Strong Silver Momentum, Mixed USD Pairs Setup

Today’s forex and commodity outlook offers a quick snapshot of silver, gold, and major FX pairs as they react to key support and resistance levels.

XAGUSD

Silver has extended its bullish momentum, breaking firmly above the $34.21 resistance and surging toward $36.56. This breakout is supported by a bullish Supertrend and a clear RSI reading above 77, indicating strong momentum, albeit slightly overbought in the short term. As long as price sustains above the $35.79 level, the uptrend remains intact, with minor pullbacks likely to find buyers. Below that, $34.21 serves as a crucial support. The RSI divergence should be watched closely for potential exhaustion signs.

XAUUSD

Gold continues to trade within a range, with resistance at $3,357 and support at $3,245. The price was recently rejected from the upper band of this zone and is now challenging the mid-range support around $3,322. The RSI has dipped to 44, suggesting weakening bullish momentum. If the price fails to hold this zone, a deeper pullback toward $3,245 may be likely. The Supertrend has also flipped to bearish, indicating caution for long positions unless a reclaim of $3,357 occurs.

GBPUSD

Cable remains in a mild consolidation phase just below its recent highs, with support near 1.3491 and resistance around 1.3600. The RSI is hovering around neutral territory at 50, reflecting indecision. While price is still holding above key moving support from the Supertrend, bulls need to reclaim and close above 1.3550 for trend continuation. A loss of 1.3490 could increase downside pressure, possibly targeting 1.3290 next.

EURUSD

EUR/USD remains range-bound between 1.1473 and 1.1351. Price action is testing the lower bound of the local support within this range while the RSI flattens around 51. The short-term Supertrend still supports bullish structure, but failure to hold above 1.1350 could drag the pair toward the 1.1260 zone. A successful break and hold above 1.1473 would be needed to confirm renewed upward momentum. If the pair loses 1.1350, downside toward 1.1260 may follow — a key zone to watch in today’s forex and commodity outlook as broader sentiment shifts.