Metals consolidate gains; gold breaks $1,800 mark
12:07, 8 November 2021
Metals consolidated gains Monday, after posting a strong rebound Friday as US Treasury yields dropped to October lows. Gold broke through the $1,800 an ounce psychological barrier and silver (+0.7%) is on the course to record its third straight session of gains.
Palladium is the best performer of the day, up 1.2%, while platinum is 0.7% higher and copper up 0.2%.
US Treasury 10-year real yields remain near record lows. Last week the world's major central banks reinforced the view that current inflationary pressures will subside, dimming the likelihood for more aggressive interest rate rises.
The October US Consumer Price Index (CPI) report to be released 10 November is the week's major market moving event. A higher-than-expected figure could raise the possibilities for a faster pace of rate hikes, dampening investor enthusiasm for precious metals.
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Metal commodities performance heatmap – 8 November 2021
Metals performance as of 8 November 2021 (12:30 GMT)Gold
Gold spot is trading at $1,818/oz, up 0.1% for the day, as of writing.
Since August, gold has been trading in a range of $1,720 to $1,830 an ounce and is now about 2% above its 50-day moving average and 1.4% above the 200-day moving average.
Gold prices are up 1.9% on the week, after the US Federal Reserve and the Bank of England cooled market speculations of more aggressive interest rate hikes last week, rekindling enthusiasm for non-yielding assets as precious metals.
Gold technical levels:
- 52-week high: $1,964.80
- 52-week low: $1,677.62
- 50-day moving average: $1,780.41
- 200-day moving average: $1,791.04
- 14-day Relative Strength Index (RSI): 60.31
Chart of the day: Bitcoin ousts gold from the inflation-hedge throne as gold to bitcoin ratio hits record lows
Gold to bitcoin ratio – Credit: KoyfinSilver
Silver’s spot price was last at $24.33 an ounce, up 0.76% for the day.
Silver technical levels:
- 52-week high: $29.89
- 52-week low: $21.33
- 50-day moving average: $23.39
- 200-day moving average: $25.43
- 14-day RSI: 59.52
Copper
Copper spot prices are higher 0.26% at $4.35 per pound.
China's copper imports increased for the second straight month in October, according to customs statistics released Sunday, as importers took advantage of a brief period of attractive copper prices to stockpile.
Copper technical levels:
- 52-week high: $4.90
- 52-week low: $3.10
- 50-day moving average: $4.36
- 200-day moving average: $4.29
- 14-day RSI: 46.48
Platinum
Platinum traded at $1,043 an ounce on Monday morning, up 0.68% for the day.
Platinum technical levels:
- 52-week high: $1,336.50
- 52-week low: $847.96
- 50-day moving average: $1,025.57
- 200-day moving average: $1,026.36
- 14-day RSI: 54.84
Palladium
Palladium was last at $2,051 an ounce, up 1.17%.
Palladium technical levels:
- 52-week high: $3,017.18
- 52-week low: $1,841.93
- 50-day moving average: $2,061.95
- 200-day moving average: $2,494.73
- 14-day RSI: 51.68