Macro: Sandcastle economics
Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.
You can access both of our platforms from a single Saxo account.
Technical Update - Gold and Silver higher. Copper to test key support? Platinum rejected at key level. Palladium bearish
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: Gold spiked to all time highs before heavy selling brought it back down again. Next couple of days can be decisive for new highs or not. Indicators pointing to higher levels
Silver rejected just below key resistance but could have another go.
Copper could test 382 key support
Platinum lagging Gold and Silver failing to break key resistance
Palladium resuming downtrend and could drop even further
Gold XAUUSD spiked higher this morning to the Fibonacci extension at around 2,132 only to be hit by heavy selling sending the precious metal down to the 0.382 retracement at 2,057.
Further downside/correction could be seen possibly down tot eh 0.618 retracement at 2,009 with stronger support at around 2,031
However, The Daily Moving Averages are all rising and with 55 DMA crossing over both the 100 and 200 a double Gold Cross have formed. Adding to that there is no Divergence on the RSI suggesting Gold is to move higher after a correction. Whether it will take out todays and all-time high at around 2,134 is too early to call.
If Gold is closing around current levels a Shooting Star like candle pattern will be formed indicating top and reversal.
However, if tomorrow then is a bullish candle it can be a continuation indicator.
Medium-term Looking at the weekly chart the RSI is in positive sentiment and the 55 weekly Moving Average is crossing over the 100 and both are rising i.e., a Gold Cross all indicating likely higher Gold prices
To reverse the bullish trend a close below 1,930 is needed
Silver XAGUSD spiked higher to just a few cents below resistance at around 26. A correction is likely. Possibly down to the 0.382 retracement at 24.38.
RSI is showing positive sentiment with no divergence and all Moving Averages strongly are rising indicating underlying bullish sentiment and trend meaning likely higher Silver prices. A close above 26 There is room to 26.50 and 27.
A close below 23.20 will demolish the bullish picture
Copper is in a bullish trend with room up top strong resistance at around 400. However, the basic metal is struggling for real momentum and the key level at around 382 could be tested.
A close below 382 and below the 200 daily Moving Average will demolish the bullish picture.
Platinum XPTUSD still lagging other precious metals and being rejected at 950 again and again. A close above is needed for upside momentum
However, it could be a struggle as there is also strong resistance at around 992.
A short-term setback to around 900 could be seen. Minor support at around 909. A close below 895 the bearish trend is likely to resume
Palladium has resumed bearish trend after a minor correction and could test November lows at around 948.50 shortly. A close below is likely to lead to further selling down to around 850.
For Palladium to establish an uptrend a close above 1,102 Latest Market Insights
Quarterly Outlook 2024 Q3
Sandcastle economics
-
-
Bonds: What to do until inflation stabilises
Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.
-
Equities: Are we blowing bubbles again
Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.
-
FX: Risk-on currencies to surge against havens
Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.
-
Commodities: Energy and grains in focus as metals pause
Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.