Gold, Silver, Copper Daily Forecast: Precious Metals Shine on Rate Cut Hopes

Key Insights

• Gold prices rise to two-week highs amid U.S. GDP downgrade and softer labor data.
• Copper remains near four-month highs, fueled by rate cut expectations in 2024.
• Gold and copper react positively to cooling U.S. economy and monetary policy implications.
• Gold’s technical indicators suggest bullish sentiment with resistance at $2,070.
• Silver holds steady, balancing cautious optimism with resistance at $24.65.

On Christmas Day, Gold exhibits a subtle yet notable rise, trading at $2,053, up by 0.36%. This uptick reflects a cautious optimism among investors, as seen in the key technical indicators.

The pivot point stands at $2,044, with immediate resistance at $2,070. Further resistance is observed at $2,088 and $2,108, marking critical levels for potential upward movement. Conversely, support levels are set at $2,018, $1,999, and $1,974, which could provide a buffer against any downward shifts.

The Relative Strength Index (RSI) at 60 suggests a bullish sentiment, indicating potential for further gains. This is supported by the MACD, which shows a value of 1.25 against a signal of 7.55, hinting at upward momentum.

Additionally, Gold’s price is currently above the 50-Day Exponential Moving Average (EMA) of $2,033, reinforcing a short-term bullish trend. A recent breakout from a downward trendline at $2,045 further signals a buying trend, pointing to a bullish outlook above this level.

Silver Prices Forecast

On Christmas Day, the silver market, trading at $24.1925, displays a calm yet cautious mood with a slight 0.90% decline. The precious metal finds its pivot point at $24.20, with resistance levels up to $25.55 and support starting at $23.81.

The Relative Strength Index (RSI) at 50 and the Moving Average Convergence Divergence (MACD) at -0.02 suggest a balanced market sentiment. Silver’s price remains just above the 50-Day EMA of $24.05, indicating cautious optimism.

The market faces a downward resistance trendline at $24.65, but the overall trend is bullish above $24.00, making silver a notable asset to watch during the holiday season.

Copper Prices Forecast

On Christmas Day, the copper market presents a nuanced picture, reflecting a blend of caution and potential in its latest trading session. Copper is currently priced at $3.90414, marking a modest downturn of 0.65%. This movement positions the metal at a crucial pivot point of $3.94, with immediate resistance levels identified at $3.98, $4.03, and $4.10.

These points represent key thresholds that could dictate copper’s near-term trajectory. Conversely, the metal finds support at $3.88, with additional safety nets at $3.84 and $3.78, crucial in halting any further price declines.

Technical indicators offer a mixed view: the Relative Strength Index (RSI) stands at 50, signaling a market perfectly poised between bullish and bearish sentiments.

The Moving Average Convergence Divergence (MACD) is at -0.003, with a signal line at 0.010, suggesting potential bearish undercurrents. However, copper’s current position just above the 50-Day Exponential Moving Average (EMA) of $3.88 provides a glimmer of optimism.

The overall trend for copper remains cautiously bullish, especially if it sustains above the $3.94 mark, indicating the possibility of testing higher resistance levels in the short term.

As global markets continue through the holiday season, copper’s performance will be closely watched, offering insights into broader economic trends and commodity market dynamics.

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