Gold (XAU/USD) slightly declined by 0.02%, positioning the price at $2157.77. The market hovers near the pivot point of $2155.67, indicating potential for an uptrend should it sustain above this level.
Resistance marks at $2174.52, $2196.38, and $2214.26 delineate areas where price may encounter obstacles. Support levels at $2131.04, $2110.03, and $2090.32 offer critical zones to cushion any downward moves.
With the 50-day EMA at $2138.17 and the 200-day EMA at $2072.17 supporting a bullish stance, the overall trend for Gold remains positive above the pivot, yet a break below could signify a reversal towards a selling trend.
Technical indicators, including the 50-day EMA at $23.94 and the 200-day EMA at $23.27, underpin a fragile bullish trend. However, Silver’s position below the pivot point indicates a bearish outlook, with a potential shift to bullish momentum if it surpasses the $24.27 mark.
Copper (XCU/USD) saw a decrease of 0.24%, trading at $3.93. Hovering near the pivot point of $3.94, Copper’s market positioning indicates potential for volatility. Resistance levels at $3.96, $3.98, and $3.99 delineate ceilings that could challenge upward movement.
Support figures are established at $3.91, $3.88, and $3.86, acting as buffers against further declines. The 50-day and 200-day Exponential Moving Averages, at $3.90 and $3.85 respectively, signal a nuanced market sentiment.
With the current trend bearish below $3.94, a move above this marker could shift momentum towards a bullish outlook, urging investors to monitor these pivotal thresholds closely.
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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.