Gold‘s performance on March 12th sees a slight retreat, with its price dipping to $2178, a decrement of 0.19%. The four-hour chart analysis delineates a pivot point at $2182.54, serving as the immediate threshold for trend determination.
Resistance levels are pegged at $2196.38, $2214.26, and $2232.38, setting stages for potential upward challenges. Conversely, support is found at $2155.35, $2131.04, and $2110.03, earmarking zones for possible downturn halts.
The 50-day and 200-day Exponential Moving Averages, standing at $2132.92 and $2067.56 respectively, underpin a bullish undercurrent, notwithstanding current pressures. The trend tilts bearish under $2182.54; surpassing this figure may pivot to bullish momentum.
However, remaining below $24.54 tilts the scale towards bearishness, while crossing this threshold could signal a more pronounced bullish trend.
Copper‘s price dips to $3.92, a decrease of 0.28%, reflecting cautious market sentiment. The technical analysis on a four-hour timeframe identifies $3.94 as the pivot point, a crucial level determining the metal’s short-term direction.
Resistance levels are pegged at $3.96, $3.97, and $3.99, which could limit upward movement. Support is found at $3.91, $3.88, and $3.86, crucial for preventing further declines.
The 50-day and 200-day Exponential Moving Averages, at $3.89 and $3.85 respectively, underline a potential for bullish momentum should prices eclipse the pivot point. Conversely, remaining below $3.94 signals a bearish outlook, emphasizing the metal’s current indecision.
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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.