Gold, Silver, Platinum Daily Forecast: Market Awaits Payrolls Data, Eyes on Fed’s Moves
NEW YORK (December 7) Gold prices remained relatively steady in Asian markets, trading within the $2,020 to $2,050 range, after an earlier spike to over $2,100. The market’s anticipation of potential U.S. Federal Reserve rate cuts was moderated by resilient U.S. economic indicators and a de-escalation of Middle East tensions.
Spot gold was stable at $2,026.30 an ounce, with traders now eyeing the November nonfarm payrolls for further labor market insights, which could influence the Fed’s policy direction.
Meanwhile, copper prices rebounded due to a surge in Chinese imports, despite broader economic slowdown signs, hinting at sustained demand for the metal. These developments suggest gold, silver, and copper may find strength on signals of a dovish Fed and robust commodity demand.
Gold Prices Forecast
Gold’s technical posture remains robust as the metal, currently priced at $2,033, marks a modest 0.45% ascent. The pivot point at $2,034 forms a nexus of immediate market sentiment, with layered resistances at $2,052, $2,073, and $2,091 setting potential upside barriers.
Conversely, supports anchor at $2,009, $1,989, and $1,967, offering a floor to potential pullbacks. The RSI, hovering at a neutral 51, and the MACD’s positive divergence of 0.403 signal balanced momentum, with the latter suggesting an emerging bullish impetus as it crosses above the signal line.
The price sits comfortably above the 50 EMA of $2,028, which bolsters the short-term bullish narrative. Observing the symmetrical pattern, gold’s breach above $2,025 suggests a consolidation of gains, with the outlook favoring a test of higher resistance levels, should current supports hold firm.
Silver Prices Forecast
Silver, with its subtle shimmer, has seen an uptick of 0.43%, positioning the precious metal at $24.00. As it skirts around the pivot point of $24.31, silver faces a barricade of resistances at $25.00, $25.53, and $25.91.
Support levels are etched at $23.55, with further cushions at $23.23 and $22.64, which could provide a soft landing should the metal retreat. The RSI at 36 whispers of undercurrents that could fuel a rally, while the MACD’s negative tilt at -0.03 beneath its signal line hints at lingering hesitancy among traders.
Straddling the 50 EMA at $24.43, silver’s narrative teeters on a bearish edge below $24.45, yet an upward correction remains within reach, suggesting a cautious but watchful market stance.
Copper Prices Forecast
Copper has gleamed with a 1.05% increase, now trading at $3.76758. Its ascent faces resistance at the $3.78 pivot point, with subsequent barriers at $3.85, $3.90, and $3.94. Should the metal’s luster fade, support waits at $3.73, with further fallbacks at $3.68 and $3.62.
The RSI, at a modest 39, suggests that copper has room to climb before overbought concerns arise. The MACD’s slight negative value juxtaposed with its signal hints at caution in the market’s upward enthusiasm. Straddling the 50-day EMA at $3.81, the metal’s fortunes hinge on maintaining above $3.78 to avoid a bearish outlook.
The technicals whisper of potential consolidation, but the gleam of copper’s recent performance could herald tests of higher resistances soon.
FXEmpire
