Gold, Silver, Copper Daily Forecast: XAU Hits Record High for Easter 2024

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Updated: Apr 1, 2024, 06:14 UTC

Key Points:

Gold holds near highs, eyes on U.S. inflation for rate cut clues.
Copper surges towards 11-month peaks on Chinese output cut rumors.
Silver steady; market watches Fed for interest rate direction impact.

Market Overview

Gold prices remain stable near record highs, with traders eyeing U.S. inflation and interest rate cues. Copper rebounds towards 11-month highs amid potential Chinese production cuts, while silver futures steady.

The market anticipates the U.S. PCE data and Federal Reserve communications for interest rate directions. Copper’s rise reflects supply cut speculations, though robust Chinese inventories suggest market balance.

Precious metals like gold and silver react to dollar strength and interest rate prospects, with upcoming U.S. economic data and Fed speeches set to influence their price forecasts.

Gold Prices Forecast

Gold – Chart

Gold (XAU/USD) is on a bullish trajectory, currently priced at $2264.34, reflecting a 1.25% increase. With a pivot point at $2250.11, gold shows robust support. Immediate resistance levels are set at $2273.31, $2288.22, and $2306.08, indicating potential for further gains.

Support levels at $2233.78, $2217.46, and $2203.47 safeguard against declines. The 50-day EMA at $2186.10 and the 200-day EMA at $2126.96 underscore the bullish trend.

Gold’s momentum is fortified by the technical pattern breach at the $2210 area, suggesting a continued uptrend.

Silver Prices Forecast

Silver – Chart

Silver (XAG/USD) shows a positive trend, currently priced at $25.2125, with a 0.78% increase. The pivot point at $24.97 suggests a bullish bias. Resistance is seen at $25.34, $25.78, and $26.13, hinting at upward potential.

Support levels are at $24.39, $24.07, and $23.68, providing downside protection. The 50-day EMA at $24.73 and the upward trendline indicate sustained uptrend momentum.

Market sentiment remains bullish above $24.97, with a break below potentially triggering a sell-off, aligning with upcoming economic events and market responses.

Copper Prices Forecast

Copper – Chart

Copper‘s market trend is optimistic, with the price reaching $4.06, a 1.08% rise. The pivotal mark at $4.05 guides the bullish sentiment. Resistance levels are placed at $4.09, $4.13, and $4.17, indicating potential upside.

Support levels at $4.00, $3.96, and $3.91 provide cushioning against declines. Both the 50-day EMA at $4.03 and the 200-day EMA at $3.96, along with the upward trendline, reinforce the upward momentum.

The technical stance is bullish above $4.05, with downward risks if this threshold is breached, influenced by upcoming economic indicators and market sentiment.

For a look at all of today’s economic events, check out our economic calendar.

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.