Gold (XAUUSD) & Silver Price Forecast: Silver Holds $94 – Is $99.65 the Next Big Move?

Market Overview

During the early European trading session, gold (XAU/USD) continued to climb, hitting new all-time highs near $4,870. But what’s really driving this bull run is the rising sense of unease over geopolitics, fear of a trade war, and the growing uncertainty in the markets – all of which are sending investors scurrying towards safe havens.

Meanwhile, the US dollar has been getting weaker, partly due to the ongoing “Sell America” sentiment, which is just making life easier for gold prices.

Looking ahead to what might happen next, all the traders are keeping an eye on the upcoming (PCE) Price Index and the final Q3 GDP growth numbers. Those numbers will give us a good idea of what the Fed is planning next.

Gold Surges as US-Europe Tensions Skyrocket Over Greenland Spat

The mood on global markets is pretty bleak right now, as US President Donald Trump warned that he’s prepared to impose new tariffs on a bunch of European countries that aren’t backing his plan to buy Greenland.

US President Donald Trump said his mind is made up: “There’s no going back” on his plans for Greenland. And he also let slip that he’s prepared to hit French wine-makers with a massive 200% tariff because the French President Emmanuel Macron isn’t joining Trump’s ‘Board of Peace’.

On top of that, the European Parliament is planning to delay the approval of that big US trade deal – they’ll be making a decision on that in Strasbourg on Wednesday.

These developments have really ratcheted up the tensions between the US and Europe. As a result, many traders are turning to gold as a safe bet, driving its price to $4,870 in the last hour.

US Dollar Weakens as Gold Rises on Trade and Fed Jitters

Back in the US, the broad US dollar just lost its footing as Trump’s threat to impose tariffs really spooked investors, pushing the dollar to a two-week low on Tuesday.

They just dumped the dollar altogether, no one wants to be holding onto it right now with all the uncertainty. There’s the thing about de-dollarization – that’s not helping the dollar out either.

At the same time, traders were reducing their bets on the Fed making big interest-rate cuts, but that didn’t do much to stop the dollar from dropping under the weight of all the selling pressure.

Gold (XAU/USD) Prices Forecast: Technical Outlook

Gold (XAU/USD) is trading near $4,846, just below its recent high of $4,888. The price has moved above the ascending channel, which could mean a bullish breakout. Still, with the RSI close to 80, gold looks overbought and may see a short-term pullback. Key support is at $4,769, and resistance is at $4,887 and $4,979.

Moving averages are rising, showing strong momentum. If gold stays above $4,769, it could test $4,979 again and possibly move toward $5,064. If it falls below $4,769, a deeper correction may follow.

Silver (XAG/USD) Price Forecast: Technical Outlook

Silver (XAG/USD) is trading around $94.24 after dropping from a recent high of $95.13. The price is still moving within a rising channel, which points to a bullish trend overall. However, the recent dip and an RSI near 60 suggest momentum is slowing. Key support is at $91.69 and $87.50, with resistance at $95.84 and $99.64.

Moving averages are still rising, which supports a medium-term bullish outlook. If silver stays above $91.69, it could try to reach $99.64 again. If it drops below the channel, sentiment may turn bearish, with $87.50 as the next target.