Gold, Silver, Copper – China’s Reopening Pushes Copper Prices To New Highs

Key Insights

• Copper markets stay strong as traders expect that China’s demand will grow at a robust pace. 
• Gold pulls back as traders take profits near multi-month highs. 
• Silver made another unsuccessful attempt to settle above the $24.00 level. 

Gold

Gold made an attempt to settle above the resistance at $1880 but lost momentum and pulled back. The U.S. dollar is swinging between gains and losses against a broad basket of currencies today, while Treasury yields are moving lower. The setup looks bullish for gold, but some traders want to take profits off the table after the strong move.

Silver

Silver faced strong resistance near the $24.00 level and pulled back towards $23.50. Silver has already made many attempts to settle above $24.00, but these attempts yielded no results. The nearest significant support level for silver is located at $23.00. If silver manages to settle below this level, it will have a good chance to gain additional downside momentum.

Copper

Copper’s rally continues as traders stay focused on the reopening of China’s economy. RSI has entered into the overbought territory, so the risks of a pullback are increasing. However, the fundamental bullish thesis looks strong as China’s reopening should boost demand for copper in the upcoming months.

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