Gold, Silver, Copper Daily Forecast: U.S. Labor Data Spurs Price Dip

Key Insights

• Gold falls below $2,000, reacting to strong U.S. labor market data and lowered expectations of an early Federal Reserve rate cut.
• Silver’s subtle downturn at $22.92, influenced by broader market sentiments and economic indicators.
• Copper experiences a 1% decline amid concerns over China’s economic weakness and global demand uncertainties.
• Investors focus on upcoming Fed meeting and central bank decisions, impacting precious metals’ market appeal.
• U.S. labor data and global economic health remain pivotal in shaping the investment landscape for gold, silver, and copper.

Gold’s recent trading trajectory has exhibited a downturn, currently standing at $1,993, reflecting a 0.51% decline. The precious metal is now navigating through a critical phase, as highlighted by its current position relative to the pivotal $2,010 mark.

Key resistance levels are set at $2,039, $2,058, and $2,079, which could potentially limit upward movements. Support levels, conversely, are established at $1,989, $1,967, and $1,944, providing a cushion against further declines.

The Relative Strength Index (RSI), hovering at 31, suggests that gold is nearing oversold conditions, while the MACD, at -3.255, indicates bearish momentum as it trails below its signal line. Additionally, the price is currently under the 50-day Exponential Moving Average (EMA) of $2,022, reinforcing the bearish outlook.

A notable technical observation is the violation of the double bottom pattern at the $2,010 resistance level, coupled with an upward trendline breakout, signaling a selling bias. Overall, the trend for gold appears bearish below the $2,010 threshold, with the market likely to test lower support levels in the near future.

Silver Prices Forecast

Silver’s current market position reflects a subtle downturn, with its price at $22.92, marking a 0.34% decline. The metal’s trajectory is currently wavering around the pivotal point of $23.26. In terms of resistance, key levels are identified at $23.58, $24.03, and $24.48, which could pose challenges for any upward trends.

On the flip side, support levels are established at $22.88, $22.50, and $21.89, offering potential buffers against downward price movements. The Relative Strength Index (RSI) stands at 23, suggesting that silver might be in an oversold territory, while the MACD at -0.057, trailing below its signal line, indicates a potential bearish trend.

A significant technical observation is the breach of the double bottom pattern at $23.25, hinting at a possible shift towards a selling bias. Overall, the current trend for silver leans bearish below the $23.25 mark, with expectations of the metal testing its resistance levels in the near term, subject to broader market influences.

Copper Prices Forecast

Copper’s market stance appears bearish as it trades at $3.79727, marking a 1% decline. The metal’s technical landscape, outlined on the 4-hour chart, shows a key pivot point at $3.83. Copper faces immediate resistance at $3.87, with further hurdles at $3.93 and $3.99. Support levels are identified at $3.75 and $3.68, with a significant lower support at $3.62, possibly arresting further declines.

The Relative Strength Index (RSI) stands at 46, indicating a bearish sentiment without extreme oversold conditions. The MACD, currently at zero, closely aligns with its signal line, suggesting potential shifts in momentum. Notably, the price has crossed below the 50-day Exponential Moving Average (EMA) of $3.81, reinforcing the bearish outlook. A bearish crossover on the 50 EMA suggests a selling trend may dominate below the $3.80 threshold.

In conclusion, Copper’s overall trend remains bearish below the crucial mark of $3.83. The market’s trajectory in the near term could be shaped by the ability to break through resistance levels or a further slip below current support points.

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