On March 8, Gold experienced a slight decrease of 0.11%, trading at $2157.040. Despite this dip, the technical framework suggests a bullish outlook. The day’s pivot point at $2146.02 acts as a foundation for future movements.
Resistance is anticipated at $2168.25, escalating to $2182.32 and $2196.38, indicating potential hurdles for upward momentum. Conversely, support levels are identified at $2127.87, descending to $2114.71 and further to $2098.83, providing a cushion against downward trends.
The 50-Day and 200-Day Exponential Moving Averages, at $2046.87 and $1984.01 respectively, reinforce a bullish sentiment, contingent on maintaining above the pivot.
This technical stance suggests silver remains in a bullish domain above the $24.24 threshold, with a dip below potentially signaling a shift towards a selling trend.
Copper price dipped slightly by 0.09%, trading at $3.92139. This minor setback places it just below the day’s pivot point at $3.93, a critical juncture that delineates potential future movements. Resistance levels are set at $3.96, $3.98, and $4.01, challenging the metal’s upward momentum.
On the downside, support levels at $3.90, $3.87, and $3.83 offer a buffer against further declines. The 50-Day and 200-Day Exponential Moving Averages, at $3.87 and $3.84 respectively, suggest a narrow bullish window.
However, the current position below the pivot hints at a bearish trend, with a break above $3.93 required to reverse this bias.
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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.