Macro: Sandcastle economics
Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.
Access both platforms from your single Saxo account.
Technical Update - Precious metals on a knife’s edge: Gold, Silver and Platinum
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Precious metals on a knife’s edge. Are the corrections over or are the turning turning in to bearish trends. US CPI numbers this afternoon could be determining the direction
Will Gold drop back to or even below 2K?
Can buyers hold Silver above 22.50?
Will Platinum bounce after big corrective move or drop back below 900?
Gold XAUUSD found support at the 0.618 Fibo retracement of the December bullish move at 2,017 but have not been able to resume uptrend.
RSI performed divergence during the December bull market suggesting that bull move was the exhaustive move and Gold is likely to reverse. However, the January bearish move could merely just be a correction. A correction that could take Gold lower. A break below 2,017 is likely to push the precious metal to the 0.786 retracement at 1,997
If Gold is dropping further closing below 1,973 it would be in a confirmed downtrend
If Gold is managing to bounce from the 0.618 retracement, 2,064 is key resistance. That level would also be within few cents at 2,061 from the 0.618 retracement of the bearish move A close above 2,064 could push Gold to the 1.382 projection at 2,116 possibly to the 1.618 projection at 2,132
Silver XAGUSD Past five trading day has been hovering around the 0.786 retracement at 23 USD. Silver being below the Cloud and RSI in negative sentiment has the potential to move lower but there seems to be buyers around the 23-22.50 level keeping the precious metal afloat.
A dip down to 22.50 is not unlikely but with the selling pressure seemingly easing a rebound could be in the cards. A close below is likely to push Silver to around 22.
If Silver can get back above the 55 and 200 Daily Moving Averages, there is likely more upside potential in the cards Platinum XPTUSD correction could be exhausting just above the 0.786 retracement at 916. A dip down to test it is not unlikely, however.
Currently RSI is still above 40 threshold but if it is closing below Platinum is in negative sentiment . If that occurs Platinum could collapse further to 890 possibly lower.
A rebound from the 0.786 retracement the uptrend could be resuming. A close back above the 200 DMA could give energy to Platinum back to the towards 1K
Latest Market Insights
Quarterly Outlook 2024 Q3
Sandcastle economics
-
-
Bonds: What to do until inflation stabilises
Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.
-
Equities: Are we blowing bubbles again
Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.
-
FX: Risk-on currencies to surge against havens
Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.
-
Commodities: Energy and grains in focus as metals pause
Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.
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)