Log in Open account
UAE
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider.
Show more
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.
Show less
Technical Update - Gold, Silver, Platinum and Copper warming up for higher prices Technical Update - Gold, Silver, Platinum and Copper warming up for higher prices Technical Update - Gold, Silver, Platinum and Copper warming up for higher prices

Technical Update - Gold, Silver, Platinum and Copper warming up for higher prices

Commodities
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Copper broken key resistance level and is set for higher prices 
Gold is once again struggling at 1,680
Silver and Platinum testing key resistance levels. Likely to break higher
Gold/Silver ratio looks heavy

 

Gold XAUUSD is struggling to break back above the 1,680 level that acts like a pivot where gold has been revolving the past couple of months. 55 SMA is also once again Acting as a strong resistance. RSI is also struggling to break above 60 threshold to switch to positive sentiment.
If Gold closes above 1,608 next key resistance is at around 1,735. A close above 1,735 will reverse or at least demolish the current medium-term downtrend and the Double top picture as illustrated on the weekly chart.
If that scenario plays out – a close above 1,735 – the major key resistance is at 1,808.

If gold closes above 1,735 the previously mentioned possible double top pattern scenario is demolished. See weekly

Source all charts and data: Saxo Group

Silver XAGUSD seems to be the front runner together with Copper. Silver looks set to break the wide range between 17.50 and 21.25. RSI is above 60 i.e., positive sentiment. If Silver can close above 21.25 the uptrend is confirmed. Resistance at around 22.51.
On the weekly Silver has formed an inverted Shoulder-Head-Shoulder like pattern. It is not the most perfect SHS pattern but, nevertheless. If Silver closes above the neckline the pattern will be confirmed and a potential target of around 25, depending on the neckline price break.
A close above the neckline is also likely to push the weekly RSI to close above 60 threshold i.e., positive sentiment
If Silver fails to close above 21.24 and slides back leading weekly RSI to close below its rising trendline it would be a strong indication of Silver demolishing the SHS pattern and a test of Q3 lows will be in the cards.

Gold/Silver XAUXAG ratio has broken below medium-term rising trend line testing minor support at 79.30. Weekly RSI is still above 40 but is likely to break below if Gold/Silver closes below 79 thereby going into negative sentiment.
However, th4e short and medium-term trend is down. An RSI close below 40 will confirm that. Gold/Silver seems likely to drop to key support at around 75.25.  For the ratio to reverse that scenario it needs to close above 90.70. Above back above the 86.24 could be an indication of that scenario to unfold.    

Platinum XPTUSD broke out of its symmetrical triangle pattern a few weeks ago. Tested the upper falling trendline from the upper side and took off. Yesterday’s close above 975 has confirmed the uptrend supported by positive sentiment on RSI.
Potential target after the triangle break out is illustrated by the vertical arrows is in the 1,072-1,095 area which is 1.618 and 1.764 projections of the top to trough of the triangle. Resistance at 1,035
For this picture to be demolished Platinum must close below 912.

Copper closed Friday above resistance at 359.30 and RSI above 60 thereby in positive sentiment. Copper is set for higher levels towards 400 with resistance at around 378.
If Copper drops back below 336 the bullish picture is demolished and likely reversed.

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article

  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article

  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article

  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article

  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article

Disclaimer

 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 (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)


Business Hills Park – Building 4,
4th Floor, office 401, Dubai Hills Estate, P.O. Box 33641, Dubai, UAE

Contact Saxo

Select region

UAE
UAE
Products & pricing
Platforms
Accounts & service
General
Other
Legal

Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central bank of the UAE.

The content and material made available on this website and the linked sites are provided by Saxo Bank A/S. It is the sole responsibility of the recipient to ascertain the terms of and comply with any local laws or regulation to which they are subject.

The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S.