Gold, Silver, Copper Daily Forecast: Bullish Gold Amid Rate Cut Hopes

NEW YORK (December 27) Gold prices, currently at $2,064.84 an ounce, are expected to rise 12-14% in 2023 due to anticipated Federal Reserve interest rate cuts, potentially starting as early as March 2024.

While lagging behind riskier assets like stocks, gold’s appeal as a safe-haven is likely to increase amid global economic slowdowns.

Meanwhile, copper prices, at $3.9223 a pound, are set for modest 2023 gains but could see a stronger rebound in 2024, driven by demand in electric vehicles and green energy sectors.

Gold Prices Forecast

Gold’s market trajectory on December 27 paints a nuanced picture in the world of commodities. Currently, the precious metal is trading at $2,068, experiencing a slight dip of 0.13%. This movement occurs within a critical framework of support and resistance levels.

The immediate resistance is poised at $2,088, with further barriers at $2,108 and $2,125, potentially shaping Gold’s short-term path. Conversely, robust support is found at $2,053, followed by secondary levels at $2,039 and $2,018.The technical indicators reveal a subtly bullish sentiment.

The Relative Strength Index (RSI) stands at 65, hovering near overbought conditions but still reflecting bullish momentum. The Moving Average Convergence Divergence (MACD) echoes this sentiment with a value of 0.0070, suggesting potential upward momentum. Notably, Gold trades above its 50-Day Exponential Moving Average (EMA) of $2,043, reinforcing a bullish inclination.

The presence of a symmetrical triangle pattern further indicates potential bullish momentum.In summary, the overall trend for Gold is bullish above the $2,053 mark, hinting at a potential for upward movement in the days ahead.

Silver Prices Forecast

In the world of precious metals, Silver presents a captivating yet cautious market landscape as of December 27. Currently, Silver is trading at $24.06, marking a decline of 0.92%.

This bearish momentum is framed by critical support and resistance levels. The immediate resistance lies at $24.63, with further ceilings at $24.91 and $25.55.

On the flip side, Silver finds notable support at $23.81, with additional cushions at $23.52 and $23.31.Technically, the Relative Strength Index (RSI) at 43 indicates a bearish sentiment, suggesting a lack of upward momentum.

Complementing this, the Moving Average Convergence Divergence (MACD) stands at -0.05, signaling potential downward movement, a sentiment mirrored by its current position below the 50-Day Exponential Moving Average (EMA) of $24.10.

Observing the chart patterns, a bearish breakout below the $24.10 level, particularly with the upward trendline, hints at a possible downtrend for Silver. Considering these factors, the current market trend for Silver leans bearish below the $24.10 threshold.

Copper Prices Forecast

Copper’s market position on December 27 reflects an intriguing balance of strength and caution in the commodities sector. The metal currently trades at $3.92, showing an encouraging uptick of 0.51%. This movement is framed within significant support and resistance levels, with an immediate resistance observed at $3.99, and further resistance points at $4.03 and $4.09.

Meanwhile, support levels are anchored at $3.89, $3.84, and $3.78.Technically, the Relative Strength Index (RSI) stands at a moderate 55, suggesting a bullish sentiment without veering into overbought territory. The Moving Average Convergence Divergence (MACD) slightly below the signal line at -0.001 also points to potential shifts in momentum.

Copper currently trades above the 50-Day Exponential Moving Average (EMA) of $3.89, reinforcing a short-term bullish trend. However, a notable triple top pattern extending resistance at $3.95 suggests a critical juncture; a breakout above this level could maintain Copper’s bullish momentum.

In conclusion, Copper’s current trend appears to be bearish below the $3.95 pivot point, indicating a potential for downward pressure. However, surpassing this key resistance level could change the market dynamics, leading to continued bullish trends.

FXEmpire