Technical Update - Metals are sending bullish signals for 2024: Gold, Silver, Platinum, Palladium and Copper

Technical Update - Metals are sending bullish signals for 2024: Gold, Silver, Platinum, Palladium and Copper

Commodities 5 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Gold slowly approaching 2,070 but could make new all-time highs in 2024.
Silver gathering strength to test key resistance around 26. Could Silver break the resistance and reach 30 in 2024?
Platinum crawling higher towards 1K short-term, but could move to 1,150 in first half of 2024
Palladium bouncing from decade lows. Indicating bullish trend in 2024. Could reach 1,600
Copper could break the strong key 400 level Q1 2024


Gold XAUUSD is eyeing the 0.618 retracement and all-time high close at around 2,072.
The RSI indicator is showing positive sentiment and no divergence. A new daily close above 60 will further underline the bullish scenario for Gold.

A daily close above 2,072 is likely to push Gold to new highs.

Medium-term Gold is also in an uptrend.  A close above 2,072 could push the precious metal to the 1.382 projection at 2,193 possibly to the 1.618 projection at 2,231

A close below 1,973 will demolish the bullish picture and reverse the uptrend
Source all charts and data: Saxo Group

Silver XAGUSD is likely to be testing the 0.618 retracement at 24.63 shortly. A close around that level is likely to push the daily RSI to close above 60 threshold thus in positive sentiment.

If that scenario plays out Silver is likely to push higher towards 26.

Medium-term the price area 25.85-26.50 is a strong resistance area. An area that is likely to be test in Q1 2024. A close above 26.50 could fuel a rally towards previous peaks around 30

Weekly RSI is showing positive sentiment but has struggled for momentum . another weekly close above 60 is likely to initiate the next rally higher.

A close below 22.50 will demolish the bullish scenario 

Platinum XPTUSD following the break of key resistance at around 952.30 Platinum is slowly crawling higher towards the 1K level. RSI above 60 threshold is supporting the bullish trend.

The 55 DMA is close to be breaking above the 100 DMA. They are both rising thus forming a Gold Cross further underlining the bullish picture.  

Medium-term a weekly close above 988 will confirm bullish trend. A close above 988 will most likely establish RSI above 60 thereby showing positive sentiment with Platinum potential to around 1,150

To reverse the bullish picture a close below 889 is needed

Palladium is approaching its 200 DMA, eyeing 1,302 strong resistance level which could be reached within a week or two. RSI positive sentiment is supporting the short-term bullish picture

Medium-term Last week Palladium broke bullish out of its falling wedge like pattern and above the shorter upper falling trend line (blue falling line). The break out occurred after RSI was been showing divergence strongly indicating downtrend exhaustion.  

A bullish move to strong resistance at around 1,346 seems likely. The weekly 55 DMA will add to the resistance
A close above could pave the way to 1,600-1,650 area.

A close below 1,100 will demolish the bullish scenario and a close 9216 will reverse it

Copper is testing early December peak at around 939.30 attempting to move to key strong resistance around 401.60 but seems to be struggling.
Medium-term Copper is struggling to break above the declining 100 weekly Moving Average despite getting support from the 55 and 200 weekly Moving Averages both rising.

However, Copper seems to be closing the week above the Cloud and if RSI can do a weekly close above 60 the sentiment has been confirmed to being positive also on medium-term.

Next couple of weeks could be decisive for this scenario to play out.
A close above 401.60 could fuel a rally higher in the new year towards 450 area with strong resistance around 419.50

A close below 373 will demolish and likely reverse the uptrend
Author is holding a long position in Gold

Quarterly Outlook

01 /

  • Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Quarterly Outlook

    Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Althea Spinozzi

    Head of Fixed Income Strategy

  • Equity Outlook: Will lower rates lift all boats in equities?

    Quarterly Outlook

    Equity Outlook: Will lower rates lift all boats in equities?

    Peter Garnry

    Chief Investment Strategist

    After a period of historically high equity index concentration driven by the 'Magnificent Seven' sto...
  • FX Outlook: USD in limbo amid political and policy jitters

    Quarterly Outlook

    FX Outlook: USD in limbo amid political and policy jitters

    Charu Chanana

    Chief Investment Strategist

    As we enter the final quarter of 2024, currency markets are set for heightened turbulence due to US ...
  • Macro Outlook: The US rate cut cycle has begun

    Quarterly Outlook

    Macro Outlook: The US rate cut cycle has begun

    Peter Garnry

    Chief Investment Strategist

    The Fed started the US rate cut cycle in Q3 and in this macro outlook we will explore how the rate c...
  • Commodity Outlook: Gold and silver continue to shine bright

    Quarterly Outlook

    Commodity Outlook: Gold and silver continue to shine bright

    Ole Hansen

    Head of Commodity Strategy

  • FX: Risk-on currencies to surge against havens

    Quarterly Outlook

    FX: Risk-on currencies to surge against havens

    Charu Chanana

    Chief Investment Strategist

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperfo...
  • Equities: Are we blowing bubbles again

    Quarterly Outlook

    Equities: Are we blowing bubbles again

    Peter Garnry

    Chief Investment Strategist

    Explore key trends and opportunities in European equities and electrification theme as market dynami...
  • Macro: Sandcastle economics

    Quarterly Outlook

    Macro: Sandcastle economics

    Peter Garnry

    Chief Investment Strategist

    Explore the "two-lane economy," European equities, energy commodities, and the impact of US fiscal p...
  • Bonds: What to do until inflation stabilises

    Quarterly Outlook

    Bonds: What to do until inflation stabilises

    Althea Spinozzi

    Head of Fixed Income Strategy

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain ...
  • Commodities: Energy and grains in focus as metals pause

    Quarterly Outlook

    Commodities: Energy and grains in focus as metals pause

    Ole Hansen

    Head of Commodity Strategy

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities i...
Disclaimer

The Saxo 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 is not intended to and does not change or expand on this. 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 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 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 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 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 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-hk/legal/disclaimer/saxo-disclaimer)

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo or its affiliates.

Saxo Capital Markets HK Limited
19th Floor
Shanghai Commercial Bank Tower
12 Queen’s Road Central
Hong Kong

Contact Saxo

Select region

Hong Kong S.A.R
Hong Kong S.A.R

Saxo Capital Markets HK Limited (“Saxo”) is a company authorised and regulated by the Securities and Futures Commission of Hong Kong. Saxo holds a Type 1 Regulated Activity (Dealing in Securities); Type 2 Regulated Activity (Dealing in Futures Contract); Type 3 Regulated Activity (Leveraged Foreign Exchange Trading); Type 4 Regulated Activity (Advising on Securities) and Type 9 Regulated Activity (Asset Management) licenses (CE No. AVD061). Registered address: 19th Floor, Shanghai Commercial Bank Tower, 12 Queen’s Road Central, Hong Kong.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products may result in your losses exceeding your initial deposits. Saxo does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo does not take into account an individual’s needs, objectives or financial situation. Please click here to view the relevant risk disclosure statements.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit www.home.saxo/en-hk/about-us/awards.

The information or the products and services referred to on this site may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and services offered on this website are not directed at, or intended for distribution to or use by, any person or entity residing in the United States and Japan. Please click here to view our full disclaimer.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc. Android is a trademark of Google Inc.