Gold, Silver, Copper Forecast: Up on Stimulus Bets, Gold Eyes $2040 Mark?

Arslan Ali
Published: Feb 22, 2024, 06:27 UTC

Key Points:

  • Gold edges up 0.14%, reflecting caution as Fed hints at sustained high rates; trading within $2,000-$2,050.
  • Silver gains 0.32%, platinum and copper rebound amid economic stimulus hopes and global fiscal policy shifts.
  • Copper experiences a slight decline of 0.09%, eyes on China for further stimulus amid three years of sluggish growth.
Metals Recap

In this article:

Gold Stabilizes Amid Rate Hike Signals; Silver, Platinum, and Copper Await Economic Cues

Gold Prices Forecast

Gold - Chart
Gold – Chart

On February 22, gold witnessed a marginal gain of 0.14%, trading at $2028.87. This movement positions the precious metal slightly above its pivot point of $2024.80, suggesting a bullish sentiment. Key resistance levels are identified at $2038.75, $2048.04, and $2059.16, indicating potential areas of price contention.

Conversely, support levels are established at $2010.78, $2000.45, and $1988.68, which may halt downward movements. The 50-day Exponential Moving Average (EMA) at $2019.29 and the 200-day EMA at $2024.01 reinforce the positive outlook.

Consequently, Gold’s trend is considered bullish as long as it remains above the $2024.80 threshold, hinting at sustained upward momentum.

Silver Prices Forecast

Silver - Chart
Silver – Chart

Silver advanced by 0.32%, trading at $22.96. This increment places Silver just above its pivot point of $22.90, indicating an optimistic market stance. Resistance levels are mapped out at $23.14, $23.33, and $23.50, which could challenge upward price action.

On the downside, support is pegged at $22.72, $22.53, and $22.33, serving as potential floors for price corrections. The 50-day Exponential Moving Average (EMA) at $22.86 and the 200-day EMA at $22.89 closely align with the current price, reinforcing a bullish outlook.

Given these metrics, Silver’s trajectory is bullish as long as it sustains above the $22.90 mark, suggesting a positive momentum continuation.

Copper Prices Forecast

Copper Chart
Copper Chart

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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