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Technical Update - Gold, Silver, Platinum, Palladium and Copper

Commodities 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Gold bouncing from 0.382 retracement resuming uptrend. Likely to move back above 2K
Silver and Copper still range bound and could be stuck for weeks
Platinum and Palladium collapse nearing exhaustion

Gold XAUUSD correction down to the 0.382 retracement and the 200 DMA

RSI still showing positive sentiment and divergence indicating Gold is likely to bounce back and move higher above October peak at around 2,010. Expect resistance at around the 0.618 retracement at 1,980 where a minor setback could be seen. 

 A break below 1,930 is likely to lead to a sell-off down to test the falling trendline possibly dipping down to test 1,900

xauusd d 1411
Source all charts and data: Saxo Group

Silver XAGUSD dipped down to the 0.618 retracement at 21.84 but managed to close back above support at around 22.15.

RSI is still showing positive sentiment but expect Silver to be range bound 22-23.50 for the foreseeable future. A close above 23.78 is needed for uptrend confirmation.

A close below 22.15 for down trend confirmation
xagusd d 1411

Platinum XPTUSD has been in a decline the entire 2023 getting close to support around 830-820. A bounce could be seen from here.

Short-term a bounce 890-900 could be seen but for Platinum to confirm an uptrend a close above 945 is needed
xptusd w 1411
xptusd d 1411

Palladium collapse could be getting close to an end. The rare metal has been in decline for the better part of tow years and is close to the lows back in 2018 prior to the massive  2019-2021 bull market around 850-815.

Weekly RSI is at its lowest level since 2015 (blue horizontal line) suggesting the Palladium bear trend could be close to be exhausting

However, no bottom and reversal pattern and indication formed just yet
palladium w 1411

Copper: Key strong support at around 354.50. Weekly chart is illustrating why this level is so important, a close below could lead to a sell-off down to around 325.

But despite several attempts sellers have not managed to close Copper below the support.

Copper could still be range bound 354.50 to 375 for quite some time. Copper needs to close above 382 to establish and confirm and uptrend

copper d 1411


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