Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
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Technical Update - Gold, Silver and Copper seem to find solid ground and could resume uptrend
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Gold XAUUSD has retraced to test support at 1,735. Gold can drop a bit lower without reversing the uptrend. A close below 1,700 will reverse the uptrend.
RSI is still showing positive sentiment and no divergence indicating likely new highs on the short-term.
1,808 is key resistance for Gold change to medium-term uptrend.
Silver XAGUSD was rejected at the 0.50 retracement and resistance at around 22.25. The current correction could take Silver down to the 0.618 retracement at around 20.14 before resuming uptrend but could find support before around 20.55.
If Silver crawls back above the daily 200 SMA we are likely to see new highs above 22.30. Dropping to around 20 will place Silver back in neutral.
Copper was hit by selling a few dollars short of reaching 400, now seems to bounce from 0.618 retracement at 355.40. If the bounce continues a test of 400 is a likely scenario.
RSI is currently bouncing from its lower rising trendline and is still showing positive sentiment without divergence indicating higher Copper prices are in the cards.
However, If Copper drops below 354 it could retrace down to around 330.
RSI divergence: When instrument price is making a new high/low but RSI values are not making new high/low at the same time. That is a sign of imbalance in the market and an weakening of the uptrend/downtrend. Divergence or imbalance in the market can go on for quite some time but not forever. It is an indication of an exhaustion of the trend
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