Technical Update - Metals finding support and rebounding: Gold, Silver, Platinum and Copper

Silver (XAGUSD) is bouncing from the 0.382 retracement at USD 30 and is likely to resume its uptrend. Daily RSI is still showing positive sentiment with no divergence, indicating silver could push to levels above 32.52. If it takes out 32.52, there is no strong resistance until around 34.40–35.40 (see weekly chart).

A break below 30 could continue the correction down to the 0.618 retracement at 28.50

Platinum (XPTUSD) correction has bounced from the upper support area 1,015–1,007 and seems to be resuming its uptrend. The uptrend has no resistance until around 1,130 (see weekly chart), which is close to the 1.382 projection of the correction from last week at 1,128.50.
The 2.00 projection is at 1,179, within a few cents of the 2022 peak at 1,182, which is not unlikely to be reached.

If platinum drops below 1,015, it is likely to be hit by another sell-off down to the 0.618 retracement at 974.50.

Positive RSI sentiment with no divergence supports the bullish scenario of a move to 1,130

Copper has found support at the 0.618 retracement of the early May bullish move at 474.50. A bounce could be seen. However, if it breaks below 474, the correction is likely to continue to the 0.786 retracement at 462.25 or to the 0.382 retracement of the entire uptrend since February at 460.

There is minor divergence on the RSI, but if RSI closes back above the 60 threshold, copper is likely to rebound further. A copper close above 492 is likely to confirm a strong rebound that could take the metal to 510.