Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Trader Strategy
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Technical Update - Gold could push to new all-time high. Silver and Copper lagging. Key levels to look out for
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Gold is pushing higher and likely to test all-time highs around 2,450 shortly.
RSI is showing strong positive sentiment supporting higher Gold levels.
A new all-time high is in sight with short-term potential to the 1.382 projection at 2,512, which would be the same distance as from the top to the bottom of the Descending like triangle Gold formed in May -June as illustrated by the vertical arrows. However, there could be upside to the 1.618 projection at 2,551.
Silver was rejected at the 0.786 retracement at 31.67 and seems to be struggling for upside momentum.
However, RSI is still showing positive sentiment and no divergence supporting higher silver prices. A break above last week’s peak at 31.76 is likely to push Silver to May peak at 31.52 and most likely higher to the 1.382 projection at 34.
That would also be the same distance as from the top to the bottom of the Descending like triangle Silver formed in May -June as illustrated by the vertical arrows.
If Silver is sliding back to close below 30 the current bullish picture is demolished
Copper was rejected the key resistance at around 469.60 and the RSI rejected at the 60 threshold.
A close above both levels are required for Copper to establish and confirm uptrend.
If that occurs Copper could push higher to the 0.618 retracement and resistance around 487.75. A close above would pave the road higher towards previous highs
Short-term Copper does seem however, to slide back and could be caught range bound around 450. A break below 432.90 could see further selling down to 425-413.
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