Gold experienced a minor downturn, decreasing by 0.39% to a price of $2146.83. The precious metal is currently navigating below its pivot point at $2155.72, hinting at a bearish sentiment in the short term. Resistance levels are established at $2172.77, $2196.38, and $2208.45, presenting potential barriers to upward movements.
Conversely, support is found at $2142.15, with further levels at $2130.66 and $2110.45, indicating areas where losses may be stemmed. The 50-Day Exponential Moving Average (EMA) at $2150.83 and the 200-Day EMA at $2087.24 suggest a cautious market outlook.
Gold’s breach of the descending triangle pattern near the $2157 level points towards potential for increased selling pressure, especially if it fails to reclaim ground above the $2155.72 pivot point, solidifying the current bearish trend.
However, maintaining below the critical $25.20 level could signify continued bearish momentum, unless it surpasses this threshold to invite a bullish shift.
Copper’s market valuation declined slightly by 0.27%, bringing its price to $4.11. The commodity’s performance suggests a cautious market sentiment, currently trading just below its pivot point of $4.13. It encounters immediate resistance at $4.16, with further barriers at $4.19 and $4.22 that could limit any upward momentum.
Conversely, support levels are established at $4.09, $4.03, and the critical $4.00 mark, which are crucial for preventing further losses. The 50-Day Exponential Moving Average (EMA) at $3.99 and the 200-Day EMA at $3.89 both indicate a generally positive trend over the longer term.
However, the current stance is bearish below $4.10, suggesting that surpassing this threshold could shift the market outlook towards a more bullish perspective.
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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.