Advertisement
Advertisement
Gold, Silver, Copper Daily Forecast: XAU/USD Surges to $2035 Amid Middle East Tensions
By:
Gold surges to $2035 amid Middle East tensions. While the Fed is expected to maintain rates between 5.25%-5.50%, focusing on potential rate cuts despite easing inflation.
Key Insights
- Gold prices surge amid Middle East tensions, waiting for the Fed’s decision.
- Silver is priced at $23.1255, facing resistance at $23.27637, maintaining a bearish trend.
- Copper is at $3.89253, with resistance at $3.92103, showing a moderately bullish sentiment.
Gold prices (XAU/USD) are rising due to escalating tensions in the Middle East, particularly after US President Joe Biden’s vow to respond to drone attacks on US forces in northeastern Jordan.
However, the momentum might stabilize as the market anticipates the Federal Reserve’s interest rate decision. There’s a general expectation that the Fed will maintain rates between 5.25%-5.50%, with a focus on the timeline for potential rate cuts. Despite easing inflation, the Fed’s hesitation is influenced by strong labor demand and positive economic indicators.
Key US economic data releases this week, including the ADP Employment Change, ISM Manufacturing PMI, and Nonfarm Payrolls, could significantly impact the prices of gold, silver, and copper, as these events shape market sentiment and monetary policy expectations.
Gold Prices Forecast
On January 30, Gold is trading at $2037.63, marking a 0.19% increase. The 4-hour chart reveals a pivotal point at $2036.821, a critical determinant of Gold’s short-term direction. Immediate resistance lies at $2045.385, with additional barriers at $2050.981 and $2058.625 potentially capping upward movement. Conversely, support levels at $2025.389, $2018.225, and $2009.459 may impede any downtrends.
Technical indicators, including the 50-Day and 200-Day Exponential Moving Averages (EMAs) at $2026.622 and $2027.614, indicate a stable but cautiously bullish sentiment. Notably, a triple top pattern presents resistance near $2037, potentially signaling the initiation of a buying trend.
In summary, Gold’s prevailing trend leans towards bullish, particularly if it sustains levels above the pivot point at $2036.821.
Copper Prices Forecast
On January 30, Copper is experiencing a slight downturn, currently priced at $3.89253, reflecting a decrease of 0.21%. The 4-hour chart identifies a pivotal point for Copper at $3.90636. The metal faces immediate resistance at $3.92103, with further resistance levels at $3.94073 and $3.96839, potentially impeding upward price movements.
Conversely, Copper finds immediate support at $3.87158, with additional support levels at $3.85062 and $3.81541, providing potential levels for a rebound.
The 50-Day and 200-Day Exponential Moving Averages (EMAs) are positioned at $3.85029 and $3.82992, respectively, indicating a moderately bullish sentiment.
Notably, Copper has recently completed a 23.6% Fibonacci retracement at $3.87145 and is currently trading just below a double top pattern around $3.9063. A bullish breakout above this level could trigger a buying trend.
In summary, Copper’s overall trend appears to be bullish above the $3.87158 support level.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Arslan Aliauthor
Arslan is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold.
Did you find this article useful?
Latest news and analysis
Advertisement