Gold, Silver, Copper Analysis: XAU/USD Steady as NFP Looms; Fed Hints Slower Hikes

Key Insights

• Federal Reserve hints at slower rate hikes, easing market tension.
• Dollar weakens, Treasury yields fall amid subdued inflation.
• Silver trapped under $23.50; investors eye Fed’s inflation fight.
• Non-farm payrolls report crucial for silver’s resistance breach.
• Gold stable at $1,988.415, with RSI indicating balance.
• Silver down 0.27%, faces bearish sentiment below $22.95.

Quick Fundamental Outlook

Market expectations are cautiously optimistic as the Federal Reserve signals a potential slowdown in rate hikes, providing relief to a jittery market. This anticipation has softened the dollar and lowered Treasury yields amidst hints of subsiding inflation and a cooling job market.

Silver, however, remains constrained below the pivotal $23.50 threshold, with investors wary of the Fed Chair’s commitment to battling inflation, prompting a guarded stance on silver investments.

All eyes are now on the upcoming non-farm payrolls report; a dip in job growth from September’s numbers could be the catalyst silver needs to breach the crucial resistance level, altering the precious metal’s trajectory.

Gold Prices Forecast

Amidst the financial tumult, Gold (XAU/USD)‘s standing on November 03 offers a glimmer of stability. Currently priced at $1,988.415, it’s experienced a negligible decline of 0.01% over the past 24 hours.

On a 4-hour chart, the pivot point emerges notably at $1,976. Resistance levels unfurl at $2,009, followed by $2,031 and $2,050, indicating the price ceilings gold might encounter.

Conversely, immediate support hovers at $1,960, with subsequent cushions at $1,944 and $1,923. The RSI, sitting at 52, tilts neither towards bullish nor bearish sentiment.

Meanwhile, the 50 EMA, at $1,980, coincides closely with the current price. A distinct triple bottom pattern around $1,975, bolstered by consecutive Doji candles, hints at potential bullish momentum, making gold a watchful asset in the forthcoming days.

Silver Prices Forecast

In the commodities realm, Silver (XAG/USD)‘s luster has dimmed slightly, with the precious metal trading at $22.61600, a decline of 0.27%. The four-hour chart reveals a pivotal point at $22.95403, with immediate resistance forming at $23.49431.

Should bullish momentum gather, further resistance awaits at $23.81424 and $24.16805. Conversely, support levels are established at $22.55895 and $22.23376, with a significant floor at $21.78717.

Technical indicators offer a mixed sentiment; the Relative Strength Index (RSI) stands at 38, indicating a tilt towards bearish sentiment in the market.

Moreover, the current price trailing below the 50-Day Exponential Moving Average (EMA) of $22.87 reinforces a short-term bearish outlook. Chart patterns suggest a double bottom formation, hinting at potential support around the $22.50 mark.

In conclusion, the trend for silver remains bearish as long as it trades below $22.95. In the short term, investors should anticipate potential tests of resistance levels if a reversal occurs.

Copper Prices Forecast

Copper, often regarded as a barometer for global economic health, is exhibiting a modest uptick in today’s session. The commodity is currently trading at $3.65, marking a 0.13% increase.

On the four-hour chart, a pivot point is observed at $3.66, with the metal facing immediate resistance at $3.72. Should the upward momentum persist, further resistances are anticipated at $3.77 and $3.79. Conversely, support levels lie at $3.60, $3.56, and a stronger base at $3.52.

The Relative Strength Index (RSI), a key technical indicator, stands at a neutral 50, signifying an equilibrium between buyers and sellers. Copper’s current price is just below the 50-Day Exponential Moving Average (EMA) of $3.67, indicating a neutral to slightly bearish sentiment in the short term.

However, the chart patterns suggest an upward channel formation, providing support around the $3.66 level and hinting at the potential for a bullish trend continuation.

In conclusion, the overall trend for copper appears bullish as long as it maintains above $3.65. In the short term, the metal is expected to challenge the immediate resistances, particularly if it can sustain above the pivotal $3.66 mark.

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