Gold, Silver, Copper Daily Forecast: Metals Await Fed Decision; Eye XAU Below $2165?

By:

Arslan Ali

Updated: Mar 19, 2024, 07:25 GMT+00:00

Key Points:

Dollar strength ahead of Fed decision pressures Gold, potentially affecting Silver and Copper prices.
Copper remains near 11-month highs, reflecting global economic recovery and supply chain dynamics.
Market anticipates Fed's rate decision, influencing precious and industrial metal forecasts amid inflation concerns.

In this article:

Gold

-0.03%

Silver

-0.32%

Copper

+0.26%

Market Overview

In the recent trading session, Gold prices experienced a minor decrease yet stayed above crucial support levels, amidst a hesitant market atmosphere preceding the anticipated Federal Reserve meeting. Copper prices also saw a slight drop but hovered near 11-month highs, following a significant rally. Despite the dip, Gold prices managed a recovery, surpassing the $2,150 mark, yet remaining substantially below the earlier peak in March.

The Dollar’s strength puts pressure on Gold prices as markets await the Federal Reserve’s meeting outcome.
Copper prices dip slightly but stay close to 11-month highs amid potential supply deficits and strong Chinese industrial production data.
Precious metals face headwinds with the Federal Reserve expected to maintain interest rates, hinting at a possibly cautious stance on rate cuts despite recent inflation trends.

This summary encapsulates the current market dynamics influencing the daily forecasts for Gold, Silver, and Copper, with a particular focus on the forthcoming Federal Reserve meeting’s potential impact.

Gold Prices Forecast

Gold – Chart

Gold‘s price slightly declined by 0.01%, settling at $2160.05. Positioned just below the pivot point of $2163.34, the precious metal faces key resistance levels at $2172.77, $2181.70, and $2195.51, which could limit any potential gains.

Conversely, support is found at $2152.09, with further levels at $2142.29 and $2132.29, providing a cushion against further declines. The Relative Strength Index (RSI) and the 50-Day Exponential Moving Average (EMA) at $2160.848, alongside the 200-Day EMA at $2125.266, suggest a closely contested market.

Currently, the outlook appears bearish below $2163.34, with a break above potentially shifting momentum towards a more bullish trend.

Silver Prices Forecast

Silver – Chart

Silver’s price witnessed a modest increase of 0.35%, reaching $25.11. Hovering above the pivot point of $25.02, it faces resistance at $25.39, with further hurdles at $25.66 and $25.91 potentially capping upward movements.

On the flip side, support levels are positioned at $24.80, $24.56, and $24.33, marking critical junctures for potential price stabilization. The 50-Day and 200-Day Exponential Moving Averages at $24.92 and $24.09, respectively, signal a bullish sentiment prevailing in the market.

As such, the technical outlook for silver remains optimistic above $25.02, though a dip below this critical level could trigger a notable bearish trend.

Copper Prices Forecast

Copper – Chart

Copper’s price witnessed a slight decline of 0.19%, settling at $4.12. Navigating below its pivot point at $4.14, copper faces immediate resistance at $4.17, with further challenges at $4.19 and $4.22 potentially restricting upward momentum.

Conversely, support is evident at $4.11, with additional safety nets at $4.07 and $4.03 that could stave off further declines. The 50-Day and 200-Day Exponential Moving Averages, positioned at $4.08 and $3.96 respectively, suggest a bullish sentiment in the longer term.

However, copper’s current stance below $4.14 hints at a bearish outlook, with a move above this threshold needed to foster a more bullish sentiment.

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.