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Precious metals edge lower, copper rebounds

By Piero Cingari

12:13, 19 November 2021

Copper wires coiled up
Copper was the outperformer among metals – Photo: Shutterstock

In London midday trading, spot gold was last at $1860 per ounce, broadly unchanged on the day, while spot silver softened (0.2%) to $24.74 per ounce.

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.

Palladium was last at $2111 per ounce, down 1.24% on the day, while platinum was down 0.7% to $1049 per ounce.

Copper was the outperformer among metals, up 1.3% to $4.36 per pound, after already recording a positive session yesterday.

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Metal commodities performance heatmap – 19 November 2021

A table showing the performance of metal commoditiesMetals performance as of 19 November 2021 (12:00 UTC) – Credit: Capital.com

Gold

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

A chart showing the performance of precious metals in November Precious metals month-to-date performance as of 19 November 2021 – Credit: Koyfin

Silver

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

Copper was last at $4.36 per pound, rebounding 1.3% on the day.

Gold

2,036.98 Price
-0.430% 1D Chg, %
Long position overnight fee -0.0196%
Short position overnight fee 0.0114%
Overnight fee time 22:00 (UTC)
Spread 0.30

Natural Gas

2.83 Price
+1.690% 1D Chg, %
Long position overnight fee 0.0375%
Short position overnight fee -0.0594%
Overnight fee time 22:00 (UTC)
Spread 0.0050

Oil - Brent

83.48 Price
+1.330% 1D Chg, %
Long position overnight fee -0.0003%
Short position overnight fee -0.0216%
Overnight fee time 22:00 (UTC)
Spread 0.032

Silver

25.09 Price
+0.160% 1D Chg, %
Long position overnight fee -0.0199%
Short position overnight fee 0.0117%
Overnight fee time 22:00 (UTC)
Spread 0.020

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

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

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

Copper
Copper
3.82239 USD
-0.01454 -0.380%
Gold
Gold
2036.98 USD
-8.77 -0.430%
Palladium
Palladium
1027.80 USD
-12.5 -1.210%
Platinum
Platinum
931.10 USD
-4.7 -0.500%
Silver
Silver
25.091 USD
0.04 +0.160%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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