Gold, Silver, Copper Daily Forecast: Metals React to Global Monetary Policies and Market Trends

Key Insights

• Gold prices slightly down at $2,024.67 an ounce amid Fed’s less dovish stance, with potential rate cuts in 2024.
• Copper rises 0.3% on China’s stimulus hopes, reflecting global policy impact on metal markets.
• Gold’s trend cautiously bullish above $2,020; RSI moderately bullish at 52.
• Silver advances 0.49% to $23.92; bullish trend above pivot point of $23.80 indicated.
• Copper bullish above $3.85 pivot point, underpinned by a positive RSI of 58.

On December 19, gold exhibits a subtle decrease, down 0.10%, with its price at $2,025. Key technical levels include a pivot at $2,015, and resistance markers at $2,041, $2,059, and $2,085.

Conversely, support levels are established at $2,000, $1,999, and $1,974. The Relative Strength Index (RSI) is moderately bullish at 52, while the Moving Average Convergence Divergence (MACD) indicates a mixed sentiment with a value of -1.187000 and a signal at 3.327000.

The 50-Day Exponential Moving Average (EMA), positioned at $2,019, leans towards a short-term bullish trend. The chart pattern reveals a sideways trading range, offering resistance around $2,040 and support near $2,020.

Overall, gold’s trend is cautiously bullish above $2,020, with an expectation to challenge higher resistance in the near term.

Silver Prices Forecast

On December 19, silver exhibits a positive momentum, advancing by 0.49% to reach a current price of $23.92. This performance situates the metal near a pivot point of $23.80, with immediate resistance identified at $24.22.

Further resistance levels are marked at $24.63 and $24.91, suggesting potential upward barriers. Conversely, support levels are established at $23.52, $23.24, and $22.83, highlighting crucial lower bounds.

The Relative Strength Index (RSI) stands at 55, indicating a moderately bullish sentiment in the market. The Moving Average Convergence Divergence (MACD) presents a nuanced picture with a value of -0.024120 and a signal of 0.092550, pointing towards possible upward movement. The 50-Day Exponential Moving Average (EMA), at $23.77, aligns with this bullish trend, with the current price above this key indicator.

Chart analysis underscores that the 50 EMA and the 38.2% Fibonacci Retracement level are providing support at $23.80. This suggests a bullish inclination above this critical level.

In summary, silver’s overall trend appears bullish above $23.80, and short-term expectations lean towards testing higher resistance levels, contingent on the market’s continued positive trajectory. This outlook offers a cautiously optimistic view for investors eyeing silver in the commodities market.

Copper Prices Forecast

As of December 19, copper’s market trajectory is on the rise, registering a 1.02% increase to $3.88. This ascent positions the metal around a pivot point of $3.85, with resistance observed at $3.92 and $3.96, and support levels at $3.81, $3.77, and $3.73.

The Relative Strength Index (RSI) stands at 58, hinting at a bullish sentiment, while the Moving Average Convergence Divergence (MACD) indicates a mixed market outlook with a value of -0.00238 against a signal of 0.01.

The 50-Day Exponential Moving Average (EMA) at $3.85 suggests a bullish trend above this level. Current chart patterns reinforce the $3.85 mark as a key support, indicating a bullish inclination if prices remain above.

Copper’s trend is broadly bullish above $3.85, with expectations of testing higher resistances in the near term.

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