Metals - Base and Precious
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Copper is breaking below both the lower short term rising trend line AND its support at around $420/lbs. RSI is below 40 and if the days closes here or lower down trend has been confirmed. Next support is around $405-400
Platinum is still holding on above support at around $892/Troy oz. Trend is down confirmed by RSI. However a rebound from support is not unlikely. A close below and the is no strong support before $842.
Palladium broke below its support at around $1.690/Troy oz resulting in accelerated sell off.
Next support is at around $1.500.
Gold XAUUSD is seems to be rangebound between $1.760 and 1.800. No clear direction before break out. Below next support at around $1.718.
Silver XAGUSD is trading in a short term falling channel and could be testing the support at around $21.42 with a few days. A bounce from here could take the precious metal to around 23.00. A close below and there isn’t any real support before around 20.00