Gold, Silver, Copper Daily Forecast: Market Eyes on Fed’s Next Moves and US Prelim GDP

By:

Arslan Ali

Published: Feb 28, 2024, 06:49 GMT+00:00

Live PriceGold

$4,333.39

-1.39%

Key Points:

Gold's resistance at $2,030 amid Fed's rate stance hints at cautious market optimism.
Silver's slide below $22.57 reflects market hesitancy, awaiting key economic indicators.
Copper retreats to $3.84, with upcoming China PMI data poised to influence direction.

In this article:

Gold Stalls, Silver Dips, and Copper Eyes China PMI Data

Gold prices experienced a subdued movement, lingering within the $2,000 to $2,050 band amid concerns over the Federal Reserve’s stance on maintaining elevated interest rates. The robust dollar added pressure, yet gold sustained support above $2,000, reflecting ongoing safe-haven demand due to global economic uncertainties and geopolitical tensions.

Meanwhile, silver and platinum witnessed declines, with investors eyeing upcoming PCE inflation and GDP data for direction. Copper also retreated slightly, with its recent rally facing scrutiny ahead of China’s PMI releases, set to shed light on the country’s economic activity.

This confluence of factors underscores a cautious outlook for precious and industrial metals.

Gold Prices Forecast

Gold – Chart

Gold experienced a minor retreat in its price, trading at $2030.73 with a decrease of 0.14%. The current trajectory situates gold slightly below the pivot point of $2029.80, implying a potential for a bullish trend should it surpass this marker.

Resistance levels are delineated at $2039.47, $2048.31, and $2059.16, indicating the thresholds for further gains. Conversely, support is established at $2016.22, $2005.35, and $1989.35, marking areas where buyers could potentially step in.

With the 50-day and 200-day Exponential Moving Averages at $2026.49 and $2025.37 respectively, gold’s outlook remains cautiously optimistic, poised for an uptrend above $2029.80.

Silver Prices Forecast

Silver – Chart

Silver’s market performance showed a slight decline, trading at $22.42, down by 0.40% over the last four hours. This movement positions silver below its pivot point of $22.57, signaling a bearish trend under this level. Resistance levels are identified at $22.75, $23.00, and $23.19, which could cap gains.

Conversely, support levels are marked at $22.32, $22.16, and $21.93, potentially cushioning further drops. The 50-day and 200-day Exponential Moving Averages, at $22.73 and $22.85 respectively, hover above the current price, reinforcing the bearish sentiment.

In essence, silver’s trajectory remains bearish unless it surpasses the pivotal $22.57 mark.

Copper Prices Forecast

Copper – Chart

Copper‘s trading session witnessed a modest decline, trading at $3.84, marking a 0.26% decrease. This subtle movement aligns with the metal’s pivotal threshold set at $3.85, indicating a bearish sentiment below this benchmark.

Resistance levels at $3.88, $3.91, and $3.94 delineate potential barriers to upward momentum, whereas support at $3.81, $3.78, and $3.75 offers floors for price stabilization.

The convergence of the 50-day and 200-day Exponential Moving Averages at $3.85 and $3.82, respectively, suggests a tight trading range. In summary, Copper’s market posture leans towards a cautious outlook, with a bearish trend anticipated below the $3.85 pivot.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Arslan AliTechnical Analysis Expert

Arslan is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold.