silver silver silver

Technical Update - Can Copper break key resistance? Silver taking off leaving Gold in the dust. Other precious metals in uptrend

Commodities 5 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  In this Metals analysis: Copper, Gold, Silver, Gold/Silver ratio, Platinum and Palladium

359.70 is the key resistance Copper needs to close above to confirm uptrend. An uptrend that could take Copper to the 0.618 retracement around 400. However, the steep declining 55 SMA will provide resistance meaning it probably won’t be s moth rise.
If Copper fails to confirm uptrend and sellers regain control, downtrend will resume with a close below 341.60. First indication of that scenario to play out is likely to be RSI breaking below its rising trendline

Copper 9aug
Source: Saxo Group

Gold XAUUSD is struggling to get above the falling trendline and the 55 SMA. XAUUSD has closed above key resistance at 1,780 but doesn’t seem to be able to get further traction. However, XAUUSD has closed above upper Bollinger bands which are expanding indicating foundation for an uptrend. An uptrend that is likely to move to the 200 and 100 SMA’s but could shoot up to the key resistance at around 1,876.
If XAUUSD drops back below 1,754 the trend has reversed a 1,680 support is likely to come back in play.

Source: Saxo Group

Silver XAGUSD closed yesterday above key resistance at 20.45. Combined with RSI above 60 uptrend is confirmed. An uptrend that is likely to take XAGUSD to the 0.764 retracement at 21.48. Minor resistance at the 0.618 retracement but could have potential to test key strong resistance at around 22.51.
To reverse this bullish scenario a close below 19.50 is needed

Source: Saxo Group

Gold/Silver XAUXAG ratio: It looks like Silver will outperform Gold. Hovering around the 0.618 retracement the short-term trend is down. Next support at around 85 but a drop to around 82.25 is not unlikely. To reverse the trend a close above 90.26 is needed.

Source: Saxo Group

Platinum XPTUSD is trading in a tight rising channel. RSI above 60 and no divergence indicates higher levels are likely. Resistance at 956 and 1,035.

Platinum 9aug
Source: Saxo Group

Palladium is trading in a slightly rising channel. Resistance at around 2,307 and strong resistance at around 2,465. If we see a close below 1,983 lower rising trendline is likely to be tested but June lows at around 1,765 is not unlikely to reached too.
There is minor divergence on RSI (last peak is lower than July peak) However, RSI is forming a Ascending triangle like pattern. Breakout could be a strong indication of direction.

Palladium 9aug
Source: Saxo Group


The Saxo Bank 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. This content is not intended to and does not change or expand on the execution-only service. 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 Bank 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 Bank 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 Bank 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 Bank 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 Bank 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 (
Full disclaimer (
Full disclaimer (

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.