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Technical analysis: Gold’s downward trend continues, silver’s decline has stopped

2024-05-08

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On May 7, market analyst Jim Wyckoff analyzed the trends of gold, silver and copper from a technical perspective.

Technically speaking, June gold futures bulls have the overall near-term technical advantage. However, on the daily chart, the downward trend in gold prices remains. Bulls' next upside price objective is closing prices above solid resistance at $2,400.00. Bears' next near-term downside price breakout objective is pushing futures prices below solid technical support at $2,250. First resistance is seen at this week's high $2,341.90 and then at $2,350.00. First support is seen at $2,300.00 and then at last week's low of $2,285.20.

July silver futures bulls have the overall near-term technical advantage. The downward price trend on the daily chart has stopped. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $29.00. The next downside price breakout objective for the bears is closing prices below solid support at last week’s low of $26.255. First resistance is seen at $27.77 and then at $28.00. Next support is seen at $27.25 and then at $27.00.

Copper bulls have a solid overall technical advantage in the near future. On the daily chart, prices are in a three-month uptrend. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 480.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 440.00 cents. First resistance is seen at 464.50 cents and then at the April high of 469.45 cents. First support is seen at this week's low of 453.55 cents and then at 450.00 cents.

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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Technical analysis: Gold’s downward trend continues, silver’s decline has stopped

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