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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
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
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
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Dollar Under Pressure from Recessionary SignalsEUR/USD climbed about 80 pips to 1.1040 on Wednesday as the dollar index slipped below 105.5, marking a second day of losses. The U.S. dollar weakened amid growing fears of recession, triggered by President Trump's sweeping tariffs. China now faces a 104% levy, with Beijing vowing to "fight to the end." Market sentiment remained cautious as trade negotiations stalled, despite Trump’s outreach to major partners. Concerns that the escalating trade war may tip the U.S. into recession have increased expectations of further Fed rate cuts, weighing on the dollar. 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
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
Yen Climbs on Trade Talks, Record SurplusThe Japanese yen climbed toward 147 per dollar on Tuesday, reversing losses as trade uncertainty lifted safe-haven demand. Trump agreed to begin trade talks with Japan after speaking with PM Shigeru Ishiba and Treasury Secretary Scott Bessent to lead talks covering tariffs, currency, and subsidies. Trump denied delaying tariffs, saying they may stay indefinitely. Domestically, Japan’s current account surplus hit a record high in February, backed by strong exports and lower imports, further supporting the yen. 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
Yen Fluctuates on Global Tariff VolatilityThe yen fluctuated on Monday, rising to 145 per dollar before easing to 147, as global trade tensions and reciprocal tariffs triggered market volatility. Fears of a global recession drove demand for safe havens like the yen, Swiss franc, and bonds. Japan’s February wage growth offered some optimism, and the Bank of Japan is still expected to raise rates this year despite ongoing uncertainty. Key resistance is at 147.00, with further levels at 152.70 and 157.70. Support stands at 145.60, followed by 143.00 and 141.80.
by ChartMage
Silver Rebounds Sharply on Risk AversionSilver rebounded Monday, rising 2.3% to $30.22 an ounce after hitting a seven-month low. The recovery followed sharp market volatility and recession fears from rising U.S.-China trade tensions. While silver benefits from safe-haven demand, its industrial use remains a weakness. Broader market sell-offs could keep price action choppy, but intensified risk aversion and Fed easing could support silver demand. If silver breaks above $30.90, resistance levels are at $31.40 and $32.50. Support stands at $29.00, followed by $28.40 and $27.50.
FOREXCOM:XAGUSD
by ChartMage
Gold Stabilizes Near 3-Week LowGold steadied around $3,030 per ounce on Monday after falling over 1% to a three-week low. The drop sparked speculation that investors were taking profits or covering losses amid broader market declines driven by recession fears from escalating trade tensions. Fed Chair Jerome Powell warned that tariffs could raise inflation and slow growth, underscoring challenges for policymakers. Key resistance is at $3,050, followed by $3,085 and $3,105. Support stands at $2,980, then $2,930 and $2830.
EIGHTCAP:XAUUSD
by ChartMage
GBP/USD Softens in Risk-Off TradeThe GBP/USD pair dipped 0.11% to $1.289 in Asian trading, pressured by global recession fears and rising U.S.-China trade tensions. While expectations of Fed rate cuts have weighed on the dollar, the pound remains weak amid economic uncertainty and an unclear Bank of England outlook. With no strong catalysts, GBP/USD may stay vulnerable, especially if risk aversion intensifies. If GBP/USD breaks above 1.3000, resistance levels are at 1.3050 and 1.3120. Support is at 1.2900, followed by 1.2850 and 1.2800.
by ChartMage
Silver Rises as Markets Eye Trump TariffsSilver rose above $33 on Tuesday, rebounding as trade and economic concerns supported safe-haven demand. Hopes that Trump may adopt a more targeted tariff plan ahead of the April 2 deadline offered some relief, though his new pledges to tax autos and pharmaceuticals added uncertainty. Expectations of further Fed rate cuts also supported silver. Markets now anticipate one cut in June, another in September, and growing chances of a third in December. If silver breaks above $33.80, the next resistance levels are $34.05 and $34.85. On the downside, support is at $33.10, with further levels at $32.50 and $32.15 if selling pressure increases. 
FOREXCOM:XAGUSD
by ChartMage
Pound Slips to $1.29 on Soft InflationThe British pound dipped to around $1.29 as traders reacted to softer inflation data and looked ahead to the Spring Statement. UK annual inflation eased to 2.8% in February, below the 2.9% forecast but in line with the BoE's outlook. Services inflation remained at 5%. The BoE expects inflation to rise toward 4% later this year. Markets see a 92% chance of a 25bps rate cut in August and about a 60% chance of another by year-end. Chancellor Rachel Reeves is set to outline the economic outlook and announce major government spending cuts. If GBP/USD breaks above 1.3050, the next resistance levels are 1.3100 and 1.3150. On the downside, support stands at 1.2860, with further levels at 1.2800 and 1.2715 if selling pressure increases. 
by ChartMage