April 18, 2025 – DailyForex.pk
Gold and silver prices pulled back on Thursday in midday U.S. trading, as short-term traders booked profits ahead of the Good Friday long weekend, when most major markets in North America and Europe will be closed.
After reaching a new record high of $3,371.90 overnight (June Comex futures), gold retreated by $24.80, last trading at $3,321.50. Meanwhile, May silver dropped $0.52 to trade around $32.45 per ounce.
📉 Market Sentiment Weighs on Metals After Fed Chair Powell’s Hawkish Remarks
The pullback comes just a day after Federal Reserve Chairman Jerome Powell delivered a speech in Chicago, where he expressed concerns about stagflation — a combination of high inflation and slow economic growth. Powell warned that ongoing trade tariffs could lead to higher consumer prices and rising unemployment.
His comments rattled equity markets, causing a sell-off and reigniting demand for safe-haven assets — although the gains were partially erased due to pre-holiday profit-taking.
Adding to the political drama, President Trump lashed out at Powell on social media, calling his speech “a complete mess” and even suggesting Powell should be removed from his position.
💶 ECB Cuts Rates, Dollar Steady, Crude Oil Rallies
The European Central Bank (ECB), as expected, cut its main interest rate by 0.25% on Thursday, signaling a diverging policy path from the Fed.
In broader markets:
- The U.S. Dollar Index (DXY) remained slightly firmer
- Crude oil prices surged, with Nymex crude trading around $64.75 per barrel
- 10-year U.S. Treasury yields stood at 4.327%, reflecting cautious investor sentiment
📊 Technical Outlook: Gold (XAU/USD)
Despite Thursday’s decline, gold bulls maintain a strong technical advantage. The June gold futures contract continues to show bullish structure on daily charts.
- Resistance levels: $3,350 → $3,371.90 (overnight high)
- Support levels: $3,296.40 (Thursday’s low) → $3,250 → $3,200 (critical support)
- Next bullish target: Break above $3,500
- Wyckoff Market Rating: 9.0 (Strong bullish bias)
While the rally may pause, the long-term trend remains upward unless gold falls below $3,200.
📈 Technical Outlook: Silver (XAG/USD)
Silver bulls also retain near-term momentum, with May futures holding above key support and continuing the upward trend.
- Resistance levels: $33.00 → $33.175 (weekly high)
- Support levels: $32.00 → $31.655 → $31.00
- Next bullish target: Close above $34.00 for further breakout
With the bullish trend intact, silver remains sensitive to global risk sentiment and U.S. economic signals.
📌 Conclusion: Metals May Consolidate as Traders Rebalance Ahead of Holiday
As markets prepare for a three-day Easter weekend, short-term traders are locking in gains following a record-breaking gold rally. However, ongoing geopolitical uncertainty, central bank divergence, and a weakening macro backdrop suggest that precious metals may resume their uptrend after the holiday.
📊 For live updates on gold and silver prices, XAU/USD & XAG/USD technical levels, and market-moving macro headlines, visit www.dailyforex.pk — your go-to source for global market analysis.
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