Gold, Silver, Copper Forecast: Price Moves Before US PPI, Consumer Sentiment

Arslan Ali
Published: Feb 16, 2024, 12:18 UTC

As gold steadies and silver gains, investors eye the upcoming US PPI and Consumer Sentiment data, signaling pivotal moments for metal prices.

Metal Recap

In this article:

Key Insights

  • Gold holds above $2,000, facing its toughest week since December amid Fed rate cut uncertainties.
  • Silver shines with a 1.9% weekly gain, suggesting investor shift from gold for diversified assets.
  • Copper climbs to $3.80/pound, benefiting from dollar weakness, despite global economic demand worries.
Gold Prices Forecast
Gold - Chart
Gold – Chart

Gold maintains a slight gain, positioning at $2005.57, hinting at a stable yet cautious market sentiment. The precious metal hovers just above its pivot point at $2002.62, suggesting a bullish inclination if it remains above this mark. Resistance levels are set at $2016.37, $2026.98, and $2037.17, indicating potential targets for upward movement.

Conversely, support is found at $1996.65, $1984.11, and $1973.58, marking crucial buffers against price drops.

The 50-day and 200-day EMAs at $2012.94 and $2024.27, respectively, underscore a bullish trend, yet advise vigilance as Gold navigates through these technical thresholds.

Silver Prices Forecast

Silver - Chart
Silver – Chart

Silver’s price inches upward, marking a 0.29% gain to touch $23, reflecting a subtle yet positive shift in investor sentiment. Positioned just above its pivot point at $22.96, silver shows a potential bullish trend if it sustains above this threshold.

It faces resistance at $23.23, with subsequent hurdles at $23.38 and $23.58, which could define its short-term trajectory.

Conversely, supports are established at $22.75, $22.59, and $22.36, offering crucial levels for rebounds.

The 50-day and 200-day EMAs at $22.60 and $22.85, respectively, underscore a bullish outlook, suggesting an anticipated breakout above current levels.

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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