Gold and Silver have been dropping since yesterday after the ease on the geopolitical tensions and the strength of the US dollar triggering a sell off round and take profit trades on the Precious metals markets. Gold lost almost $25 , coming down from the highs of $1.356 to $1.331 at 14:30 GMT, while Silver also lost almost $0.50 trading at $16.30.
Gold failed once again to break above the very strong resistance range level of $1.350-$1.370. Any lack of geopolitical tensions could send the Gold price down to the support level of $1.310 , other wise the price would retest the $1.350 level.
Silver still trading within a symmetrical triangle pattern since last year. It also failed together with the Gold to break above the resistance level of $17 , retreating back to $16.35 awaiting for the next price catalyst.
Copper’s rebound off the lows of $2.93 but it failed to break the $3 strong resistance level retreating back to $2.97.
Copper’s technical outlook is very weak and still trading within the downtrend channel which would lead the price below the $2.93 in case of deterioration of the Trade War tension between China and USA.
Furthermore, the Copper LME and Shanghai Inventories surged to a 4 years high during a period of seasonally weak demand