Advertisement
Advertisement

Gold, Silver, Copper Daily Forecast: Market Awaits Key U.S. Data

By:
Arslan Ali

Gold's recent retreat, hovering near a seven-month high, is influenced by a potential dovish Federal Reserve shift and a weakening dollar.

Metals Recap

In this article:

Key Insights

  • Gold prices dipped slightly, pausing after a sustained rally, as markets await U.S. inflation data.
  • Silver showed marginal decline but remained bullish, trading above key pivot and EMA points.
  • Copper prices faced a slight downturn, with the focus on pivotal resistance levels.
  • RSI and MACD indicators for all three metals suggest cautious market sentiment.
  • The metals market is influenced by expectations of U.S. monetary policy and global economic conditions.

Quick Fundamental Outlook

Gold Prices Forecast

GOLD - Chart
GOLD – Chart

Gold’s luster dimmed slightly on November 30, with a marginal decline of 0.32%, closing at $2,038. This downturn comes after a period of sustained gains, suggesting investors may be taking a breather, locking in profits ahead of the month’s end. The precious metal now teeters around a pivot point of $2,041, with immediate resistance levels awaiting at $2,056 and $2,069, followed by a stronger ceiling at $2,085.

Despite the day’s dip, gold remains above its 50-Day EMA of $2,013, a bullish signal for market observers. However, the RSI at 64 hints at caution, flirting with overbought conditions and potentially heralding a short-term reversal if the trend dips below the pivotal $2,040 mark. The MACD’s divergence from its signal line further underscores the possibility of a bearish shift.

The technical outlook suggests that if gold falls below $2,040, a bearish sentiment may solidify, with eyes then turning to support levels at $2,029, $2,009, and finally $1,992. As the day’s close approached, the metal’s trajectory seemed to reflect a cautious market, with investors wary of initiating new positions amid a broader trend that has yet to confirm its direction.

Silver Prices Forecast

Silver - Chart
Silver – Chart

Silver, the often-overlooked cousin of gold, saw a negligible dip of 0.09% on November 30th, with its price settling at $24.99. It’s a figure just shy of the psychological $25.00 mark, suggesting a tentative market.

This minor retraction has not dampened the metal’s sheen, as it continues to trade above the pivot point of $24.72, which it has consistently outperformed throughout the day.

With the Relative Strength Index (RSI) perched at 71, silver edges into overbought territory, potentially signaling a pullback. Yet, the MACD indicates that the underlying momentum may still favor the bulls, as it resides above its signal line. Silver’s stay above the 50-Day EMA of $23.34 further bolsters the bullish sentiment, despite the day’s slight setback.

Technical patterns contribute to the bullish case, with a symmetrical triangle breakout suggesting a continued uptrend. However, traders remain vigilant, as a descent below the crucial $25.25 level could tilt the scales towards bearishness. For now, the near-term outlook points to resistance tests at $25.22, with a break above potentially targeting loftier levels at $26.05 and $26.79.

Copper Prices Forecast

Copper - Chart
Copper – Chart

Copper’s daily performance on November 30th reflects a slight decline, with the commodity’s price decreasing by 0.32% to close at $3.82. This minor setback is observed as copper trades just below the pivot point of $3.85, a level that could determine the near-term direction of the market.

With the Relative Strength Index (RSI) hovering just below the midpoint at 48, the market sentiment for copper leans towards a neutral to bearish outlook. This is further emphasized by copper’s positioning relative to the 50-Day Exponential Moving Average (EMA), which stands at $3.80, indicating that the commodity is at a critical juncture that could precipitate either a resurgence or a continued decline.

The technical pattern in play is an ascending triangle, which typically suggests bullish sentiment. However, with resistance firmly at $3.85, copper’s future movements hinge on its ability to break and hold above this level. Should copper accomplish this, it could ignite a wave of buying, propelling prices toward immediate resistance levels at $3.89 and beyond.

In summary, while the current trend for copper appears bearish below $3.85, the potential for a shift to bullish momentum remains, contingent on upcoming market developments and copper’s ability to breach the aforementioned resistance.

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.

Did you find this article useful?

Advertisement