Gold, Silver, Copper – Copper Markets Test New Highs

Key Insights

• Gold failed to settle above the $1915 level and pulled back. 
• Silver declined below the $24 level. 
• Copper tested new highs as protests disrupted production at a major copper mine in Peru. 

Gold

Gold pulled back from today’s highs as the U.S. dollar rebounded from session lows. Lower Treasury yields did not provide enough support to gold markets. Traders continue to take profits off the table after the major rally, and gold will likely need additional catalysts to move above the $1930 level.

Silver

Silver settled back below the $24.00 level as traders failed to find additional upside catalysts. Silver faced huge resistance in the $24.00 – $24.50 area in recent weeks. In case silver gets below the $23.00 level, it will have a good chance to develop strong downside momentum.

Copper

Copper moved to new highs as protests disrupted production at the Glencore copper mine in Peru. Meanwhile, China’s reopening continued to serve as the most important bullish catalyst for copper markets. It should be noted that RSI is in the overbought territory, so the risks of a pullback are increasing.

For a look at all of today’s economic events, check out our economic calendar.