Precious metals edge lower, copper rebounds
12:13, 19 November 2021
Yields on the 10-year US Treasury retracted to 1.55% from 1.59%, while the US Dollar Index (DXY) continues to strengthen to levels unseen since July 2020.
Copper was the outperformer among metals, up 1.3% to $4.36 per pound, after already recording a positive session yesterday.
What is your sentiment on Gold?
Metal commodities performance heatmap – 19 November 2021
As of publication time, spot gold was last at $1,860 per ounce, unchanged from a day before.
After last week’s rally, fuelled by the elevated US inflation data, the precious metal is now seeing resistance, due to rising market expectations for an increase in interest rates in the US next year.
The performance of gold has turned negative (-0.25%) in the last week, while it is still positive compared to a month ago (+5.3%).
Spot gold is now trading 4% above the 50-day simple moving average (SMA), and 11% above its 12-months lows.
Gold technical levels:
- 52-week high: $1,959
- 52-week low: $1,678
- 50-day moving average: $1,789
- 200-day moving average: $1,792
- 14-day Relative Strength Index (RSI): 64.03
Chart of the day: Metals rallied in November, but momentum is weakening
Spot silver was trading at $24.80 per troy ounce, down 0.4% from the previous day.
Silver’s performance is now negative (-1.9%) in the week, while the precious metal is up 6.6% from a month ago.
Spot silver is now trading 5.4% above the 50-day SMA, but still 17% below its 52-week highs ($29.89).
Silver technical levels:
- 52-week high: $29.89
- 52-week low: $21.44
- 50-day moving average: $23.51
- 200-day moving average: $25.35
- 14-day RSI: 61.46
Copper was last at $4.36 per pound, rebounding 1.3% on the day.
Copper prices posted a positive performance yesterday (+0.5%) following three consecutive sessions of losses.
Spot copper is still down 3.2% from a week ago, but remains the best performer among metal commodities year to date (+22.5%).
Copper prices are hovering around the 50-day SMA.
Copper technical levels:
- 52-week high: $4.90
- 52-week low: $3.19
- 50-day moving average: $4.37
- 200-day moving average: $4.32
- 14-day RSI: 44.52
Platinum was last at $1,049 an ounce, down 0.7% from yesterday’s levels.
Prices for the commodity rose 7.81% over the past three months, the highest among metals, while the year-to-date performance is still negative (-1.54%).
Platinum is trading 21.5% below its 12-month highs.
Platinum technical levels:
- 52-week high: $1,337
- 52-week low: $901
- 50-day moving average: $1,048
- 200-day moving average: $1,025
- 14-day RSI: 45.49
Palladium edged 1.2% lower to $2,111 an ounce in London midday trading.
The weekly performance is up by 1.2%, while in the last three months palladium has dropped by 7.7%, the worst performance among metals.
Palladium prices are now trading 30% below their 12-month highs and 15% below the 200-day SMA.
Palladium technical levels:
- 52-week high: $3,017
- 52-week low: $1,842
- 50-day moving average: $2,020
- 200-day moving average: $2,485
- 14-day RSI: 56.59
Read more: Silver price forecast: where next for the precious metal?
Markets in this article