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Technical Analysis for Gold & Silver, Copper, Oil, DAX, and More

Gold and silver look poised to remain weak until at least support levels below are tested. Copper, too. Crude oil is hanging tough despite positioning headwinds; giving trend the benefit of the doubt for now. The DAX remains in a range, levels outlined.

Highlights:

  • Gold and silver are seeing heavy selling as evidenced by the most recent CoT report, more likely to come as big support lies further down; copper remains vulnerable
  • WTI and Brent crude oil are both hanging tough, especially the latter; positioning concerns have yet to matter, going with trend higher for now
  • The DAX remains range-bound, need a confirmed break before running with a bias

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Gold has been in a bit of a free-fall lately, and the technical picture doesn’t favor the decline ending yet. Resistance comes in at 1251/61 on bounces, with targeted support not arriving until the 1220s down to around 1205. Silver is making gold look ‘strong’ with its plunge this month. It is well below the first area of resistance around 16.14 and may not sustain a bounce that high before selling continues. Targeting very long-term support by way of a trend-line dating back to 2003. This trend-line is alignment with the July low of 15.19.

Speculative selling in the futures market has recently registered historical readings in precious metals, with silver, according to the latest CoT report, seeing the largest one-week change in positioning on record. This behavior smacks of capitulation-type selling, but until we see big support levels touched we’ll just keep in mind that it could come to indicate longer-term oversold conditions later on.

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