Gold is slightly down by 0.09%, trading at $2172.235. The market’s technical structure is anchored by a pivot point at $2176.79. Resistance levels are staged at $2196.38, $2208.45, and $2223.73, setting clear targets for upward movements.
Conversely, support is found at $2155.55, followed by $2142.15 and $2130.66, offering a cushion for price retractions. The 50-day and 200-day Exponential Moving Averages (EMAs) stand at $2145.038 and $2077.876 respectively, indicating a generally bullish trend.
However, the current position below the pivot suggests a bearish outlook, with potential shifts dependent on the breach of pivotal levels.
However, the immediate trend appears bearish below $25.17, with a transition above this mark potentially signaling a shift to a more bullish outlook.
During the Asian session, Copper trades at $4.04986, marking a decline of 0.34%. The pivot point at $4.08 is crucial; resistance levels at $4.11, $4.13, and $4.16 define potential upward movement thresholds.
Support is identified at $4.05, with further cushions at $4.02 and $3.99. The 50-day and 200-day Exponential Moving Averages (EMAs), at $3.93 and $3.86 respectively, indicate a prevailing bullish trend over the longer term.
However, the immediate outlook is bearish below the pivot of $4.08, with a break above this point suggesting a shift towards a more bullish sentiment.
For a look at all of today’s economic events, check out our economic calendar.
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.