Gold, Silver, Copper Forecast: Metals Cautious Amidst US Inflation Fears

Arslan Ali
Updated: Feb 19, 2024, 12:54 UTC

Key Points:

  • Gold stabilizes within $2,000-$2,050 range amid high U.S. inflation and strong dollar concerns.
  • Silver sees a decline to $23.11, testing pivotal support levels amidst a cautious market outlook.
  • Copper remains resilient despite a slight drop, with optimism fueled by positive forecasts for China.
Metals Recap

In this article:

Gold’s Cautious Rebound Amid Inflation Concerns and Dollar Strength

Gold Prices Forecast

Gold - Chart
Gold – Chart

Today, gold slightly rose by 0.28%, reaching $2018.80, as investors continue to value it amidst market uncertainty. The critical pivot point is at $2023.32, with resistance levels at $2031.49, $2038.75, and $2044.71.

On the downside, support is seen at $2008.34, then $1995.52 and $1984.75. The 50-Day and 200-Day Exponential Moving Averages at $2,013.87 and $2,023.85, respectively, suggest a mixed sentiment.

Despite today’s gains, the market’s stance towards gold could turn bearish if it falls below $2023.32, indicating a cautious approach among traders regarding its immediate future trajectory.

Silver Prices Forecast

Silver - Chart
Silver – Chart

In the latest trading session, silver experienced a decrease, dropping by 1.27% to $23.11. This movement places the metal just below its pivot point of $23.14, suggesting a cautious market sentiment.

Resistance levels are identified at $23.51, $23.68, and $23.85, which silver must surpass to regain momentum. Conversely, support levels are established at $22.91, followed closely by $22.72 and $22.53, marking crucial zones for potential rebounds.

The 50-Day and 200-Day Exponential Moving Averages, at $22.73 and $22.87 respectively, hint at underlying strength. Despite the day’s loss, silver shows signs of bullish potential if it can sustain above the $22.91 mark, indicating a possible shift towards recovery in the near term.

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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