the UK, broader economic concerns persist. At the same time, rising inflation risks may lower expectations for rate cuts, providing some support to the pound. If GBP/USD breaks above 1.2850, resistance levels are at 1.2900 and 1.2940. Support is at 1.2715, followed by 1.2650 and 1.2600.
by ChartMage
1
Yen Appreciates with Trade TurmoilThe Japanese yen rose above 146 per dollar on Wednesday, extending gains as Trump's looming tariffs drove safe-haven flows. The dollar weakened on recession fears tied to escalating trade tensions and potential Fed rate cuts. New U.S. tariffs include a 24% duty on Japanese goods and a 25% car import levy. Trump confirmed that Japan will send a delegation to renegotiate terms, while PM Ishiba urged a policy rethink. Domestically, Japan's current account surplus hit a record in February, supported by strong exports and reduced imports, boosting the yen further. Key resistance is at 148.70, with further levels at 152.70 and 157.70. Support stands at 145.60, followed by 143.00 and 141.80.
by ChartMage
Silver Holds Ground as Markets Eye Fed CutsSilver hovered around $30 per ounce on Monday, staying volatile as markets reacted to Trump’s escalating trade war. The metal dropped 16% over three sessions as recession fears sparked a broad selloff, with traders liquidating metals to cover losses. China retaliated with tariffs after the US imposed levies on all countries, with others expected to follow. Trump’s tariffs excluded copper, gold, energy, and certain minerals. Despite the slump, silver may regain support as markets bet on more Fed rate cuts this year. Technically first resistance level is located at 30.90. In case of its breach 31.40 and 32.50 could be monitored respectively. On the downside, the first support is at 29.00. 28.40 and 27.50 would become the next support levels if this level is passed.
FOREXCOM:XAGUSD
by ChartMage
Gold Jumps on Fresh Trade War WorriesGold rose above $2,995/oz on Tuesday, rebounding from a 4-week low as trade war fears fueled haven demand. Trump threatened a 50% duty on China starting Wednesday unless it drops its 34% tariffs, while the EU proposed 25% counter-tariffs on U.S. goods. Markets await Fed minutes (Wed), CPI (Thu), and PPI (Fri) for policy clues. Despite recent losses, gold is still up over 14% YTD. Key resistance is at $3,050, followed by $3,085 and $3,105. Support stands at $2,956, then $2,930 and $2830.
EIGHTCAP:XAUUSD
by ChartMage
Euro Firms as U.S.-China-EU Trade Rift WidensThe euro hovered near $1.10, its highest since October 2024, as the dollar weakened and trade tensions escalated. China plans to impose 34% tariffs on all U.S. goods from April 10, following Trump’s 10% tariff on all imports, including 20% on EU and 34% on Chinese goods. France urged firms to halt U.S. investments, and the EU is preparing countermeasures. Markets now price in a 90% chance of an ECB rate cut in April, with the deposit rate seen falling to 1.65% by December from 2.5%. Key resistance is at 1.1100, followed by 1.1150 and 1.1215. Support lies at 1.0900, then 1.0850 and 1.0730.
by ChartMage