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Gold, Silver, Platinum Daily Forecast: Market Awaits Payrolls Data, Eyes on Fed’s Moves

By:
Arslan Ali

Copper prices see a sharp rise, fueled by strong Chinese import data, suggesting sustained demand amidst global economic headwinds.

Metal Recap

In this article:

Key Insights

  • Gold stabilizes in the $2,020-$2,050 range, with a focus on upcoming U.S. nonfarm payrolls.
  • Silver shows modest gains, trading around $24.00, with potential for upward movement.
  • Copper rebounds sharply, indicating robust demand despite economic slowdown in China.
  • Market eyes Federal Reserve’s potential rate cuts impacting precious metal prices.
  • Dovish Fed signals and strong commodity demand may boost gold, silver, and copper.

Gold - Chart

Gold’s technical posture remains robust as the metal, currently priced at $2,033, marks a modest 0.45% ascent. The pivot point at $2,034 forms a nexus of immediate market sentiment, with layered resistances at $2,052, $2,073, and $2,091 setting potential upside barriers.

Conversely, supports anchor at $2,009, $1,989, and $1,967, offering a floor to potential pullbacks. The RSI, hovering at a neutral 51, and the MACD’s positive divergence of 0.403 signal balanced momentum, with the latter suggesting an emerging bullish impetus as it crosses above the signal line.

The price sits comfortably above the 50 EMA of $2,028, which bolsters the short-term bullish narrative. Observing the symmetrical pattern, gold’s breach above $2,025 suggests a consolidation of gains, with the outlook favoring a test of higher resistance levels, should current supports hold firm.

Silver Prices Forecast

Silver - chart

Silver, with its subtle shimmer, has seen an uptick of 0.43%, positioning the precious metal at $24.00. As it skirts around the pivot point of $24.31, silver faces a barricade of resistances at $25.00, $25.53, and $25.91.

Support levels are etched at $23.55, with further cushions at $23.23 and $22.64, which could provide a soft landing should the metal retreat. The RSI at 36 whispers of undercurrents that could fuel a rally, while the MACD’s negative tilt at -0.03 beneath its signal line hints at lingering hesitancy among traders.

Straddling the 50 EMA at $24.43, silver’s narrative teeters on a bearish edge below $24.45, yet an upward correction remains within reach, suggesting a cautious but watchful market stance.

Copper Prices Forecast

Copper - Chart

Copper has gleamed with a 1.05% increase, now trading at $3.76758. Its ascent faces resistance at the $3.78 pivot point, with subsequent barriers at $3.85, $3.90, and $3.94. Should the metal’s luster fade, support waits at $3.73, with further fallbacks at $3.68 and $3.62.

The RSI, at a modest 39, suggests that copper has room to climb before overbought concerns arise. The MACD’s slight negative value juxtaposed with its signal hints at caution in the market’s upward enthusiasm. Straddling the 50-day EMA at $3.81, the metal’s fortunes hinge on maintaining above $3.78 to avoid a bearish outlook.

The technicals whisper of potential consolidation, but the gleam of copper’s recent performance could herald tests of higher resistances soon.

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

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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