Technical Analyst, Saxo Bank
Summary: Copper prices tanking, can't find support. Precious metals range bound, need direction
Copper has broken through key support around 405. RSI is below 40 on both Daily and Weekly i.e. bearish sentiment on short and medium term.
There is no strong support before consolidation area around 370-350.
XAUUSD Gold spot is trading in s lightly rising channel. However, strong key support is $1,780. Resistance at 1,880.
(Note: Weekly chart)
XAGUSD Silver spot range bound between 20.45 and 22.50. Break is needed for direction. If bearish break out next support is at around 18.90. If bullish break out resistance at 23.30. However, a close above both 100 and 200 SMA’s needed to get upside traction.
(Note: Weekly chart)
XAUXAG Gold/Silver ratio spot range bound forming what looks like a symmetrical triangle pattern. Break out from triangle could be imminent. If bullish May peak at around 89 could be tested.
If bearish break out key support is at 81.50
XPTUSD Platinum spot seem to be range bound between 1,035 and 900 in a slightly upwards sloping channel. A break below 900 down trend is confirmed and likely to accelerate towards key support at around 827.
Note: Weekly chart
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