Gold (XAU) Silver (XAG) Daily Forecast: Can Gold Break Above $2,930 Resistance?

Market Overview

Gold (XAU/USD) remained stable above $2,900 during the Asian trading session, struggling to gain strong bullish momentum but holding within a narrow range. The precious metal continues to benefit from weak U.S. economic data, growing expectations of Federal Reserve interest rate cuts, and ongoing global trade uncertainty.

Meanwhile, Silver (XAG/USD) traded at $32.46, maintaining stability despite minor fluctuations.

Fed Rate Cut Speculation Supports Gold and Silver

Investor sentiment toward gold remains bullish as markets anticipate multiple rate cuts by the Federal Reserve this year. Recent U.S. Nonfarm Payrolls (NFP) data showed that the economy added 151,000 jobs in February, falling short of the expected 160,000.

Additionally, January’s job growth was revised down from 143,000 to 125,000, signaling a weaker labor market. The unemployment rate edged up to 4.1%, further reinforcing the case for monetary policy easing.

“The labor market is showing signs of cooling, which strengthens the case for rate cuts,” said Mary Daly, President of the San Francisco Fed. A weaker labor market typically pressures the Fed to lower rates, which benefits gold as lower interest rates reduce the opportunity cost of holding non-yielding assets.

Silver also held firm, finding support from Fed rate cut bets and safe-haven demand amid ongoing trade concerns. The metal hit an intra-day low of $32.32 but managed to recover, staying within its weekly trading range.

Trade Uncertainty Weighs on Investor Sentiment

Market uncertainty surrounding U.S. trade policies remains a key factor influencing gold prices. Former President Donald Trump recently signaled potential tariffs on Canadian imports, raising concerns about global trade disruptions and economic slowdown.

Investors fear that increased protectionist measures could hurt U.S. growth, prompting the Fed to cut rates sooner than expected.

Fed Chair Jerome Powell acknowledged ongoing trade uncertainties, stating that they could affect business investment and broader economic growth. However, he maintained that the Fed would base its policy decisions on incoming data rather than geopolitical developments.

Short-Term Forecast

Gold remains steady above $2,900, with $2,930 resistance as a key breakout point. Silver eyes $32.77, needing sustained momentum to extend gains. Fed rate cut expectations drive market sentiment.

Gold Prices Forecast: Technical Analysis

Gold (XAU/USD) is consolidating near $2,909, struggling to gain momentum within a symmetrical triangle pattern. The price is hovering around the 50-day EMA at $2,906, while the 200-day EMA at $2,860 provides strong long-term support.

A decisive breakout above $2,930 could fuel a move toward $2,954, while failure to clear this level may lead to a decline toward $2,891 or even $2,865. The market remains cautious as traders await key economic data, which could determine gold’s next directional move.

Overall, gold needs to break out of the triangle pattern for a clearer trend, with $2,930 being the key resistance to watch for bullish continuation.

Silver (XAG/USD) Price Forecast: Technical Outlook

Silver (XAG/USD) is trading at $32.40, maintaining its upward momentum within a well-defined ascending channel. The price is testing key resistance near $32.77, with further upside potential toward $33.22 if buyers gain control.

The 50-day EMA at $32.18 is acting as immediate support, while the 200-day EMA at $31.79 remains a crucial long-term level. If silver breaks above $32.77, it could trigger a rally toward $33.22 and beyond.

However, failure to hold above the $32.34 pivot zone could lead to a retest of $31.96 or even a deeper pullback toward $31.47. The overall trend remains bullish as long as silver stays above $32.18, but a break below this level could indicate a shift in momentum.