In today’s gold market, the price has ascended by 0.47%, reaching $2158.25. The pivotal point for the session stands at $2146.02, marking a crucial juncture for future movements.
Resistance levels are identified at $2168.25, $2182.32, and $2196.38, potentially challenging upward momentum. Conversely, support is found at $2127.87, with additional levels at $2114.71 and $2098.83, offering a buffer against declines.
Technical analysis, bolstered by three consecutive bullish engulfing candles and the 50 and 200-day EMAs at $2042.37 and $1982.27 respectively, underscores a prevailing bullish trend, suggesting a strong buying interest above the pivot point.
In today’s commodities market, Copper has shown a modest increase of 0.31%, bringing its price to $3.88. Our analysis identifies a critical pivot point at $3.87, suggesting a bullish sentiment if sustained above this level. Key resistance points are set at $3.90, $3.93, and $3.96, which Copper must overcome to continue its upward trajectory.
Conversely, support levels are found at $3.84, $3.82, and $3.79, crucial for preventing further declines. The 50-day and 200-day Exponential Moving Averages, at $3.86 and $3.83 respectively, reinforce the bullish outlook. However, a dip below the pivot could signal a shift to a bearish market.
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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.