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Gold, Silver, Copper Daily Forecast: Metals on the Rise; Dovish Fed Sentiment and Middle East Tensions In Play
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Amidst Fed rate cut speculations and Middle East tensions, gold's stable rise, silver's pivot point breakthrough, and copper's bullish breakout shine.
Key Insights
- Gold’s steady uptrend amidst revised Fed rate cut speculations and Middle East unrest supports prices.
- Silver sees a 1.28% rise, navigating crucial pivot point, indicating a potential upward trend shift.
- Copper climbs 1.89%, breaking key trendline resistance, signaling a bullish market above pivot point.
Silver is currently witnessing a notable upswing, trading at $22.72850, a 1.28% increase. The metal’s immediate focus is the pivot point at $22.50207, where it faces the first resistance at $22.84498. Breaching this could lead to further resistance levels at $23.28515 and $23.72968, which are critical in assessing its upward potential.
Support for silver lies at $22.21760, with subsequent levels at $21.91560 and $21.59303, potentially cushioning any downward movements. The positioning of the 50-Day EMA at $22.65035 and the 200-Day EMA at $23.20722 provides insights into the longer-term trend.
Currently, silver is navigating a downward channel, challenged by resistance near $22.8449. The emergence of a bullish engulfing candle, however, signals a shift towards a potential uptrend. Overcoming the $22.8449 mark could see silver advancing towards $23.2851. In essence, silver’s current movement is bullish above the pivot point of $22.50207.
Copper Prices Forecast
Copper is currently experiencing a noteworthy ascent, trading at $3.89186, a rise of 1.89%. The metal’s trading dynamics revolve around a pivot point at $3.87267. It faces initial resistance at $3.91053, with further resistance levels at $3.93561 and $3.97199, which will be crucial in evaluating its potential to climb higher.
Conversely, support levels are established at $3.84169, followed by $3.80579 and $3.75908, providing a safety net against any pullbacks. The 50-Day and 200-Day Exponential Moving Averages, at $3.80059 and $3.81612 respectively, offer additional insights into the trend.
A key observation in copper’s technical chart is the breakout of a downward trendline at the $3.8200 level, coupled with the formation of two solid bullish engulfing candles. These patterns indicate a shift towards a buying trend.
In summary, copper’s current market position is bullish above the pivot point of $3.87267, hinting at a potential for continued upward movement if it sustains above this crucial threshold.
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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