Gold, Silver, Copper Daily Forecast: Eye CPI Data, Sell XAU Under $2,185

By:

Arslan Ali

Published: Mar 11, 2024, 06:43 GMT+00:00

Key Points:

Gold prices near record highs as markets await U.S. inflation data for Fed rate clues.
Copper remains steady, mixed signals from China's economy influence global demand expectations.
Metals market focuses on Tuesday's U.S. CPI data, potentially easing inflation yet above Fed's target.

In this article:

Gold

-0.68%

Silver

-0.96%

Copper

+0.51%

Gold, Silver, and Copper Await U.S. Inflation Data

Gold prices hovered near record highs, anticipating U.S. inflation data that may influence Federal Reserve rate decisions. Last week, expectations of rate cuts, fueled by Fed Chair Jerome Powell’s comments on nearing comfortable inflation levels and lukewarm U.S. labor data, propelled gold to new heights.

The dollar’s weakness and falling Treasury yields also supported bullion prices. Attention now shifts to Tuesday’s U.S. consumer price index, expected to reveal a slight ease in inflation, yet above the Fed’s target.

Copper prices remained steady, reflecting mixed economic indicators from China, the top importer. Despite a rise in China’s copper imports in the early year, factory activity’s slowdown suggests tempered demand, as indicated by recent inflation data. The metals market is keenly awaiting further economic cues, especially U.S. inflation figures, for directional clarity.

Gold Prices Forecast

Gold – Chart

Gold‘s price today marks a slight decrease, trading at $2,177.39, down by 0.10%. Analyzing the 4-hour chart, the metal’s pivot point is at $2,182.54, indicating key price movements ahead.

Resistance levels are set at $2,196.38, $2,214.26, and $2,232.38, while support is found at $2,155.35, followed by $2,131.04 and $2,110.03. The 50-Day Exponential Moving Average (EMA) at $2,052.843 and the 200-Day EMA at $1,986.155 both suggest a longer-term uptrend, despite current pressures.

A Doji candle formation near the $2,185 level hints at potential selling pressure. The overall trend suggests bearish momentum below $2,185, with a break above this level potentially shifting the bias to bullish.

Silver Prices Forecast

Silver – Chart

Silver‘s market price slightly declined to $24.28, marking a decrease of 0.11% as observed on the 4-hour chart. The metal’s pivot point at $24.55 serves as a key determinant for future movements, with resistance levels identified at $24.82, $25.09, and $25.35.

Support levels are positioned at $24.01, indicating the immediate floor, followed by stronger supports at $23.59 and $23.29. Technical indicators, including a 50-Day Exponential Moving Average (EMA) at $23.72 and a 200-Day EMA at $23.15, underscore a prevailing bullish trend over the longer term, despite short-term setbacks.

The trend for silver appears bearish beneath $24.55, yet a surge above this threshold could signal a shift towards a more bullish sentiment.

Copper Prices Forecast

Copper – Chart

Copper‘s current trading price of $3.89 reflects a modest increase of 0.05%, as seen in the 4-hour chart. The metal’s pivot point is at $3.91, with resistance levels anticipated at $3.94, $3.97, and $3.99.

Conversely, immediate support is found at $3.88, with subsequent levels at $3.86 and $3.82, suggesting potential areas for price stabilization. The 50-Day Exponential Moving Average (EMA) stands at $3.88, closely aligned with the 200-Day EMA at $3.84, indicating a slightly bullish trend over the longer term.

The overall outlook for copper is bullish above $3.88, yet a descent below this critical juncture could trigger a significant selling pressure.

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

About the Author

Arslan Aliauthor

Arslan is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold.

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