Gold prices have surged to an all-time high today, fueled by a lower dollar, trade war tensions, and concerns about global economic growth as a result of US President Donald Trump’s tariff plans, which prompted safe-haven inflows.

On Tuesday, President Trump ordered a probe into potential duties on all vital mineral imports, signalling a tougher stance on trade and potentially influencing relations with important suppliers, notably China.

This development somewhat negates the market relief provided by the recent exclusion of certain tech products from reciprocal tariffs, as well as the suggestion of possible exemptions for auto parts.

Increasing chances of a deeper recession, another turn in the geopolitical landscape, disruptions in global supply chains, and fears of increasing inflation coupled with a changing rate outlook suggest that gold will maintain its strong position in the near future.

Technical Triggers      

As the gold active Jun contract has sustained above $3245, is expected to continue its bullish momentum to touch $3300 (~Rs 95000) and $3320 (~Rs 95500) going ahead.

Silver after achieving the target of $32 (~Rs 94000), we are likely to see this rally extending further towards $33 (Rs 95500) and beyond this week.

Gold price continues to attract safe-haven flows amid persistent trade-related uncertainties.Bets for aggressive policy easing by the Fed and a weaker USD also benefit the XAU/USD pair. Investors now look forward to Fed Chair Jerome Powell’s speech for some meaningful impetus.

Gold prices surged toward the $3,300 mark on Wednesday, driven by persistent safe-haven demand amid escalating US-China trade tensions and growing fears of a US recession. The ongoing uncertainty surrounding US tariffs and expectations of aggressive Federal Reserve rate cuts in 2025—potentially totaling 100 basis points—have further weakened the US Dollar, bolstering gold’s appeal.

 Despite slightly overbought technical conditions, XAU/USD remains strong, supported by diminished investor confidence in US economic policies following President Trump’s erratic tariff moves. China’s stronger-than-expected economic data has done little to offset concerns over the intensifying trade war. All eyes now turn to Fed Chair Jerome Powell’s upcoming speech, which could offer crucial insight into the future rate trajectory and shape near-term market sentiment.

Silver price could aim for the upper boundary of the ascending channel near $33.50.The 14-day RSI holding at the 50 mark reinforces the ongoing bullish bias. Immediate support is seen at the 50-day EMA around $32.21.

Silver (XAG/USD) remains a critical commodity in global markets, influenced by both macroeconomic factors and technical patterns. As of April 15, 2025, silver prices are trading at approximately $32.30 per troy ounce, maintaining strength for the fifth consecutive session. This report provides an in-depth analysis of silver’s price trends, focusing on its ascending channel pattern and key technical indicators.

Silver is currently trading around $32.30, supported by its position above both the nine-day and 50-day EMAs. This indicates robust short-term momentum in favor of a bullish trend.

• Immediate Support: The 50-day EMA at $32.21 serves as a crucial support level. A breach below this point could weaken short-term momentum15.
• Secondary Support: The nine-day EMA near $31.90 offers additional support2.
• Major Support: A significant downside risk lies at $31.50, followed by the seven-month low at $28.00 recorded on April 7
• Immediate Resistance: The upper boundary of the ascending channel near $33.50 represents the next upside target.
• Extended Resistance: A break above $33.50 could pave the way for testing the six-month high of $34.59 last seen on March 28, with further potential to reach $35—a psychological level last observed in 2012

The 14-day RSI is holding steady at the 50 mark, reinforcing bullish bias without entering overbought territory. This suggests that silver’s upward trajectory remains sustainable in the near term.

If XAG/USD decisively breaks above $33.50, it could target $34.59 and potentially extend gains toward $35—a level not seen since 2012. Such a rally would likely attract momentum traders and reinforce bullish sentiment. Failure to hold above immediate support at $32.21 may result in a pullback toward $31.90 or even deeper declines to $31.50 or $28.00, depending on broader market conditions