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
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)