Gold, Silver, Copper Daily Forecast: Metals Hold Steady Amid Fed Speculation and Global Trends

By:

Published: Dec 1, 2023, 12:51 GMT+00:00

Gold prices pause near a seven-month high as markets await key interest rate insights from Fed Chair Powell amid Asia's economic concerns.

Gold stabilizes near seven-month high, awaiting Fed Chair Powell’s interest rate insights amid moderate Asian PMI readings.
Investors speculate on a potential halt and reversal of Fed’s rate hikes in 2024, influenced by dovish Fed signals and U.S. inflation trends.
Copper prices steady post-November gains, balancing mixed economic cues from China with global supply constraints.
Bullish trends in precious metals with Gold showing strength above $2020, Silver cautiously optimistic above $25.
Copper’s robust upward trajectory signals a bullish trend with key resistance levels in sight.

Quick Fundamental Outlook

Gold prices stabilized near a seven-month high on Friday, pausing their rally as markets awaited Federal Reserve Chair Jerome Powell’s perspective on U.S. interest rates, amid Asia’s moderate PMI readings and economic slowdown concerns.

Investors speculate that the Fed might stop increasing rates and potentially start reducing them in 2024. Powell’s upcoming speeches are crucial, especially following dovish signals from other Fed officials and a decrease in U.S. inflation, which, however, remains above the Fed’s target.

Copper prices also steadied after November gains, influenced by mixed signals from China and supply constraints from mine closures in Peru and Panama. These factors reinforce gold’s safe-haven status and influence silver and copper prices, indicating cautious but ongoing industrial demand.

Gold Prices Forecast

GOLD – Chart

In today’s market, Gold (XAU/USD) on December 1st shows a promising technical outlook. The precious metal is trading at $2039, up 0.13% over the last 24 hours. Its pivot point stands at $2049, with immediate resistance levels at $2057, $2069, and $2085.

On the downside, support is seen at $2029 and $2009. The Relative Strength Index (RSI) at 59 indicates a bullish sentiment, while the MACD at -2 with a signal line at 7.57 suggests a potential for upward momentum.

The price is currently above the 50-Day Exponential Moving Average (EMA) of $2018, reinforcing the bullish trend. The upward channel pattern observed, supported by the 50 EMA, implies a continuing uptrend.

Given these indicators, the overall trend for Gold remains bullish above the $2020 mark, with expectations of testing higher resistance levels in the short term.

Silver Prices Forecast

Silver – Chart

On December 1st, Silver’s (XAG/USD) market performance exhibits a mix of cautious optimism and mild retracement. The metal is currently trading at $25.16, marking a 0.45% decrease over the last 24 hours.

It hovers below its pivot point of $25.49, with immediate resistance levels set at $25.92, $26.26, and $26.65. Support levels are found at $24.85 and $24.53. The Relative Strength Index (RSI) stands at 53, indicating a slightly bullish sentiment.

Silver is trading above its 50-Day Exponential Moving Average (EMA) of $24.91, indicating a short-term bullish trend. The observed upward channel pattern provides crucial support near $25.15, suggesting resilience in the metal’s price.

Given these factors, the overall trend for Silver appears cautiously bullish above the $25 mark, with a short-term expectation of challenging the immediate resistance levels.

Copper Prices Forecast

Copper – Chart

On December 1st, Copper exhibits a robust upward trajectory, currently trading at $3.87, marking a notable increase of 0.62%. The metal has surpassed its pivot point of $3.85, now facing immediate resistances at $3.89, $3.94, and $3.98. On the support front, key levels are identified at $3.79 and $3.74.

The Relative Strength Index (RSI) stands at 64, indicating a strong bullish sentiment without reaching overbought conditions. Copper’s price is comfortably above its 50-Day Exponential Moving Average (EMA) of $3.83, reinforcing the short-term bullish trend.

The chart showcases an ascending triangle breakout accompanied by a bullish engulfing candlestick pattern over $3.85, signaling a solid buying trend. Given these technical indicators, the overall trend for Copper appears bullish above the $3.85 threshold, with expectations of testing higher resistance levels in the near term.

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

About the Author

Arslan Aliauthor

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.