Gold and Metal Price Watch Review: Gold Reaches 9-Week Top Amidst Rates Cutting Speculation

The gold price is approaching a 9-week high, toying at the $2,100 level, Reflecting present economic losses in the United States feed rate reduction theories, adding to metal’s attraction.

Copper and silver both negotiate trade intricacies, driven by larger economic data and the Fed’s policy. XAUUSD’S rise, despite lower the US Treasuries rates, reflects traders’ rising appetite, with gold nearing $2,080 zone.

Highlights

Gold is up 0.02%, silver is down 0.07%, and copper is up 0.29%.

the United States Manufacturers PMI shrinkage and the US Fed’s stable rate of interest boost gold’s attractiveness. Notwithstanding contradictory indications from China’s manufacture data. Forthcoming economic releases, notably China Service PMI with American ISM Service PMI, combined with US Fed Chairman’s speech. With the US payroll info, are primed to affect the precious metals market trajectory.

XAUUSD – Gold Price Analysis

Source: TradingView – Daily graph

The Yellow Metal’s latest decline, resulting in a modest drop to $2080.88, reflects a hesitant environment. Situated under the critical $2088.49 level, it meets obstacles at $2100.68, $2112.88, then $2123.01mark, Showing obstacles in its higher track.

Supporting values of $2069.75, $2058.28, then $2046.58 mark, on the other hand, have a chance to hold. The RSI & the 50 & 200 D-EMAs of $2040.05 & $2029.48, each, indicate a negative view below $2088.49 area. However, exceeding this level might shift mood into bullishness, emphasizing the fragile equilibrium in gold’s present situation.

Copper Price Analysis

The Copper’s market conditions show a minor drop, having the metal’s price at $3.84, off 0.30 percent. The metal’s price is hovering near its pivot mark of $3.84.  Showing a level equal for both sellers and buyers.

The levels of resistance at $3.87, $3.91, as well as $3.94 represent possible rise in prices limits. Whereas supporting near $3.81, then $3.78 & $3.75 marks, define crucial price stabilization ranges.  The near closeness of the 50 D_EMA near $3.85 point to its present pricing. As well as the 200-Day Moving Average of $3.83 point. suggests a tightly optimistic mood, reliant on staying over the point of convergence. This minor bull tilt highlights copper’s odds of higher growth if it remains over $3.84 level.

Silver Price Analysis

The price of silver fell marginally to $23.04 level, showing the market’s conservative stance. Situated slightly below the pivot level of $23.11. it faces right away opposition at $23.28, $23.43, then $23.63 level, that may restrict further advance.

Supporting lines are created at $22.92, $22.75, along with $22.58, signifying areas in which falls may settle. The 50 & 200 D-EMAs, near $22.73 & $22.82, each, point to the possibility of an uptrend if metal exceeds $23.11 threshold.

Nevertheless, maintaining under this limit may sustain adverse sentiment, underlining the significance of those significant values in deciding metal’s immediate trend.

Technical Daily Indicators & Signals

GOLD (XAUUSD)

SILVER

Copper