Metals galore: Gold, silver, copper, platinum and palladium all breaking higher
Fawad Razaqzada October 24, 2019 10:18 AM
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 with brief comments for each:
Gold was 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:
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:
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.
It is not all about gold and silver. Platinum also showed strong bullish characteristics yesterday as it broke its bearish trend and there has been some follow-through today, which is always a good sign:
Among the precious metals, palladium has been the strongest and it is now bull flagging – a break and hold is what the buyers are looking for here:
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:
*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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