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

By:
Arslan Ali

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

Metals Recap

In this article:

Key Insights

  • 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 Forecast

GOLD - Chart
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
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
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, 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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