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Silver & Copper Prices Enjoyed a Nice Ride - Is it Time to Get Off?

Silver & Copper Prices Enjoyed a Nice Ride - Is it Time to Get Off?

Dimitri Zabelin, Analyst

Silver Prices, Copper, Coronavirus – TALKING POINTS

  • Silver prices could pull back as negative RSI divergence shows slowing momentum
  • Copper prices have risen over 20 percent, are now trading above 17-year uptrend
  • Monthly perspective show the base metal has entered into a key compression zone

Silver Price Forecast

Silver prices have surged over 50 percent after bottoming out at a multi-year low at around 11.90. The precious metal continues to trade well above the mid-March uptrend and has cleared the upper tier of the 17.440-18.110 congestive range. However, XAG/USD may experience a pullback as negative RSI divergence shows upside momentum slowing down.

XAG/USD – Daily Chart

Chart showing XAG/USD

XAG/USD chart created using TradingView

In this scenario, silver prices may retreat to the steep slope of appreciation, but it is unclear whether it will hold. Breaking below it could signal the beginning of a cool-down period before silver prices resume their recovery. However, if the uptrend holds, XAG/USD may seek to crack the ceiling at 18.944, one level below the September 2019 swing-high at 19.647.

Copper Price Outlook

Copper prices continue to climb along the multi-week uptrend which formed after they had broken below a 17-year support channel and subsequently fell over 13 percent. However, the base metal has nursed some of its losses and risen over 20 percent since mid-March. If upside momentum remains strong, the next level to clear may be a stalling point between 2.6225 and 2.6325 (white-dotted lines)

Copper Futures – Daily Chart

Chart showing copper prices

Copper Futures chart created using TradingView

Looking at a monthly chart shows copper prices have timidly remounted the 17-year uptrend but may now find themselves in a compression zone between support and descending resistance dating back to 2012. The narrow nature of the area may catalyze an upward or downward spike and could reveal an underlying directional bias. Given the nature of copper, it could also tell a story about the fundamental outlook.

Copper Futures – Monthly Chart

Chart showing copper prices

Copper Futures chart created using TradingView

--- Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitriTwitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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