Gold and Silver dropping and Copper weak on rising inventories

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

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.

gold price dropping

SILVER

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.

Silver prices dropping

COPPER

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

copper price weak

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