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Technical Update - Gold testing resistance. Silver in uptrend. Copper likely range bound
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Gold trying to break 1,963 resistance for a move towards 2K
Silver uptrend paving the way for 26 level
Copper could be range bound next couple of weeks
Gold is having another go at the 0.382 retracement at 1,963. If it closes above and RSI closes above 60 threshold it could fuel a rally to 2K. Probably testing the 0.618 retracement at 2,007
If rejected Gold could slide down to around 1,925-1,930 before having another attempt higher. If sliding lower than 1,925 Bears might try pushing Gold below June lows at 1892.
However, 1,900 seems to be a strong and crucial support area.
Medium-term (weekly chart) Gold has bounced from the 0.3282 retracement. Despite weekly RSI is showing divergence if it closes back above 60 threshold Gold is likely to move higher towards previous peaks above 2K
To reverse medium-term bullish trend a close below 1,892 is needed.
Silver is in an uptrend supported by positive RSI. A minor set back to around 24.40 could be seen but Silver uptrend seems quite strong with short-term potential to around 26.45
If Silver slides back below 23.50 i.e., below the 55 and 100 Moving Averages it could drop all the way back to June lows.
Medium-term Silver is having strong support above the 55, 100 and 200 weekly Moving Averages which are all rising. Weekly RSI bullish indicating higher Silver prices.
Copper ran out of steam just short of June peak at around 396.70. Now testing support at 382. 382 seems to be the Bull/Bear Pivot and if Copper closes below further downside could be seen, possibly testing 370-368
Copper could be range bound between 396 and 370 for some time.
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