Gold, Silver, and Copper Surge Amid Fed's Stance and Economic Indicators

Gold prices surged to unprecedented levels in the Asian market on Thursday, buoyed by the U.S. Federal Reserve's decision to maintain interest rates and hint at possible future cuts. The subsequent decline in the dollar post-Fed meeting sparked significant gains across the commodity sector, driving copper to its highest levels in 11 months and boosting other precious metals.

Market sentiment now leans heavily towards an anticipated rate cut by June, with a likelihood of 73.4%. However, the Fed's optimistic economic outlook for 2024 offers a balanced perspective that may dampen gold's appeal as a safe-haven asset amidst a recovering U.S. economy.

Silver also experienced sharp increases, mirroring the broader positive momentum in precious metals. Meanwhile, copper's rally continued, with attention turning to forthcoming purchasing managers index readings for additional demand insights.

On March 21, gold demonstrated resilience, climbing by 0.78% to reach $2203.02. The pivotal point at $2208.94 emerges as a crucial indicator for its future trajectory, with resistance levels at $2216.11, $2225.52, and $2234.49 delineating potential upward movements.

Conversely, support levels at $2195.05, $2186.53, and $2176.45 provide cushions against possible pullbacks. Technical indicators, including the Relative Strength Index (RSI) and the 50-Day and 200-Day Exponential Moving Averages at $2158.32 and $2099.73 respectively, offer nuanced insights into market trends.

The prevailing outlook suggests a bearish trend below $2208.94, although surpassing this pivot could signal a shift towards bullish momentum.

Silver saw a modest uptick, rising by 0.21% to $25.63, as market participants evaluated various economic indicators and sentiments. The pivot point at $25.45 serves as a pivotal juncture for future price movements, with resistance levels observed at $25.78, $26.15, and $26.44, potentially capping further gains.

Support levels at $25.14, $24.78, and $24.52 offer safeguards against potential declines. The 50-Day and 200-Day Exponential Moving Averages, at $24.79 and $23.80 respectively, indicate a bullish stance for silver as long as it holds above the $25.45 mark. A dip below this pivot could signal a shift to a bearish trend, prompting a strategic reassessment by traders and investors.

Copper prices experienced a modest uptick of 0.42%, reaching $4.11466, reflecting positive momentum in the commodities market. The pivot point at $4.09 represents a crucial threshold, with immediate resistance levels at $4.14, $4.17, and $4.21 poised to challenge upward movements.

Support levels at $4.04, $4.00, and $3.95 provide a sturdy foundation against potential declines. The 50-Day and 200-Day Exponential Moving Averages, at $4.04 and $3.92 respectively, reinforce a bullish sentiment as long as the price remains above the $4.09 mark. A breach below this pivot could signal a bearish shift, prompting caution among traders.