Gold‘s price today marks a slight decrease, trading at $2,177.39, down by 0.10%. Analyzing the 4-hour chart, the metal’s pivot point is at $2,182.54, indicating key price movements ahead.
Resistance levels are set at $2,196.38, $2,214.26, and $2,232.38, while support is found at $2,155.35, followed by $2,131.04 and $2,110.03. The 50-Day Exponential Moving Average (EMA) at $2,052.843 and the 200-Day EMA at $1,986.155 both suggest a longer-term uptrend, despite current pressures.
A Doji candle formation near the $2,185 level hints at potential selling pressure. The overall trend suggests bearish momentum below $2,185, with a break above this level potentially shifting the bias to bullish.
Copper‘s current trading price of $3.89 reflects a modest increase of 0.05%, as seen in the 4-hour chart. The metal’s pivot point is at $3.91, with resistance levels anticipated at $3.94, $3.97, and $3.99.
Conversely, immediate support is found at $3.88, with subsequent levels at $3.86 and $3.82, suggesting potential areas for price stabilization. The 50-Day Exponential Moving Average (EMA) stands at $3.88, closely aligned with the 200-Day EMA at $3.84, indicating a slightly bullish trend over the longer term.
The overall outlook for copper is bullish above $3.88, yet a descent below this critical juncture could trigger a significant selling pressure.
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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.