Gold, Silver, Copper Forecast: precious metals shows volatility due to anticipated changes

Key Highlights:

• The price of gold is expected to hit an all-time high in 2024, as dovish US monetary policy and geopolitical concerns boost bullion demand.
• Industrial demand for platinum is expected to boost silver’s price to $26 an ounce. On the other hand, palladium prices are expected to average around $750 in 2024 as electric cars gain popularity.
• Currently, gold is trading at around $2,062. Its key resistance level is at $2,126, while its support is at $1,993.
• Copper and silver are trading below their 50-day moving averages,with silver at $23.789 and copper at $3.89

Gold Prices Forecast

Gold – Chart

The rise of gold to new heights is expected in 2024 as a combination of factors, such as geopolitical tensions and the dovish stance of the US central bank, drives demand.

Despite the slight decline in gold’s market performance, it is still maintaining its key technical levels. The yellow metal is currently trading at around $2,062, with support at around $2,050 and resistance at around $2,106. On the other hand, if the price drops below these levels, potential support can be found at around $1,893, $1,818, and $2,012.

The Relative Strength Index is at 48, which indicates that the market is still in a balancing phase between the bullish and bearish elements. Its MACD indicator indicates that the price might be heading lower. The 50-day EMA, which is currently supporting gold, is at $2,055.

The emergence of an upward channel on the daily chart adds to the complexity of the trend analysis. The general outlook for gold remains positive as long as it remains above the $2,000 mark. Technical indicators are also closely monitored by investors and traders to see how the price will perform in the future.

Silver Prices Forecast

Silver – Chart

The price of silver is currently trading at around $23.789, which is down 0.77%. It is closely followed by various technical indicators, and its movement is closely correlated with the major technical levels, such as the support at $24, the resistance at $26, and the support at $23. These levels indicate important support and resistance levels. The RSI for silver is also at 41, which indicates a bearish trend.

The MACD divergence, which is better than its signal line, indicates that the downward trend may still continue. Silver is currently trading near its 50-day EMA, which is a critical area.

The symmetrical triangle pattern on the chart of silver indicates that the market is in a consolidation phase. It has support at around $23.50, and resistance at around $24.15, with the overall trend indicating a negative outlook.

Copper Prices Forecast

Copper – Chart

The copper market is currently in a cautious mood, with the price at $3.79 marking a decline of 0.67%. Its technical outlook is bearish as it is below the pivotal pivot point at $3.94, which is followed by resistance at $4.02, $3.97, and $4.06. Support levels are at $3.89, $3.84, as well as $3.80, which indicates potential downside movement. The RSI for copper is also at 40, which suggests a bearish outlook.

The MACD indicator, which is negative, indicates a potential downside trend. Copper is currently trading below its 50-day EMA, which is a sign of a short-term bearish trend. The price’s recent break above its upward trendline and a crossover of the EMA below $3.90 suggest a potential decline in prices.