Gold, Silver, Copper Daily Forecast: Market Eyes on Fed’s Next Moves and US Prelim GDP
Key Points:
- Gold's resistance at $2,030 amid Fed's rate stance hints at cautious market optimism.
- Silver's slide below $22.57 reflects market hesitancy, awaiting key economic indicators.
- Copper retreats to $3.84, with upcoming China PMI data poised to influence direction.
This confluence of factors underscores a cautious outlook for precious and industrial metals.
Gold Prices Forecast
Gold experienced a minor retreat in its price, trading at $2030.73 with a decrease of 0.14%. The current trajectory situates gold slightly below the pivot point of $2029.80, implying a potential for a bullish trend should it surpass this marker.
Resistance levels are delineated at $2039.47, $2048.31, and $2059.16, indicating the thresholds for further gains. Conversely, support is established at $2016.22, $2005.35, and $1989.35, marking areas where buyers could potentially step in.
With the 50-day and 200-day Exponential Moving Averages at $2026.49 and $2025.37 respectively, gold’s outlook remains cautiously optimistic, poised for an uptrend above $2029.80.
Silver Prices Forecast
In essence, silver’s trajectory remains bearish unless it surpasses the pivotal $22.57 mark.
Copper Prices Forecast
Copper‘s trading session witnessed a modest decline, trading at $3.84, marking a 0.26% decrease. This subtle movement aligns with the metal’s pivotal threshold set at $3.85, indicating a bearish sentiment below this benchmark.
Resistance levels at $3.88, $3.91, and $3.94 delineate potential barriers to upward momentum, whereas support at $3.81, $3.78, and $3.75 offers floors for price stabilization.
The convergence of the 50-day and 200-day Exponential Moving Averages at $3.85 and $3.82, respectively, suggests a tight trading range. In summary, Copper’s market posture leans towards a cautious outlook, with a bearish trend anticipated below the $3.85 pivot.
Quote source: FX Empire