Gold, Silver, Copper Daily Forecast: Dollar Strength Halts Rally; Eyes on Fed Moves

Market Overview

On Wednesday, gold’s progress was halted by a strengthening dollar, awaiting inflation data and Federal Reserve commentary. Despite minor overnight gains, gold’s momentum is limited by the dollar’s appeal, influenced by dovish stances from central banks and anticipation of the Fed’s inflation gauge.

Gold, trading around $2,176 an ounce, faces a cautious outlook with potential benefits from expected rate cuts later in the year. Silver slightly declined, while copper’s dip reflects concerns over China’s economic strength and high inventory levels, affecting the daily forecast for these metals.

Gold Prices Forecast

Gold (XAU/USD) experienced a slight decrease of 0.07%, currently priced at $2176.41. The commodity’s performance hinges around the pivot point of $2168.20, setting a bullish tone above this level.

Key resistance markers at $2186.06, $2200.59, and $2222.70 delineate potential ceilings, while supports at $2149.29, $2134.65, and $2120.02 provide floors against downtrends.

The 50-day and 200-day Exponential Moving Averages, positioned at $2169.82 and $2116.92 respectively, underscore a supportive trendline, reinforcing the bullish outlook as long as prices remain above the pivot, with a downside break signaling possible selling pressure.

Silver Prices Forecast

Silver (XAG/USD) is currently priced at $24.4425, reflecting a slight decline of 0.11%. Trading just below the pivot point of $24.81, silver shows a bearish inclination unless it surpasses this threshold, potentially changing the market sentiment.

Resistance levels at $25.26, $25.78, and $26.15 mark the barriers for any upward movement, while support at $24.08, followed by $23.60 and $23.23, outlines the lower bounds.

The 50-day and 200-day Exponential Moving Averages, at $24.71 and $24.00 respectively, suggest a cautious market stance. A decisive move above the pivot could signal a shift towards a bullish trend, otherwise, the bearish outlook prevails.

Copper Prices Forecast

Copper‘s price has dropped to $4.00, reflecting a 0.40% decrease. Positioned just below the pivot point of $4.04, the current market trend leans towards the bearish side, with potential selling pressure expected to continue until it reaches $3.95. Resistance levels are established at $4.09, $4.13, and $4.17, indicating potential ceilings for price advancements.

Conversely, support lies at $3.96, with further bases at $3.91 and $3.87, which could provide a cushion against further declines. The 50-day and 200-day Exponential Moving Averages, standing at $4.03 and $3.95 respectively, signal a tight trading range. Should copper surpass $4.04, a bullish reversal might ensue; otherwise, the bearish outlook persists.

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