Gold, Silver, Copper Daily Forecast: China’s 5% GDP Goal Stirs Market; Upside Potential?

Arslan Ali
Published: Mar 5, 2024, 06:41 UTC

Key Points:

  • Gold's stability near historic peaks mirrors anticipation for U.S. rate cut clues and global economic jitters.
  • Silver's modest rise contrasts with copper's static response to China's unchanged GDP target and vague growth support.
  • As gold and silver display resilience, copper's muted reaction highlights market wariness ahead of Fed insights and labor data.
Metal Recap

In this article:

Gold Steady, Silver Gains, Copper Stagnant

Gold prices hovered close to record highs in Asian trading on Tuesday, reaching $2,119 an ounce, as global economic uncertainties and prospects of early U.S. interest rate cuts heightened its appeal.

The market’s momentum slowed, awaiting further indicators from the U.S., including Federal Reserve Chair Jerome Powell’s congressional testimony and upcoming labor market data.

Gold’s demand saw an uptick amid cooling U.S. economic signs, European and Japanese recession fears, and subdued growth projections from China. However, the potential for high U.S. interest rates curtailed further gains, emphasizing gold’s increased opportunity cost.

Copper’s slight decrease to $3.85 a pound reflected tepid reactions to China’s unchanged GDP growth target of 5% for 2024, underscoring ongoing economic softness despite policy support promises.

Gold Prices Forecast

Gold - Chart
Gold – Chart

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.

Silver Prices Forecast

Silver - Chart
Silver – Chart

Silver (XAG/USD) experienced a slight decrease of 0.22%, trading at $23.74. The metal hovers just above its pivot point at $23.73, hinting at an uncertain but potentially bullish sentiment. Resistance is identified at $23.95, $24.09, and $24.22, marking potential barriers for upward movement.

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 Prices Forecast

Copper - Chart
Copper – Chart

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.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

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.

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