Gold (XAU/USD) modestly ascended to $2116.48, marking a 0.12% increase, indicating a cautious yet positive momentum in the market. Positioned above its pivot point at $2110.13, Gold demonstrates a bullish outlook, with potential resistance levels at $2126.99, $2137.21, and $2146.71 suggesting future hurdles.
On the downside, support is established at $2093.26, with subsequent levels at $2079.72 and $2066.42, offering a buffer against potential declines.
The Relative Strength Index (RSI) details were not provided, but the 50-day and 200-day Exponential Moving Averages (EMAs) at $2054.34 and $2033.97, respectively, underline a stable uptrend, reinforcing a bullish stance above $2110.13.
Conversely, silver finds immediate support at $23.59, with additional levels at $23.48 and $23.37, suggesting areas of resilience. The 50-day and 200-day Exponential Moving Averages (EMAs), at $22.92 and $22.87 respectively, underscore a foundational support for silver’s price, indicating a bullish trend as long as it remains above the $23.59 support level.
Copper‘s trading session concluded with a minor decline of 0.07%, marking a price of $3.85. Situated precisely at its pivot point, copper’s market stance appears indecisive yet leans toward a bullish outlook above this level. The metal faces resistance at $3.88, $3.91, and $3.94, challenging any upward trajectory.
On the flip side, support levels at $3.82, $3.78, and $3.75 offer potential stabilization points in case of price dips. The 50-day and 200-day Exponential Moving Averages, standing at $3.85 and $3.83 respectively, underscore a slight bullish inclination, suggesting that copper might sustain or enhance its value as long as it remains above the pivotal $3.85 mark.
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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.