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Gold, Silver, Copper Daily Forecast: FOMC and Fed Rate Decision Take Center Stage

By:
Arslan Ali
Published: Mar 20, 2024, 06:31 GMT+00:00

Key Points:

  • Gold stabilizes in anticipation of Fed's rate decisions, maintaining support around $2,150.
  • Silver and Copper prices reflect cautious optimism, eyeing Fed's stance for directional cues.
  • Fed's potential hawkish tone could reverse recent metal gains, spotlighting Powell's upcoming press conference.
Gold, Silver, Copper Daily Forecast: FOMC and Fed Rate Decision Take Center Stage

In this article:

Market Overview

In Wednesday’s Asian trading session, Gold prices showed resilience, stabilizing amid anticipation of the Federal Reserve’s future interest rate decisions. Copper retreated from its 11-month high, influenced by a stronger dollar and profit-taking, signaling a cautious approach in the metal markets.

The metal markets are now keenly awaiting the outcome of the Fed meeting, particularly for hints on interest rate cuts in 2024, with Fed Chair Jerome Powell’s press conference being a critical focal point.

A hawkish stance from the Fed, suggesting prolonged high rates, could dim the demand of Gold and its counterparts, reversing recent gains fueled by rate cut expectations.

Gold Prices Forecast

Gold - Chart
Gold – Chart

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.

Silver Prices Forecast

Silver - Chart
Silver – Chart

On the market today, Silver exhibited a modest increase of 0.20%, trading at $24.92. Its current pivot point is at $24.74, establishing a crucial juncture for future price direction. The metal faces immediate resistance levels at $25.12, $25.39, and $25.66, potentially challenging further upward movements.

Conversely, support is marked at $24.53, $24.26, and $24.01, crucial for mitigating further declines. With the 50-Day Exponential Moving Average (EMA) at $24.67058 and the 200-Day EMA at $23.71402, Silver’s trend appears bullish above the pivot point of $24.74.

However, falling below this could trigger a significant downtrend, highlighting the market’s current bullish bias towards Silver.

Copper Prices Forecast

Copper - Chart
Copper – Chart

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.

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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