Gold (XAU/USD) nudged slightly higher by 0.04%, settling at $2195.5, displaying a cautious optimism among traders. The precious metal hovers near its pivot point of $2184.13, suggesting potential for an uptrend should it maintain above this threshold. Resistance levels are marked at $2200.33, $2222.70, and $2243.74, posing challenges for further upward movements.
Conversely, support at $2161.72 followed by $2145.54 and $2124.85, offers cushions against declines. The symmetrical triangle pattern observed signals a neutral stance, yet the positioning above the 50-day EMA of $2173.83 and well beyond the 200-day EMA of $2120.57 leans towards a bullish sentiment.
The alignment of the 50-day Exponential Moving Average (EMA) at $24.69 and a significant 200-day EMA at $24.03 supports the potential for continued bullish momentum, especially if prices stay above the critical $24.50 threshold.
Copper‘s recent trading session observed a gain of 0.41%, reaching $4.04, hinting at a bullish sentiment above its pivot point of $4.04. The immediate resistance levels are set at $4.09, $4.13, and $4.17, indicating potential hurdles for price advancement.
Conversely, support levels at $3.96, $3.91, and $3.87 provide a safety net against declines. Technical indicators, including a Relative Strength Index (RSI) and the positioning of the 50-day and 200-day Exponential Moving Averages (EMAs) at $4.03 and $3.95 respectively, support a bullish trend.
A sustained move above $4.04 could further drive buying interest, while a drop below this threshold may trigger a sell-off.
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Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.