Technical Update - Copper and Platinum testing key resistances. Palladium keeps slowly rising
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Copper trying to establish uptrend testing falling trend line.
Volatile Platinum on the edge new uptrend. 939 is key Palladium in slightly rising trend and seems to keep going
Copper is testing upper trend liner in what looks like a corrective falling channel. Copper found support at the 0.786 Fibo retracement of the bounce from July lows.
If Copper can close above the falling trend line and RSI close above 60 Copper is likely to resume uptrend with resistance at 378. If closing above there is further upside with no strong resistance before around 455. 200 SMA coming down will offer some resistance, however and 0.618 retracement of the May-June sell-off at around 402 should be considered a resistance.
If Copper gets rejected it could slide back to test the July lows at around 313. Support at 327.
However, the 55 SMA is sloping upwards indicating underlying positive sentiment.
Platinum has been very volatile lately. However, if Platinum can close above $939 it has established an uptrend confirmed by RSI being above 60. A move to 975 would then be likely but Platinum could very well continue higher to around 1,035. It is close to 0.618 retracement of the March 2020 to September 2022 down trend, 1,382 projection of the August- September sell-off and 2.0 projection of the recent September correction.
938 and 975 are key levels for this scenario to unfold.
Palladium is in a slightly rising trend after closing above 2,288. All Simple Moving Averages are upwards sloping indicating underlying bullish sentiment. Next resistance at around 2,465
The upper upward sloping (back) trendline is shifted parallel from the lower trendline to indicate the rising channel Palladium could be trading in over the next few weeks possibly months.
A close below 2,023 will demolish this scenario
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