Gold, Silver, Copper Daily Forecast: Metals React to Fed’s Rate Path; Buy Today?

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Updated: Mar 15, 2024, 06:41 UTC

Amid rising inflation concerns and a vigilant Federal Reserve, gold's cautious stance reflects investor anticipation of interest rate decisions.

Market Overview

Amidst a climate of stronger-than-anticipated inflation data, gold prices saw minimal movement, hinting at investor wariness ahead of a Federal Reserve meeting poised to address interest rate trajectories.

Contrary to gold’s subdued reaction, copper prices leaped to an 11-month peak, driven by fears of a significant supply crunch in China, underscoring a 1.5% surge to cross the $9,000 per ton mark.

The strengthened dollar further exerted pressure on gold, diminishing its allure against a backdrop of potential hawkish Fed signals and persistent inflation concerns.

Gold Prices Forecast

Gold – Chart

Gold (XAU/USD) nudged upwards by 0.13%, trading at $2164.705. This slight increase places the precious metal just below its pivotal mark of $2176.79. Looking ahead, resistance levels are observed at $2196.38, $2208.45, and $2223.73, challenging the metal’s upward trajectory.

Support, crucial for sustaining current levels, is firmly established at $2155.55, with subsequent floors at $2142.15 and $2130.66. The 50-day and 200-day Exponential Moving Averages (EMAs) at $2148.94 and $2082.86, respectively, signal a robust underlying trend.

The technical analysis suggests a bullish outlook for Gold above $2155.55, while a dip below this threshold could herald a trend reversal, highlighting the potential for both growth and volatility in the market.

Silver Prices Forecast

Silver – Chart

Silver’s saw a notable increase, climbing 0.78% to trading at $25.006. This positive movement positions Silver just above its pivot point of $24.88, suggesting potential for further gains. The metal now faces immediate resistance at $25.08, with subsequent levels at $25.29 and $25.48 that may test its ascending trend.

Conversely, support is established at $24.73, with deeper levels at $24.57 and $24.45, ready to underpin any retracements. The 50-day and 200-day Exponential Moving Averages (EMAs) at $24.29 and $23.45, respectively, underscore a solid upward momentum.

The technical outlook for Silver remains bullish above the pivot point of $24.88, indicating room for growth, while a descent below this threshold could signal a reversal, calling for cautious optimism in the market.

Copper Prices Forecast

Copper – Chart

Copper experienced a notable increase, rising by 0.99% to reach $4.09, showcasing a vibrant momentum in the commodities market. Positioned slightly above its pivot point at $4.08, Copper is hinting at sustained bullish potential.

Resistance is encountered at $4.11, with further ceilings at $4.13 and $4.16, potentially limiting upward movement. Support levels are firmly placed at $4.05, extending down to $4.02 and $3.99, serving as critical junctures to fend off any bearish trends.

The 50-day and 200-day Exponential Moving Averages (EMAs), at $3.96 and $3.88 respectively, provide a strong foundation, indicating an underlying bullish trend. The current technical outlook for Copper remains optimistic above the $4.08 threshold, suggesting room for further growth, while a dip below this marker may signal a need for caution among traders.

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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.