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Key Insights
- Gold poised for record highs in 2024, already up 13% in 2023, driven by dovish U.S. rates, geopolitical tensions, and central bank purchases.
- Silver forecasted to reach $26 an ounce, spurred by industrial demand; platinum fluctuates between $800-$1,100.
- Palladium prices influenced by electric vehicle growth, averaging around $750 in 2024.
- Gold currently at $2,062, with key resistances at $2,088, $2,106, and $2,131; supports at $2,050, $2,018, and $1,993.
- Silver and copper show bearish trends, with silver at $23.789 and copper at $3.89, both below their respective 50-Day EMAs.
Quick Fundamental Outlook
Gold is poised for record highs in 2024, bolstered by dovish U.S. rate shifts, geopolitical tensions, and central bank buying, with spot gold already up 13% in 2023.
A peak of $2,300 is forecasted mid-2024. Silver may rise to $26 an ounce due to industrial demand, while platinum fluctuates between $800 and $1,100.
Palladium, affected by electric vehicle growth, could average $750 in 2024. These trends reflect significant economic and policy shifts, impacting the precious metals market.
Gold Prices Forecast
Gold’s market performance exhibits a slight dip, currently trading at $2,062, down by 0.11%. The precious metal is navigating through key technical levels, with its immediate resistance marked at $2,088. A closer look reveals further resistances at $2,106 and $2,131. On the support side, pivotal levels are found at $2,050, $2,018, and $1,993, offering potential cushions against a price drop.
Technically, the Relative Strength Index (RSI) stands at 48, hovering around the neutral territory, suggesting a balance between bullish and bearish sentiments. The Moving Average Convergence Divergence (MACD) is at -2.735, indicating a possible downward momentum as it lags behind its signal line.
Of particular note is the 50-Day Exponential Moving Average (EMA) of $2,055, which is currently acting as a support for Gold. An upward channel breakout at the $2,064 level adds complexity to the trend analysis.
The overall market outlook for Gold seems tentatively bullish above the $2,059 mark, with traders and investors closely watching these technical indicators to gauge the metal’s future trajectory.
Silver Prices Forecast
Silver‘s market trajectory is currently on a slight decline, as it trades at $23.789, down 0.77%. The metal’s movement is closely tied to key technical levels, with immediate resistances at $24, $25, and $26, and supports set at $24, $23, and again at $23, indicating crucial thresholds for potential price movements.
The Relative Strength Index (RSI) for silver is at 41, reflecting a bearish sentiment, as it remains below the midline. This is further underscored by the Moving Average Convergence Divergence (MACD) at -0.055, which, although better than its signal line at -0.112, still suggests potential downward momentum.
Notably, silver is currently trading around its 50-Day Exponential Moving Average (EMA) of $24, highlighting a critical juncture. A symmetrical triangle pattern observed on the charts suggests a consolidation phase, with silver finding support around $23.50 and facing resistance at $24.
In conclusion, the overall trend for silver appears bearish below the $24.15 level.
Copper Prices Forecast
Copper market dynamics present a cautious view as the metal currently trades at $3.89, marking a decline of 0.63%. The metal’s technical outlook is shaped by key levels, including a pivot point at $3.94, and immediate resistances at $3.97, $4.02, and $4.06.
Conversely, supports are found at $3.89, $3.84, and $3.80, indicating potential floors for price movements.
The Relative Strength Index (RSI) for copper stands at 40, pointing towards a bearish sentiment, as it hovers below the midline. This is further supported by the Moving Average Convergence Divergence (MACD) indicator, which shows a negative value of -0.007, suggesting a potential downward trend.
Significantly, copper is trading below its 50-Day Exponential Moving Average (EMA) of $3.91, reinforcing the short-term bearish trend.
The recent breakout of the upward trendline near $3.95 and a crossover of the 50 EMA below $3.90 suggest further consolidation and potential decline in prices. In summary, the current trend for copper appears bearish below the $3.90 level.
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This article was originally posted on FX Empire
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