Gold, Silver, Copper Daily Forecast: Precious Metals Steady Amid Rate Cut Rumblings

Key Insights

• Gold remains stable with anticipation of Fed rate cuts, while silver aligns closely with gold trends.
• Copper prices soar on supply tightness and electric vehicle demand.
• Market odds favoring a Fed rate reduction by March affect precious metals.
• Silver exhibits a subtle downtrend as it tests resistance levels.
• Copper’s bullish momentum is signified by its position relative to the 50-Day EMA.

On December 20th, gold prices exhibited a subtle decline, closing at $2,034, a decrease of 0.16%. This movement positions gold below its pivotal point of $2,044, a crucial threshold for the metal’s short-term trajectory. Resistance levels are set at $2,065, $2,088, and $2,108, while support levels are established at $2,018, $1,999, and $1,974.

The Relative Strength Index (RSI) at 55 suggests a balanced market sentiment, leaning slightly towards bullish. However, the Moving Average Convergence Divergence (MACD) at 0.3500, with a higher signal at 5.5910, indicates a potential shift towards bearish momentum.

Notably, the 50-Day Exponential Moving Average (EMA) at $2,024 reinforces a short-term bullish trend. The observed downward trendline and a closing doji candle under the $2,045 mark suggest a potential bearish trend below this level.

In conclusion, gold’s current technical analysis points to a bearish trend below $2,045, with expectations of testing lower support levels in the near term.

Silver Prices Forecast

On December 20th, silver prices experienced a modest decline, trading at $23.98, down 0.27%. The metal currently hovers around a pivot point of $23.80, with immediate resistance observed at $24.22, followed by higher levels at $24.63 and $24.91.

Conversely, support for silver is set at $23.52, with further cushions at $23.24 and $22.83. The Relative Strength Index (RSI) at 55 indicates a market sentiment that is neither overbought nor oversold, leaning slightly towards bullish.

However, the Moving Average Convergence Divergence (MACD) shows a slight negative value of -0.01 against a signal of 0.10, hinting at a potential bearish trend. The 50-Day Exponential Moving Average (EMA) at $23.83 suggests a balance between bullish and bearish forces.

The presence of a downward trendline and a doji candle closing under the $24.22 mark signals potential bearish movement below this resistance level. Overall, the technical outlook for silver indicates a bearish trend below the $24.22 resistance, with expectations of testing lower support levels in the near future.

Copper Prices Forecast

On December 20th, copper exhibited a marginal increase, trading at $3.91, up by 0.11%. The metal is currently positioned near a pivot point of $3.93, with immediate resistance observed at $3.98 and further barriers at $4.03 and $4.10.

Support, on the other hand, lies at $3.85, followed by lower levels at $3.78 and $3.73. The Relative Strength Index (RSI) stands at 61, indicating a bullish sentiment but not reaching overbought territory.

The Moving Average Convergence Divergence (MACD) at 0.00153, slightly above its signal of 0.018, suggests a potential upward momentum. Copper’s price is currently above the 50-Day Exponential Moving Average (EMA) of $3.86, supporting a short-term bullish trend.

The observed double top pattern near the $3.95 level, coupled with a doji candle formation, indicates a potential weakening of the current uptrend. A breakout above this level could further solidify the bullish trend.

Overall, the technical outlook for copper suggests a possible bullish breakout above $3.95, with expectations of testing higher resistance levels in the near future.

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