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Gold, Silver, Copper Daily Forecast: XAU/USD Clings to $2,036; More Buying Ahead?
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Key Points:
- Gold holds steady amid U.S. inflation data wait, trading between $2,025 and $2,050 an ounce.
- Silver and platinum futures notch slight gains despite overall monthly declines, indicating mixed sentiment.
- Copper's movements are muted, with market eyes on China's economic indicators for future demand cues.
In this article:
Gold modestly ascends to $2036.66, charting a 0.04% increase, signaling cautious optimism among investors. The pivot point for today is set at $2028.42, with the precious metal showing a bullish trend above this mark. Resistance levels are identified at $2039.47, $2048.31, and $2057.62, challenging further upward movements.
Conversely, support is found at $2016.22, followed by $2005.35 and $1995.58, offering downside protection. The 50-day and 200-day Exponential Moving Averages, at $2028.08 and $2025.86 respectively, suggest a stable uptrend.
Given these metrics, Gold’s trajectory appears bullish above the pivot, potentially testing the resistance at $2039.47 in the near term.
Silver Prices Forecast
Conversely, support levels are established at $22.29, followed by $22.12 and $21.93, providing critical junctures for potential rebounds. The 50-day and 200-day Exponential Moving Averages, recorded at $22.67 and $22.82 respectively, highlight a near-term downtrend, reinforced by a downward channel pattern.
This configuration suggests Silver may encounter resistance at the $22.61 pivot, necessitating close monitoring for signs of directionality.
Copper Prices Forecast
Copper is currently trading at $3.85, marking a 0.36% increase from the previous day. The metal’s pivot point is at $3.83, indicating a bullish sentiment above this level. Immediate resistance is observed at $3.88, with further barriers at $3.91 and $3.94.
On the downside, support levels are established at $3.81, $3.78, and $3.75, respectively. The 50-day Exponential Moving Average (EMA) stands at $3.84, closely aligning with the 200-day EMA at $3.83, suggesting a potential for price stability or mild upward momentum.
The convergence of these EMAs near the pivot point reinforces the bullish outlook, provided Copper remains above $3.83.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Arslan Aliauthor
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.
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