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CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. 
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CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX, or any of our other products work and whether you can afford to take the high risk of losing your money.
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Metals - Base and Precious

Metals - Base and Precious

Commodities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Copper is breaking below both the lower short term rising trend line AND its support at around $420/lbs. RSI is below 40 and if the days closes here or lower down trend has been confirmed. Next support is around $405-400

Copper Dec
Source: Saxo Group

Platinum is still holding on above support at around $892/Troy oz. Trend is down confirmed by RSI. However a rebound from support is not unlikely. A close below and the is no strong support before $842.

Platinum Dec
Source: Saxo Group

Palladium broke below its support at around $1.690/Troy oz resulting in accelerated sell off.
Next support is at around $1.500.

Palladium Dec
Source: Saxo Group
XAUUSD Dec
Soure: Saxo Group

Gold XAUUSD is seems to be rangebound between $1.760 and 1.800. No clear direction before break out. Below next support at around $1.718.

Silver XAGUSD is trading in a short term falling channel and could be testing the support at around $21.42 with a few days. A bounce from here could take the precious metal to around 23.00. A close below and there isn’t any real support before around 20.00

XAGUSD Dec
Source: Saxo Group

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