Gold, Silver, Copper Daily Forecast: Fed’s Dovish Turn Spurs Precious Metals Rally

Key Insights

• Federal Reserve’s dovish stance boosts gold prices, pushing them above $2,000/oz.
• Declining dollar underpins gold’s appeal, though it remains below monthly peak.
• Copper’s muted response linked to China’s economic slowdown concerns.
• Market eyes on China’s economic indicators, impacting copper demand and pricing.
• Silver shows a bullish sentiment, closely eyeing resistance at $24.63.

Gold’s luster has brightened modestly on December 14, trading up by 0.3% at $2,034. The precious metal, traditionally a haven, is currently navigating between key technical levels.

A pivot at $2,039 suggests balance, but with the yellow metal pressing against immediate resistance at $2,057, prospects of an upward journey to $2,072 or even $2,085 loom.

Should gold falter, supports at $2,013 and $1,996 offer a safety net. The RSI at 67 whispers of growing bullish sentiment, yet caution reigns as the reading approaches overbought territory. The MACD echoes this optimism, with a value of 7.90 above the signal line.

The 50 EMA at $2,010 stands as a testament to gold’s current strength. However, the double top pattern observed near the $2,040 mark may signal resistance that could cap gains.

The precious metal’s trend remains bullish, with a breakout above $2,040 potentially opening the gates for further ascension, yet caution is advised as the market decides whether this level is a springboard or a ceiling.

Silver Prices Forecast

Silver gleams with a 0.86% uptick to $24.0195 on December 14, signaling a bullish sentiment in the commodities market. The white metal sits just shy of its pivot point at $24.22, with eyes on the immediate resistance at $24.63.

A breach here could pave the way to test further resistances at $25.18 and $25.92. Support levels anchor at $23.82 and lower, providing a cushion against potential pullbacks. The RSI at 67 inches closer to the overbought threshold, reflecting heightened buying interest.

The MACD’s positive divergence suggests momentum may continue to build. Coupled with the price’s buoyancy above the 50 EMA at $23.59, the indicators favor the bulls. A bullish marubozu candle complements this narrative, yet a Fibonacci resistance around $24.20 calls for caution.

Overall, the trend leans bullish above $23.85, hinting at the market’s readiness to challenge higher resistances if silver sustains its current luster.

Copper Prices Forecast

Copper’s price has climbed a notable 1.44%, to $3.89 on December 14, reflecting investor optimism in industrial commodities. Positioned just above its pivot point of $3.86, copper’s immediate challenge lies at the resistance of $3.93, with potential upward stretches to $3.99 and $4.05.

Support levels wait patiently at $3.77 and below, providing a fallback should the momentum wane. The RSI, flirting with the overbought territory at 69, signals strong buying pressure. The MACD’s slight lag behind the signal may suggest caution amid the climb.

Copper’s conquest above the 50 EMA at $3.81 corroborates the bullish bias, reinforced by a bullish engulfing candle on the 4-hour chart. This technical constellation suggests that copper, currently bullish above $3.86, may soon test the mettle of the $3.93 resistance in its bid for higher ground.

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