Key Insights
- Gold continues to trade near multi-month highs.
- Silver remains stuck in the recent trading range.
- Copper tests new highs as traders focus on China’s reopening.
Gold
Gold continues its attempts to settle above multi-month highs near the $1880 level. Interestingly, stronger dollar and higher Treasury yields did not put any material pressure on the price gold. In case gold manages to settle above the $1880 level, it will gain additional upside momentum and move towards $1900.
Silver
Silver received support at the 20 EMA at $23.45 and is trying to settle above the $23.75 level. From a big picture point of view, silver continues to consolidate near the $24.00 level. If silver settles above $24.00, it will head towards the recent highs at $24.55.
Copper
Copper continues to move higher as traders remain focused on the reopening of China’s economy. China is the world’s main consumer of copper, so traders expect that demand for copper will increase in the upcoming months. Currently, copper is trying to settle above $4.05. RSI is close to the overbought territory, but there is enough room to gain additional momentum in case the right catalysts emerge. If copper settles above the $4.05 level, it will move towards the next resistance level, which is located at $4.15.
For a look at all of today’s economic events, check out our economic calendar.