Silver Relative Strength is Intriguing

Spot silver is holding up quite well compared to gold and other markets for that matter, as the dollar has been a big problem for most assets. The short-term silver chart shows a nice consolidation pattern after a big move higher. It is starting to come out of that pattern with 20 as the next big level to cross. A breakdown below 19.04 will likely have silver following suit with other markets to the downside. For the full set of details watch the above video.

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Copper price is marching towards the critical hurdle of $3.50 amid various tailwinds.

Copper price is scaling gradually higher after concluding its correction to near $3.4020. The base metal is aiming to capture the crucial resistance of $3.50 as escalating production cuts have soared supply worries. On a broader note, the asset has rebounded firmly after refreshing the monthly low near $3.3600. The rebound still lacks clarity, therefore, the odds of a resumption in the downside journey will remain intact.

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Gold and Silver Technical Outlook [17-09-2022]

GOLD TECHNICAL FORECAST – BEARISH

Spot gold is testing crucial technical support, a break below which could point to further weakness in coming months. It is attempting to break below key horizontal trendline support at 1,676, coinciding with the 200-week moving average. Although it closed below the support on Thursday, given the significance of the support and the number of times it has been tested since 2021, it might be prudent to wait for two weekly closes below the support before concluding Thursday’s move as a valid break.

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