Technical Analyst, Saxo Bank
Summary: Copper cancelled uptrend now testing key support at 394
Gold broken key support at 1,825. 1,768 next?
Silver testing key support at 20.55
Gold/Silver cross continuing uptrend forming rising channel pattern
Copper abruptly reversed its uptrend it has resumed last week dropping to test key support at around 394. A break below 394 is likely to fuel another sell-off down to the 200 daily Moving Average and the support at around 370.
RSI staying above 40 threshold thus still showing positive sentiment. However, if Copper breaks below 394 RSI is likely to break below 40 i.e., into negative sentiment.
To reverse this likely bearish scenario at close above 423.70 is needed.
Gold XAUUSD has broken below support at 1,825 and seems destined to extend the short-term down trend to test the 1,768 support just below the 200 daily Moving Average.
However, Gold dip down to test the 0.618 retracement at around 1,748.
RSI is below 40 threshold i.e, negative sentiment and no divergence indicating lower Gold prices are likely. To reverse the short-term down trend a move back above 1,870 is needed.
Silver XAGUSD extended its downtrend after breaking below minor support at 21.24 to test strong key support at around 20.55.
RSI is negative and indicating lower Silver levels could be seen. However, 20.55 seems likel a strong support and a bounce from here should be expected, but for Silver to reverse down trend it needs to close above 22.00
Silver XAGUSD extended its downtrend after breaking below minor support at 21.24 to test strong key support at around 20.55.
RSI is negative and indicating lower Silver levels could be seen. However, 20.55 seems likel a strong support and a bounce from here should be expected, but for Silver to reverse down trend it needs to close above 22.00
Gold/Silver cross XAUXAG moving higher after testing lower rising trendline in what appears to be a rising channel. Closing in on 0.618 retracement at 88.10 and strong resistance at around 69.90.
A break below 83.55 is likely to reverse the uptrend.
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