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Gold, Silver, Copper Daily Forecast: Precious Metals Poised for Dynamic Changes in 2024
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Gold is poised for record highs in 2024, bolstered by dovish U.S. rate shifts, geopolitical tensions, and central bank buying, with spot gold already up 13% in 2023.
In this article:
Key Insights
- Gold poised for record highs in 2024, already up 13% in 2023, driven by dovish U.S. rates, geopolitical tensions, and central bank purchases.
- Silver forecasted to reach $26 an ounce, spurred by industrial demand; platinum fluctuates between $800-$1,100.
- Palladium prices influenced by electric vehicle growth, averaging around $750 in 2024.
- Gold currently at $2,062, with key resistances at $2,088, $2,106, and $2,131; supports at $2,050, $2,018, and $1,993.
- Silver and copper show bearish trends, with silver at $23.789 and copper at $3.89, both below their respective 50-Day EMAs.
A peak of $2,300 is forecasted mid-2024. Silver may rise to $26 an ounce due to industrial demand, while platinum fluctuates between $800 and $1,100.
Palladium, affected by electric vehicle growth, could average $750 in 2024. These trends reflect significant economic and policy shifts, impacting the precious metals market.
Gold Prices Forecast
Gold’s market performance exhibits a slight dip, currently trading at $2,062, down by 0.11%. The precious metal is navigating through key technical levels, with its immediate resistance marked at $2,088. A closer look reveals further resistances at $2,106 and $2,131. On the support side, pivotal levels are found at $2,050, $2,018, and $1,993, offering potential cushions against a price drop.
Technically, the Relative Strength Index (RSI) stands at 48, hovering around the neutral territory, suggesting a balance between bullish and bearish sentiments. The Moving Average Convergence Divergence (MACD) is at -2.735, indicating a possible downward momentum as it lags behind its signal line.
Of particular note is the 50-Day Exponential Moving Average (EMA) of $2,055, which is currently acting as a support for Gold. An upward channel breakout at the $2,064 level adds complexity to the trend analysis.
The overall market outlook for Gold seems tentatively bullish above the $2,059 mark, with traders and investors closely watching these technical indicators to gauge the metal’s future trajectory.
Silver Prices Forecast
Silver‘s market trajectory is currently on a slight decline, as it trades at $23.789, down 0.77%. The metal’s movement is closely tied to key technical levels, with immediate resistances at $24, $25, and $26, and supports set at $24, $23, and again at $23, indicating crucial thresholds for potential price movements.
The Relative Strength Index (RSI) for silver is at 41, reflecting a bearish sentiment, as it remains below the midline. This is further underscored by the Moving Average Convergence Divergence (MACD) at -0.055, which, although better than its signal line at -0.112, still suggests potential downward momentum.
Notably, silver is currently trading around its 50-Day Exponential Moving Average (EMA) of $24, highlighting a critical juncture. A symmetrical triangle pattern observed on the charts suggests a consolidation phase, with silver finding support around $23.50 and facing resistance at $24.
In conclusion, the overall trend for silver appears bearish below the $24.15 level.
Copper market dynamics present a cautious view as the metal currently trades at $3.89, marking a decline of 0.63%. The metal’s technical outlook is shaped by key levels, including a pivot point at $3.94, and immediate resistances at $3.97, $4.02, and $4.06.
Conversely, supports are found at $3.89, $3.84, and $3.80, indicating potential floors for price movements.
The Relative Strength Index (RSI) for copper stands at 40, pointing towards a bearish sentiment, as it hovers below the midline. This is further supported by the Moving Average Convergence Divergence (MACD) indicator, which shows a negative value of -0.007, suggesting a potential downward trend.
Significantly, copper is trading below its 50-Day Exponential Moving Average (EMA) of $3.91, reinforcing the short-term bearish trend.
The recent breakout of the upward trendline near $3.95 and a crossover of the 50 EMA below $3.90 suggest further consolidation and potential decline in prices. In summary, the current trend for copper appears bearish below the $3.90 level.
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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.
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