Gold‘s price slightly declined by 0.01%, settling at $2160.05. Positioned just below the pivot point of $2163.34, the precious metal faces key resistance levels at $2172.77, $2181.70, and $2195.51, which could limit any potential gains.
Conversely, support is found at $2152.09, with further levels at $2142.29 and $2132.29, providing a cushion against further declines. The Relative Strength Index (RSI) and the 50-Day Exponential Moving Average (EMA) at $2160.848, alongside the 200-Day EMA at $2125.266, suggest a closely contested market.
Currently, the outlook appears bearish below $2163.34, with a break above potentially shifting momentum towards a more bullish trend.
Copper’s price witnessed a slight decline of 0.19%, settling at $4.12. Navigating below its pivot point at $4.14, copper faces immediate resistance at $4.17, with further challenges at $4.19 and $4.22 potentially restricting upward momentum.
Conversely, support is evident at $4.11, with additional safety nets at $4.07 and $4.03 that could stave off further declines. The 50-Day and 200-Day Exponential Moving Averages, positioned at $4.08 and $3.96 respectively, suggest a bullish sentiment in the longer term.
However, copper’s current stance below $4.14 hints at a bearish outlook, with a move above this threshold needed to foster a more bullish sentiment.
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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.