Gold, Silver, Copper Daily Forecast: Soaring Amid Sanctions and Production Surges

Key Insights

• UK sanctions on Russian metals, including copper, drive notable market movements.
• Palladium surges 12% to $1,091/oz, its largest gain since March 2020.
• China’s robust industrial output and a softer US dollar bolster copper prices.
• Gold shows a marginal uptrend, facing resistance at $2,041 and beyond.
• Silver’s positive trajectory suggests a buying trend above the 38.2% Fibonacci level.

As of December 18, Gold presents a cautiously optimistic outlook in the financial markets. Currently experiencing a marginal uptrend of 0.09% in 2020, Gold stands at a pivot point of $2,015. The immediate resistance is observed at $2,041, with further resistance levels at $2,059 and $2,085.

On the support side, Gold finds its first level at $2,000, closely followed by $1,999 and $1,974. The Relative Strength Index (RSI) stands at 45, indicating a neutral to slightly bearish sentiment. Meanwhile, the MACD value at -1.311 against a signal of 4.5260 suggests potential downward momentum.

The 50-Day Exponential Moving Average (EMA) is at $2,024, indicating that Gold is currently trading below this level, hinting at a short-term bearish trend. However, a double-top pattern extending resistance at $2,042 hints at potential challenges for bullish momentum.

Overall, the trend for Gold appears bullish above the $2,015 threshold, suggesting that it may test higher resistance levels in the near future, particularly if it crosses above the 50 EMA. Investors should remain vigilant for any shifts in these indicators, which could signal changes in market sentiment.

Silver Prices Forecast

On December 18, Silver exhibits a subtle yet positive trajectory in the commodities market, marked by a 0.36% increase, with its price currently standing at $23.91500. The analysis of the 4-hour chart points to a pivot level of $24.22, with imminent resistance observed at $24.63, followed by successive barriers at $24.91 and $25.20.

Conversely, immediate support is noted at $23.83, with additional support levels at $23.52 and $23.24. The Relative Strength Index (RSI) hovers at 52, indicating a neutral to slightly bullish sentiment. The MACD reading, at -0.001 with a signal of 0.154, implies potential for upward movement.

Notably, the 50-Day Exponential Moving Average (EMA) is at $23.74, reinforcing the bullish trend as Silver’s price is trading above it. Chart patterns indicate Silver is holding steady above the 38.2% Fibonacci retracement level of $23.81, suggesting a buying trend.

Overall, Silver’s trend appears bullish above $23.83, and the short-term forecast anticipates testing higher resistance levels, provided it maintains its position above key support markers. Investors are advised to closely monitor these levels for insights into potential market shifts.

Copper Prices Forecast

On December 18, Copper is displaying a modest uptick in the commodities market, with its price slightly rising by 0.09% to $3.88. The 4-hour chart delineates a pivot point at $3.85, suggesting a critical threshold for future price movements.

Copper faces immediate resistance levels at $3.92, $3.96, and $4.00, which are pivotal for any bullish trend continuation. Conversely, support levels are established at $3.81, $3.77, and $3.73, acting as potential safety nets against bearish trends.

The Relative Strength Index (RSI) stands at a neutral 53, implying neither overbought nor oversold conditions, but leaning towards a bullish sentiment. The Moving Average Convergence Divergence (MACD) shows a reading of -0.0012 against a signal line of 0.0191, indicating potential for upward momentum.

Interestingly, the 50-Day Exponential Moving Average (EMA) is placed at $3.86, closely mirroring Copper’s current trading price, suggesting a balanced, short-term market outlook. The observed consolidation in the narrow trading range of $3.85 to $3.92 signals a period of market indecision.

Conclusively, Copper’s current trend appears bullish above the $3.85 mark, with a short-term expectation to test the upper resistance levels, provided it sustains above the pivotal support points. Investors should monitor these key price levels closely to gauge potential shifts in market dynamics.

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