Metals Group Outlook
The metals group is developing a consolidation structure after a drop started in the second half of the year. Short-term, the group shows a recovery from the lowest levels of the year. On this post, we analyse the long-term outlook for Copper (HG), Silver (SI) and Gold (GC).
Copper
Copper is consolidating in a range between $2.55 and $2.86 after a bearish movement started in the second half of 2018. The RSI oscillator is supporting the consolidation structure as a triangulation. We foresee for Copper a potential false breakout above $2.86, with a potential target between $2.89 to $2.97. From this zone, the red metal could initiate a new bearish leg with a potential target between $$2.43 to $2.31.
Silver
Silver is testing the pivot level at $14.32; its previous support now is acting as resistance. The oscillators RSI and MACD show a bullish divergence, this shouldn’t be considered as a reversal signal. It is only a consolidation structure. We assume that Silver might see new lows in the $13 area with an extension to $12.43. For long positions, the price has to close above $14.91 with a target between $15.72 and $16.3.
Gold
Long-term, Gold is moving sideways in a range between $1,128 and $1,360. During the second quarter of the year, the precious metal started to move bearish making lower lows and lower highs. Starting on August, when the price fell to the lowest level of the year $1,167.1, Gold began to move slightly bullish but as a corrective price pattern. Our vision for the golden metal is that its value could see a new high near to $1,260, from where it could start a new bearish leg, which could move to fresh lows below the $1,200 psychological support. Our bearish targets are between $1,150 and $1,130.
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