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Metals Galore: Gold, Silver, Copper, Platinum, Palladium All Breaking Higher

Published 24/10/2019, 16:38
Updated 18/05/2020, 13:00

I will let the charts do the talking, but metal prices have been pushing higher in recent days and today gold finally joined the fun as it broke key resistance in the $1495 area. It needs to hold above here on a daily closing basis if we are to see further gains in the days ahead.

Precious metals prices have risen partly because of expectations than central banks globally will continue to keep monetary policy extraordinary loose, while base metals have found support amid optimism over a US-China trade deal.

Anyway, here are comes the charts!

Gold is testing the trend of its bull flag – a closing break is what the bulls are looking for. The bears want to see a failure but they have had plenty of time to drive prices lower and have so far been unable to do so.

Gold Daily

It is not just gold against the dollar. Gold in euro terms is also printing bullish price action after it broke through a bearish trend line:

Gold/EUR Daily

Silver has broken its bearish trend line and has now established a base above. Looks like it wants to shoot higher now. The bears will need to see a break back below key support at $17.60.

Silver Daily

It is not all about gold and silver. Platinum also showed strong bullish characterises yesterday as it broke its bearish trend and there has been some follow-through today:

Platinum

Among the precious metals, palladium has been the strongest and it is no bull flagging – a break and hold is what the buyers are looking for here:

Palladium

Finally, copper is looking interesting given the breakout above the bearish trend line and from consolidation pattern. Dr Copper is therefore pointing to a healthier global economy:

Copper Futures Daily

*Chart Sources: eSignal, Trading View and FOREX.com. Please note, not all of these products may be available to trade in all regions.

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