Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Technical Analyst, Saxo Bank
Summary: Gold struggling to reach 2K but has potential to 2,070
Silver rejected at key resistance at 23.78
Copper testing key resistance at 382.20
Strong bounce in Platinum off historic lows. Was that the bottom. Next few weeks could be decisive
Gold XAUUSD is once again testing the 0.786 Fibonacci retracement at 1,992. A close above will pave the way above 2,000, and a move to 1.382 projection at around 2,039 seems likely. However, a move to the 1.618 projection at 2,058 and even to May 2023 peak at around 2,078 should not be ruled out.
RSI is showing positive sentiment with no divergence supporting the bullish scenario.
To demolish and reverse the bullish trend a close below 1,931 is neededSilver XAGUSD has after several attempts failed to close above key resistance at around 23.78 and above the upper falling trendline. In the process Silver has formed a top and reversal like pattern indicating a setback could be seen.
RSI is however, showing positive sentiment indicating Silver is likely to break higher but it will not be without a struggle.
A close above 23.78 is needed for Silver to push higher towards resistance at around 25.24 and 26.
Platinum XPTUSD has bounced to the 0.786 Fibo retracement and falling trendline .
RSI is at the time of writing being rejected at the 60 threshold. If RSI cannot close above 60 Platinum is likely to slide back
If Platinum is closing back below its 55 DMA the bearish trend is likely to resume.
If Platinum can close above 943.20 a swift move to strong resistance at around 992 is in the cards