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Gold, Silver, Copper Daily Forecast: Goldman’s $2,175 Target Amid Geopolitical Tensions

By:
Arslan Ali
Published: Feb 8, 2024, 12:08 UTC

Amid rate hike concerns, gold hovers between $2,000-$2,050, while Goldman Sachs upholds a bullish $2,175 target, highlighting geopolitical dynamics.

Metal Recap

In this article:

Key Insights

  • Gold’s slight price dip reflects rate hike concerns; trades within $2,000-$2,050 amid Fed’s stance.
  • Copper’s price uptick limited by weak demand signals from China; remains near three-week lows.
  • Goldman Sachs maintains gold’s bullish 12-month forecast at $2,175, citing demand and geopolitics.

Gold’s price experienced a minor decline, closing at $2,032.61 an ounce, influenced by the anticipation of persistently high U.S. interest rates and a stronger dollar, despite recent consolidation.

The metal has been trading between $2,000 and $2,050, with the market adjusting to the Federal Reserve’s hawkish stance and delaying rate cuts until June 2024.

Conversely, copper prices showed a slight increase but remained close to three-week lows at $3.7523 a pound, reflecting concerns over China’s economic health and reduced demand from the world’s top copper importer.

Analysts from Goldman Sachs suggest gold’s downside will be restrained by strong physical demand and geopolitical uncertainties, maintaining a 12-month target of $2,175 an ounce.

Gold Prices Forecast
Gold - Chart
Gold – Chart

Copper Prices Forecast

Copper Chart
Copper Chart

Copper‘s price on February 8th has witnessed a minor decline of 0.22%, trading at $3.74907. This downtrend sees the metal currently positioned below a critical pivot point of $3.78573 on the four-hour chart.

Should copper ascend, it faces immediate resistance at $3.81911, with potential hurdles at $3.84704 and $3.87842 that could limit upward price actions.

On the downside, support is established at $3.75303, with further support at $3.73184 and $3.70330, where the price declines may stabilize.

The 50-Day and 200-Day EMAs, at $3.82493 and $3.83220 respectively, suggest that the market sentiment could turn bearish if prices persist below these averages.

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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