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Metals Metals Metals

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

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.

XAUUSD Dec
Soure: Saxo Group
XAGUSD Dec
Source: Saxo Group

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

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