Technical Analyst, Saxo Bank Group
Summary: Gold formed bottom and reversal pattern after bouncing from 1,900. Eyeing 2K but will not be without a struggle.
Silver finding support just above 22.00 and seems to be building uptrend
Copper could be range bound for a while. 382 could be the Bull/Bear Pivot
Gold formed last week on both the Spot price XAUUSD and the Future a Doji Morning like candlestick pattern (circled), which is an indication of a bottom and reversal.
Trend is still down however, and RSI showing negative divergence but if Gold can close above 100 daily Moving Average an uptrend is likely to be build.
On the weekly chart Gold seems to be bouncing from the 0.382 retracement at around 1,900 (XAUUSD dipped just below 1,900 whereas the future has stayed above).
However, for Gold to get back to test the 2K could be a bit of a struggle with the daily 55 Moving Average declining providing some resistance.
A short-term move to the 0.382 retracement at 1,963 just below the Cloud seems like a likely scenario.
If daily RSI can close above 60 threshold Gold will be back in positive sentiment with a likely move to the 0.618 retracement at 2,007 on the XAUUSD to follow.
If Gold closes below last weeks low it is likely to extend downtrend to around 1,870.
Silver seems to have found support around the support area 22.60-22.15. Divergence on RSI indicates the selling pressure is weakening and Silver could rebound strongly off supports.
A rebound that short-term could take Silver to around 24.00where the 55 daily Moving Average will provide some resistance.
A close above 24.50 will confirm uptrend on both daily and weekly time period.
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Fixed Income Strategy
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Commodity Strategy
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Fixed Income Strategy
Quarterly Outlook
Head of Commodity Strategy
Disclaimer
The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.
Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)