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Technical Update - Copper breaking bullish. Gold & Silver range bound
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: Copper broken key resistance confirming uptrend. Currently testing 400 the much needed metal could rally to 420
Gold and Silver range bound. Break out needed for direction
Copper has closed above resistance at around 395 confirming uptrend supported by positive RSI.
Next resistance area for Copper is 417-422 area.
To reverse the bullish trend a close below 378 is needed.
Medium-term Copper is testing its upper falling trendline. A weekly close above will be indicating down trend is reversed . A move to around the 0.786 retracement at 418 could be seen.
If weekly RSI is closing above 60 threshold it would confirm the bullish scenario
Gold seems to be range bound between 1,940 and 1,985 hovering around the rising 100 daily Moving Average and the declining 55 daily Moving Average. A bit of tug of war going on between those to Moving Averages.
A dip down to the 0.618 retracement at 1,929 is not unlikely but the underlying trend and RSI sentiment are bullish indicating Gold to break bullish out of the range and move to 2K.
If that scenario plays it could fuel a rally to the 0.786 retracement at around 2,038.
To reverse the bullish picture a close below 1,892 is needed.
Silver is range bound between 24 and 25.25. Break out is needed for direction.
RSI positive sentiment and all Moving Averages rising strongly suggests the break out is to be bullish. IF that scenario plays out resistance at around 26.
A bearish break out could see Silver to drop to around 23 where the 200 Moving Average will offer some support.
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