Gold, Silver, Copper Daily Forecast: XAU Hits $2,257; More Buying Ahead?

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Updated: Apr 2, 2024, 05:44 UTC

Key Points:

Gold's ascent to $2,257 per ounce contrasts with robust U.S. data, hinting at sustained demand.
Silver's bullish pattern at $25.32, supported by technical indicators, suggests potential for further gains.
Copper remains steady around $4.07, with market indicators pointing to a cautiously optimistic trend.

Market Overview

Gold prices reached a new peak, with spot gold hitting $2,257 per ounce, despite the stronger dollar and U.S. manufacturing data indicating economic robustness. This growth dampened immediate rate cut expectations, elevating Treasury yields and the dollar, affecting gold’s allure to international buyers.

The rising ISM manufacturing index contrasts with the slowed core PCE inflation, maintaining prospects for a rate cut in June. Geopolitical tensions further underpin gold’s appeal as a safe-haven asset, potentially influencing silver and copper markets as investors navigate through economic indicators and global uncertainties.

Gold Prices Forecast

Gold – Chart

As of April 2, Gold is trading at $2,256.71, marking a 0.22% increase. The technical landscape is shaped by a pivotal point at $2,250.11, guiding the short-term market trajectory.

Gold faces resistance at $2,273.31, $2,288.22, and $2,306.08, with support levels stationed at $2,233.78, $2,217.46, and $2,203.47. The 50-day and 200-day EMAs at $2,218.62 and $2,172.89, respectively, alongside a bullish engulfing candlestick pattern, signify a potential upward trend.

The market outlook for Gold remains bullish above the $2,250.11 pivot, with a downturn risk if it dips below this threshold.

Silver Prices Forecast

Silver – Chart

Silver, on April 2, is trading at $25.32350, reflecting a gain of 0.96%. Its technical framework is defined by a pivot point at $25.10. Resistance is observed at $25.38, $25.78, and $26.13, while support levels are established at $24.74, $24.39, and $24.07.

The 50-day and 200-day Exponential Moving Averages (EMAs) are positioned at $24.90 and $24.59 respectively, suggesting an upward trend. Additionally, a bullish engulfing candlestick pattern alongside an upward price channel underscores the buying momentum in Silver.

The outlook is bullish above $25.10, with a descent below this point possibly igniting a sell-off.

Copper Prices Forecast

Copper – Chart

Copper is currently priced at $4.07, showing a minor decrease of 0.02%. The pivot point at $4.05 serves as a baseline for its trading range, with resistance levels at $4.09, $4.13, and $4.17, and support levels established at $4.00, $3.96, and $3.91.

The 50-day and 200-day EMAs, both hovering around $4.05 and $4.01 respectively, indicate a stable market trend. Presently, Copper is oscillating between $4.10 and $4.05, indicating a neutral market disposition.

The trend could turn bullish above $4.05, whereas a descent below this threshold may lead to a sell-off.

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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.