Technical update - Copper, Gold, Silver and Platinum
Kim Cramer Larsson
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
Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Energy crisis could turn energy stocks into secular winnerWith long-term expected returns for the global energy sector close to 10%, we look at 40 stocks that could be set to cash in.
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.