Gold, Silver, Copper Daily Forecast: Red Sea Tensions Influence Value

Arslan Ali

In Monday's trading, Gold prices soared on Fed rate cut expectations, while Silver and Copper faced varied sentiment amidst geopolitical tensions.

Gold, Silver, Copper Daily Forecast: Red Sea Tensions Influence Value

In this article:

Key Insights

  • Gold prices hit record highs in Asia, fueled by Fed rate cut speculations.
  • Factors driving gold: easing inflation, weak labor data, and Fed signals.
  • Red Sea attack heightens geopolitical tensions, boosting gold demand.
  • Powell hints at US rate stability; Fed may pause hikes in December.
  • CME Group: High chance Fed holds rates in December, may cut later.

Gold Prices Forecast

GOLD - Chart
GOLD – Chart

In the commodities market, Gold’s recent movements suggest a cautiously bullish sentiment. As of December 4, the precious metal is trading at $2066, reflecting a slight decline of 0.22%. This movement comes after Gold found support just above the pivot point of $2060 on the 4-hour chart.

Key resistance levels are now set at $2,088, $2,110, and $2,131, with immediate support at $2,047, followed by $2,033 and $2,016. The Relative Strength Index (RSI) at 53 and MACD values (2 crossing above 14) indicate a potential for upward momentum.

Gold’s positioning above its 50-day Exponential Moving Average (EMA) of $2,047 further reinforces a short-term bullish outlook. The overall trend remains bullish above the $2,060 mark, with the expectation that Gold will test higher resistance levels in the coming days.


Taking a look at the daily chart, gold has violated double top pattern at $2060 level, which is clearly signaling bullish bias among investors and strong upside potential.

Silver Prices Forecast

Silver - Chart
Silver – Chart

Silver’s market trajectory on December 4 shows a notable shift, as the metal’s price falls to $25.15, marking a 1.29% decline. This downturn in silver prices occurs as the metal hovers around its pivot point of $25.08.

Immediate resistance levels are now charted at $25.40, $25.92, and $26.26, while key supports lie at $24.85, $24.53, and $24.14. The Relative Strength Index (RSI) at 45, slightly below the midline, and a MACD of -0.040 falling below its signal of 0.180, indicate bearish sentiment. A bearish engulfing candle coupled with an upward channel breakout in the 4-hour chart further suggests a potential downtrend.

The current price lingering below the 50-day EMA of $25.08 reaffirms this bearish outlook. The overall trend for silver is currently bearish, particularly below the $25.45 level, with a short-term focus on testing lower support levels.

Copper Prices Forecast

Copper - Chart
Copper – Chart

Copper, a key barometer for global economic health, has experienced a downturn in its price on December 4, currently trading at $3.86, marking a decrease of 1.44%. This movement positions copper just above its pivotal point of $3.85 on the 4-hour chart, indicating a delicate balance in market sentiment.

Immediate resistance levels are set at $3.89, $3.93, and $3.98, while the supports are established at $3.81, $3.79, and $3.74. The Relative Strength Index (RSI) at 45 suggests a neutral to bearish sentiment, while the 50-day Exponential Moving Average (EMA) at $3.85 acts as a critical juncture, suggesting a potential shift in trend.

Notably, copper is retesting the previously violated triple top pattern at $3.85, which now serves as a support level, potentially indicating a bullish turnaround if sustained above this threshold. The overall trend for copper appears cautiously bullish above $3.85, with a short-term focus on testing higher resistance levels.

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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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