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Gold, Silver, Platinum Daily Forecast: Steady Amid Rate Cut Hopes and Fed Uncertainty

By:
Arslan Ali

Gold's stability above $2,030, amidst rate cut expectations and Fed uncertainty, signals a cautious yet optimistic market sentiment for precious metals.

Metals Recap

In this article:

Key Insights

  • Gold prices hold steady above $2,030 an ounce, reflecting growing optimism about the potential for Federal Reserve rate cuts in the near future.
  • Silver shows a slight increase to $23.833, with a bearish outlook below the pivot point of $24.00, indicating potential selling pressure.
  • Copper climbs to $3.83284, demonstrating a bullish trend above $3.68, with expectations to test higher resistance levels.
  • The upcoming U.S. nonfarm payrolls report could influence Federal Reserve policy decisions, impacting gold, silver, and copper prices.
  • Market sentiment remains cautious, balancing between rate cut expectations and uncertainties over the Fed’s future policy direction.
Gold - Chart
Gold – Chart

Gold’s price movement remains cautious, marking a slight uptick of 0.05% to $2,029. The metal seems to be in a contemplative phase, hovering near the pivotal point of $2,034.

Immediate resistance levels await at $2,052, $2,073, and $2,091, posing potential hurdles in its path. Conversely, supports are formed at $2,009, $1,989, and $1,967, providing a safety net against downward trends.

The Relative Strength Index (RSI) at 48 points to a neutral market sentiment, neither oversold nor overbought. The MACD indicator, at 0.385, slightly above its signal line at -1.68000, suggests a burgeoning bullish momentum but with caution. The 50-day Exponential Moving Average (EMA) at $2,029 lends support to this short-term bullish outlook.

A critical observation is the upward trendline breakout; a closing below this trendline could tilt the bias towards selling. Currently, gold exhibits a bearish trend below the $2,034 mark.

Silver Prices Forecast

Silver - chart
Silver – chart

Silver’s recent market performance paints a picture of subtle yet steady movement, as the metal ticks up marginally by 0.06% to $23.83. The pivot point at $24.00 remains the focal point for the metal’s short-term direction.

Should silver push upwards, it will encounter resistance at $24.41, followed by higher barriers at $25.00 and $25.53. Conversely, if the momentum wanes, support levels at $23.49, $23.02, and $22.64 will be critical to observe.

The Relative Strength Index (RSI) at 36 suggests the metal is veering towards oversold territory, hinting at potential for a rebound. The Moving Average Convergence Divergence (MACD) indicator, showing a positive value of 0.00746, aligns with a potential bullish momentum.

However, the proximity of the price to the 50-day Exponential Moving Average (EMA) at $24.30 suggests a need for cautious optimism.

Copper Prices Forecast

Copper - Chart
Copper – Chart

Copper, often considered a bellwether for global economic health, shows a robust uptick in its market position, climbing by 0.96% to $3.83. The metal’s pivot point at $3.83 serves as a pivotal marker for short-term trend direction.

Resistance levels are etched at $3.87, $3.93, and $3.99, setting potential targets for upward movement. In contrast, support is found at $3.75, $3.68, and $3.62, which could offer a safety net in case of a downturn.

The Relative Strength Index (RSI) stands at 58, suggesting a growing bullish sentiment but not yet in the overbought zone. The MACD, with a positive value of 0.0077, indicates a potential upward momentum, aligning with the bullish undertones. Notably, copper prices hover above the 50-day Exponential Moving Average (EMA) at $3.68, reinforcing a short-term bullish outlook.

The observed pattern of a bullish crossover on the 50 EMA suggests a buying trend. This technical posture positions copper in a favorable light for further gains. As the overall trend appears bullish above the $3.68 mark, the near-term forecast anticipates testing higher resistances, especially if the current momentum is maintained.

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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