Technical Update - Uptrend in metals could continue: Gold, Silver, Platinum and Copper

• Gold uptrend is weakening but there could still be further upside potential to around 2,490-2,640
• Silver bullish trend could continue to 34-36 area
• Platinum is extremely volatile but has no strong resistance until around 1,130
• Copper uptrend stretched. Expect minor correction. Indicators are pointing to higher levels towards 570-576
• Be very careful if opening new long positions. Trends can suddenly reverse

Gold (XAUUSD) spiked yesterday to an all-time high and an all-time high close. RSI is indicating divergence, suggesting a correction. If a correction occurs, it could be quite limited, possibly down to 2,343, maybe even less.

There could be further upside despite this RSI divergence. The trend is bullish and a push to the 1.382 projection at 2,490 is in the cards. However, a bullish move to the 1.618 projection at 2,527 or even the 1.764 projection at 2,550 should not be ruled out.

On the monthly medium- to longer-term chart, gold has reached the 0.786 extension of the 2016 to 2022 bullish trend and correction (red Fibonacci levels).

The 1.764 projection of the 2020-2022 correction (blue Fibonacci levels) shows there is still room up to the 2.00 projection of that correction at 2,535, maybe even to the 1.00 extension at 2,643 (vertical arrows).

To demolish and reverse this bullish picture, a daily close below 2,277 is required. A close below 2,330 will most likely be the first indication of this reversal scenario to play out.