Technical Update - Gold resuming uptrend. Silver rebounds but facing resistance. Copper range bound Technical Update - Gold resuming uptrend. Silver rebounds but facing resistance. Copper range bound Technical Update - Gold resuming uptrend. Silver rebounds but facing resistance. Copper range bound

Technical Update - Gold resuming uptrend. Silver rebounds but facing resistance. Copper range bound

Commodities 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Gold resuming uptrend and could test previous peak. Eyeing 2K. Silver broken out of bearish pattern but facing strong resistance around 22. Gold/Silver ratio uptrend continues. Copper range bound, 394 is still key support

Today's Saxo Market Call podcast.
Today's Market Quick Take from the Saxo Strategy Team

closed above 0.618 retracement and resistance at around 1,865. At the time of writing that level is being tested from the upper side – 1,865 is now a support level.
RSI is back above 60 threshold i.e., in positive sentiment indicating higher Gold levels are likely. Minor resistance at the 0.786 retracement at 1,926 but a move to test previous peak at around 1,960 is in the cards.

Medium-term on the weekly chart Gold has resumed uptrend after a correction where the precious metal tested the lower part of the cloud and is set for higher levels. If Gold takes out January peak at 1,960 Gold is likely to move higher to test towards 1.618 projection at 2,055 possibly testing the all-time highs at around 2,074. Positive RSI supports this bullish scenario

To reverse this bullish picture a close below 1,800 is needed.

Source all charts and data: Saxo Group

Silver XAGUSD broke bullish out of its falling wedge like pattern peaking just below strong resistance at around 22.05. This move had been in the making as mentioned in previous Technical Update  on Metals.
However, a minor setback to around the 200 daily Moving average and 21 should be expected. RSI is still below 60 showing negative sentiment. However, there is divergence indicating the downtrend has exhausted but Silver needs to close above 22.05 to reverse that trend.

Medium-term on the weekly chart Silver is in fact in an uptrend but currently in a correction phase bouncing from the 0.618 retracement and the lower part of the Ichimoku cloud.
Upper part of the clous Is currently at 22.25 and a move above that level will mean Silver has resumed uptrend that could take the metal to 2460-25.85 resistance.
However, if Silver drops back top close below 19.90 down trend is likely to extend possibly down to around 17.50

Gold/Silver ratio XAUXAG rejected at the 0.786 retracement at 91.80 and once again tested the lower rising trendline but managed to close above. A bounce from the trendline will suggest another attempt at the 91.80. A break of that level is likely to extend the uptrend to 96.50.
However, if XAUXAG closes below 86.90 it could be an indication of the uptrend being over and the ratio could drop back down to around 83.

Copper range bound with strong support at 394. RSI sentiment still bullish indicating break out to the upside of the upper falling trend line in Copper. Resistance at around 419.40 for a move to previous peak at around 435.50.
A close below 392 is likely to turn the picture bearish with a move down to strong support at around 370.


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 (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law.

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.