On today’s market, Gold slightly increased by 0.06%, trading at $2158.18. The pivot point for GOLD stands at $2163.18, indicating key levels for traders to watch. Resistance levels are set at $2172.77, $2181.70, and $2194.61, suggesting potential hurdles for upward price movements.
Conversely, support is found at $2146.30, $2136.33, and $2124.72, providing floors that could stem further declines. Technical indicators, including the 50-Day Exponential Moving Average (EMA) at $2153.42 and the 200-Day EMA at $2095.20, underscore a bullish sentiment for GOLD above $2153.42.
A dip below this threshold, however, could precipitate a notable selling trend, reflecting the delicate balance in the current gold market.
However, falling below this could trigger a significant downtrend, highlighting the market’s current bullish bias towards Silver.
Copper’s price rose by 0.45% today, reaching $4.08, reflecting a cautiously optimistic outlook among traders. The pivot point for Copper is set at $4.07, serving as a baseline for the day’s trading dynamics. Resistance levels are identified incrementally at $4.12, $4.17, and $4.21, each marking potential ceilings for price advances.
On the downside, support positions at $4.02, $3.99, and $3.95 offer buffers against declines. Technical indicators, including a 50-Day Exponential Moving Average (EMA) of $4.03 and a 200-Day EMA of $3.91, suggest a bullish trend above the $4.07 pivot.
However, dropping below this pivotal point could trigger a significant selling trend, indicating the current positive bias towards Copper in the market.
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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.