Technical update - Copper, Gold, Silver and Platinum

Technical update - Copper, Gold, Silver and Platinum

From home.saxo

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. chart XAUUSD Gold spot is trading in s lightly rising channel. However, strong key support is $1,780. Resistance at 1,880. 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. chart XAUXAG ... (full story)

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Jun 22, 2022 1:46pm Jun 22, 2022 1:46pm

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"XAUUSD Gold spot is trading in slightly rising channel. However, strong key support is $1,780. Resistance at 1,880. One huge course of uncertainty in trading is the distressing of the cyclical trend in play by so-called "technical" analysis. It is of course a fact that in the end the trend is most fundamental and ultimately prevails. Given we have been in a downtrend since 2074 (since 2020 that is) a stop circa 1873 Strongly implies a strong (very strong) and sustained downfalling aiming for 1716 or lower. Best also to ignore so-called "fundamentals" completely in trade planning - it is just lay speculation (near nonsense). To suggest sustainable rising in Gold we would in fact need to break above 1879 strongly. Like you not seeing such impetus in the current market.

The Crow (-_-)

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Posted: Jun 22, 2022 12:52pm
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Category: Technical Analysis

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