Advertisement
Advertisement

Gold, Silver, Copper Daily Forecast: Eyes on US CPI Data; Zambia Discovery In Play

By:
Arslan Ali

As the U.S. prepares to release CPI data, gold remains in a tight range, while a new copper find in Zambia shakes global supply expectations.

Metal Recap

In this article:

Key Insights

  • Gold steadies as markets await U.S. CPI data, potentially influencing Fed’s rate decisions.
  • Significant copper discovery in Zambia by KoBold Metals hints at increased global supplies.
  • Upcoming U.S. CPI data pivotal for precious metals, with high inflation keeping interest rates in focus.

Gold prices remained steady in a defined range awaiting U.S. inflation data, while copper prices are under pressure after the discovery of a large deposit in Zambia by KoBold Metals, indicating a potential increase in global copper supplies. The anticipation of U.S. Consumer Price Index (CPI) data is keeping markets on edge, with expectations of continued high inflation possibly influencing the Federal Reserve’s interest rate decisions.

This scenario puts pressure on gold, maintaining it within the $2,000 to $2,050 trading range, as higher interest rates increase the opportunity cost of holding non-yielding assets like gold.

Conversely, the significant copper find in Zambia could alter the supply dynamics, adding to the pressures faced by copper prices, already impacted by concerns over demand from China.

This development could have broader implications for both gold and silver markets, as investors recalibrate their expectations in light of evolving economic indicators and supply considerations.

Gold Prices Forecast
Gold - Chart
Gold – Chart

In the latest market movements, Gold has experienced a slight downturn, with its price decreasing by 0.16% to $2020.935. Positioned below the pivotal level of $2027.675, the precious metal faces immediate resistance levels at $2035.158, $2042.525, and $2049.990.

Should the downward trend continue, Gold could find support at $2015.152, $2009.405, and $2003.380, potentially halting further declines. The 50-day and 200-day Exponential Moving Averages hover around $2030, indicating a critical juncture.

Currently slipping below its pivot point, Gold appears poised for a bearish trend unless it can reclaim ground above $2027.675, underscoring the market’s cautious stance.

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.

Did you find this article useful?

Advertisement