With mounting inflation fears and a wary Fed, gold’s guarded attitude underscores market expectation of monetary policy moves.

Gold and Metal Market Snapshot

The price of gold moved little in the face of stronger-than-expected inflation statistics. Showing market caution before the Fed’s meet to discuss rate policy forecasts.

Contrasting to gold’s muted response, the price of copper soared to an eleven-month high. Fueled by worries of a big supply bottleneck in the Chinese mainland, resulting in an increase of 1.5 percent to $9,000 / tonne.

The strengthening greenback also placed a strain on gold. Decreasing its attraction in context of imminent assertive  US Fed signs and persisting inflationary fears.

Gold (XAUUSD) Prognosis

Source: TradingView

the price of gold (XAU/USD) rose 0.13 percent to $2164.705 mark. This tiny uptick brings the value of gold just shy of the crucial price of $2176.79 mark. Moving into the future, barrier levels of $2196.38, $2208.45, then $2223.73 levels challenge the gold’s rising trend.

The key support, which is critical for maintaining the present levels, already exists around $2155.55 zone. Pending successive bottoms at $2142.15 then $2130.66. The 50 & 200 D-EMAs of $2148.94 & $2082.86 levels, each, show a strong fundamental movement.

The technical examination reveals that the precious metal is positive over $2155.55 mark. But a drop beneath this level might signal a pattern turnaround, showing that there is room for both expansion and turmoil.

Silver Technical Pricing

The Silver witnessed a big boost, increasing 0.78 percent to trade at $25.006 mark. This upward advance puts Metal slightly over its pivot level of $24.88 area. Implying possibility for more increases. The metal’s price now confronts right away opposition at $25.08, with additional levels around $25.29 through $25.48 potentially testing its current uptrend.

In contrast, support is formed around $24.73 area, and further levels of $24.57 & $24.45 mark. It is prepared to sustain any retrace. The 50 & 200 D-EMAs near $24.29 & $23.45, accordingly, indicate a strong rising trend.

The technical prognosis for the metal continues positive over its turning point of $24.88 mark. Suggesting opportunity for expansion, however a drop beneath this level might signify a turning point, prompting a degree of caution in the market as a whole.

Copper Technical Analysis

The Copper rose by 0.9 percent to $4.09, Reflecting significant strength in the metal’s market. This metal is trading a little above its key pivot point of $4.08 mark showing long-term bull prospects.

The resistance is found around $4.11, adding more barriers at $4.13 & $4.16, which may hinder higher momentum. Supporting marks are solidly established around $4.05 area, extending down to $4.02 then $3.99 levels. Which serve as crucial junctions to ward against any negative movements.

The 50 and 200 D-EMAs, around $3.96 with $3.88, each, form a solid basis. Showing a fundamental bull tendency. The Copper’s present basic view stays bullish over the $4.08 limit. Implying opportunity for additional expansion. However, a drop under this level could suggest an urgency for prudence amongst investors.

Gold, Silver and Copper Daily Technical Indicators & Signals

Gold (XAUUSD)

Silver

Copper