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Technical Update - Gold and Silver holding on above key supports. Copper sell-off eyeing 400
Commodities 3 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Gold is testing support at around 2,387 and seems likely to be bouncing.
Strength indicator RSI is still showing positive sentiment and if closing back above the 60 threshold Gold is likely to push towards new highs.
Resistance at around 2,445
However, if taking out 2,383 Gold is likely to test the 0.618 retracement at 2,366, possibly sell off down to the 0.786 retracement at 2,334
Silver is testing the key strong support at around 28.60. A break below could lead to further selling down to 27.73-27.40
If bouncing and closing above 30 the bullish trend is likely to resume.
RSI is still in positive sentiment and is not indicating divergence which suggests that Silver could resume bullish trend with new highs to follow
If bouncing and closing above 30 the bullish trend is likely to resume.
RSI is still in positive sentiment and is not indicating divergence which suggests that Silver could resume bullish trend with new highs to follow
Copper has reached and is testing support at around 413 but could drop further. A move into the consolidation area seems likely with a sell-off down to around and possibly below 400 in the cards.
RSI is showing negative sentiment with no divergence suggesting Copper is likely to drop further. The sell-off exhaustion could be around the 400 level
If bouncing from 413 there is resistance at around 432.90
Disclaimer: Author holds a position in Gold