Gold, Silver, Copper Daily Forecast: Precious Metals Under Pressure Amid Fed Meeting and Market Dynamics

Key Insights

• Gold prices fluctuate ahead of the Federal Reserve’s year-end meeting, influenced by U.S. labor market and inflation data.
• Silver shows a bearish trend with key resistance at $22.75, while copper faces a downtrend, with a pivot point at $3.80.
• Technical indicators suggest potential bullish shifts in gold if prices sustain above $1,975, despite a current bearish sentiment.
• Copper’s break below $3.80 indicates possible continued downward movement, with support levels to watch at $3.73 and lower.
• Silver’s RSI indicates oversold conditions, yet the overall trend remains bearish, suggesting potential testing of lower support levels.

Gold is currently trading at $1,982, marking a modest increase of 0.16%. The asset’s movement is critical for investors tracking its performance in a dynamic market. Key price levels to watch include a pivot point at $1,975. Immediate resistance is formed at $2,000, followed by further resistances at $2,020 and $2,040. On the downside, immediate support lies at $1,965, with subsequent levels at $1,934 and $1,912.

From a technical perspective, the Relative Strength Index (RSI) stands at 36, indicating a bearish sentiment but nearing oversold conditions. The Moving Average Convergence Divergence (MACD) shows a value of 0.679 with a signal at -11.099, suggesting potential upward momentum. The price is currently hovering below the 50-day Exponential Moving Average (EMA) of $2,006, implying a short-term bearish trend.

Chart patterns reveal Doji candles above the $1,975 level, indicating a possible shift towards a bullish trend. This pattern, coupled with the technical indicators, suggests that while the short-term sentiment is bearish, there is potential for an upward shift if the price sustains above $1,975.

In conclusion, the overall trend for gold appears to be neutral to bullish above the $1,975 level.

Silver Prices Forecast

Silver is currently trading at $22.69, down 0.32%, with a pivot point at $22.75. Key resistance levels are at $23.31, $23.68, and $24.13, while support levels are found at $22.34, $21.89, and $21.57.

The Relative Strength Index (RSI) is at 27, indicating potential oversold conditions, while the Moving Average Convergence Divergence (MACD) suggests continued bearish sentiment. The 50-day Exponential Moving Average (EMA) is at $23.54, above the current price, reinforcing the short-term bearish outlook.

The break below the upward trendline support suggests increased selling pressure. Overall, the trend for silver is bearish below $22.75, with expectations of testing lower support levels.

Copper Prices Forecast

Copper, on December 13th, is exhibiting a slight downtrend, currently priced at $3.77345, marking a 0.59% drop. The asset’s pivot point is at $3.80, with resistance levels at $3.87, $3.93, and $3.99. Support is found at $3.73, $3.68, and $3.62.

The Relative Strength Index (RSI) stands at 42, suggesting a bearish sentiment without being oversold. The Moving Average Convergence Divergence (MACD) is at -0.00265 with a signal of -0.008, indicating a potential downward trend continuation. The 50-day Exponential Moving Average (EMA) aligns with the pivot point at $3.80, reinforcing the bearish trend.

Chart analysis shows copper breaking below the pivot point support at $3.80, with the downward trendline now acting as a barrier near $3.75. This breach suggests further downside potential, especially if the price remains below the $3.80 threshold.

In summary, copper’s current trend is bearish below the $3.80 mark. The technical indicators and chart patterns point towards a continuation of this trend, with the possibility of copper testing lower support levels in the short term.

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