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Head of Fixed Income Strategy
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Technical Update - Gold, Silver, Platinum, Palladium and Copper
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Gold eyeing previous all-time highs around 2,078
Silver breaking key resistance potential to 26
Platinum testing key resitance to break bullish
Palladium lagging, still in downtrend and is facing strong resistance
Copper weaker after key resistance rejection
Gold XAUUSD is at the time of writing above October peak at around 2,010 and seems to have its eyes set on the 1.382 projection at around 2,039. However, there is room up to previous peaks around 2,070-2,078.
A close below 1,965 will demolish the current bullish picture and a close below 1,930 will reverse the trend Silver XAGUSD closed Friday above key resistance at around 23.78 and has continued its rise today Monday. Currently testing upper rising trend in what could be a wide rising channel.
Next resistance is at around 25.24 and 26.03
Platinum XPTUSD is testing key resistance at around 943.20. A close above 943.20 a swift move to strong resistance at around 992 is in the cards
A close below 904 is likely to resume the downtrend with potential down to 875-850
Palladium has bounced off lows around 948 testing 0.618 retracement of early November sell-off. Next test could be the medium-term falling trend and key resistance at around 1,1168. A close above could pave the road towards the 1.618 projection and resistance at around 1,300
However, daily RSI is still showing negative sentiment with no divergence indicating lower levels could be seen. If Palladium is sliding back to close below 1,050 Palladium is likely to take out 948 and drop to 2018 lows Around 850
Copper was rejected at first attempt at the key resistance at around 382.20 and has formed a top and reversal like pattern. Setback to 375-370 could be seen before another likely attempt at the key resistance.
If Copper is closing above both 382.20, the 200 DMA and the falling trendline a move higher to strong resistance at around 402 is in the cards
Until a break of the key resistance expect Copper to be range bound down to the 370 level.
A close below 360 downtrend has resumed
Disclaimer: Author is long Gold
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