Gold, Silver, Copper Daily Forecast: Navigating Economic Uncertainty

Key Insights

• Gold stabilizes near $2024 amid reduced Fed rate cut bets.
• Silver downtrend persists, trading below pivotal $24.68.
• Copper prices decline, struggling below $3.83 pivot point.
• Key U.S. nonfarm payrolls data to influence metal prices.
• Mixed China cues impact Copper’s demand outlook.

As of December 5, Gold (XAU/USD) is experiencing a slight downturn in its market trajectory, currently priced at around $2024, marking a decrease of 0.2%. Despite this dip, the precious metal remains in a delicate balance, hovering near a pivotal point of $2060. The immediate resistances are set at $2080, $2090, and $2100, while crucial supports are identified at $2019, $2006, and $1986. These levels will be instrumental in dictating Gold’s short-term movements.

The Relative Strength Index (RSI) stands at 41, suggesting bearish sentiment as it falls below the neutral 50 mark. This is further corroborated by the Moving Average Convergence Divergence (MACD) reading of -5.45, indicating potential downward momentum. Gold is currently teetering around the 50-Day Exponential Moving Average (EMA) of $2030, adding to the uncertain outlook.

An upward trendline has been providing support around $2025, but there is a potential for Gold to break below this zone. If this were to occur, the next significant support might be around $2005. Overall, the trend for Gold appears bearish below the $2025 level, with the market likely to test lower supports in the near future. Investors and traders should be prepared for potential shifts as Gold navigates these critical technical levels.

Silver Prices Forecast

On December 5, Silver (XAG/USD) is exhibiting a downtrend in its market behavior, currently trading at approximately $24.33, marking a decrease of 0.66%.

The metal is navigating below its pivot point of $24.68, facing immediate resistances at $24.99, $25.52, and $25.91. Key supports are identified at $24.16, $23.67, and $23.23, which could act as critical barriers against further declines.

The Relative Strength Index (RSI) is at a pivotal point of 30, indicating a potential oversold condition, which may signal a turning point for the metal. The Moving Average Convergence Divergence (MACD) is at 0, with its signal line at 0.09, suggesting a neutral momentum in the current market trend.

Notably, Silver is trading below its 50-Day Exponential Moving Average (EMA) of $24.67, confirming the bearish sentiment.

The overall trend for Silver appears bearish, especially below the key level of $24.65. Looking ahead, the market may test lower support levels, yet traders should be alert to any potential shifts in momentum, as indicated by the RSI and MACD readings.

Copper Prices Forecast

On December 5, Copper’s market trajectory shows a downward trend, with its price dropping to $3.79, a decrease of 0.86%. The metal is currently trading below its pivotal point of $3.83, indicating bearish momentum.

Key resistance levels are set at $3.89, $3.93, and $3.98, with immediate support found at $3.79 and further down at $3.74 and $3.70. The Relative Strength Index (RSI) stands at 34, suggesting a bearish sentiment without reaching oversold conditions.

Copper’s price is below its 50-Day Exponential Moving Average (EMA) of $3.83, reinforcing the bearish outlook. An upward channel breakout at $3.85 further indicates a potential selling trend.

Overall, Copper’s market direction is bearish below the $3.85 mark, with expectations of testing lower support levels in the near term. This outlook is crucial for traders and investors considering short-term positions in Copper.

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