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Daily Metals Report
November 6, 2024
 
   
 
Gold   Silver   Copper (CME)  
 
 
 
 
  Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
 
 
     
 
Gold Intraday: under pressure.
 
Pivot:
2726.00
 
Our preference:
Short positions below 2726.00 with targets at 2693.00 & 2684.00 in extension.
 
Alternative scenario:
Above 2726.00 look for further upside with 2733.00 & 2742.00 as targets.
 
Comment:
As long as 2726.00 is resistance, look for choppy price action with a bearish bias.
 
Analyst Views Chart
 
Trade
 
 
 
 
 
Silver Intraday: under pressure.
 
Pivot:
32.35
 
Our preference:
Short positions below 32.35 with targets at 31.43 & 31.25 in extension.
 
Alternative scenario:
Above 32.35 look for further upside with 32.60 & 32.90 as targets.
 
Comment:
As long as the resistance at 32.35 is not surpassed, the risk of the break below 31.43 remains high.
 
Analyst Views Chart
 
Trade
 
 
 
 
 
Copper (CME)‎ (DEC4)‎ intraday: below its lower Bollinger band
 
Our pivot point is at 4.3740.
 
Our preference:
The downside prevails as long as 4.3740 is resistance.
 
Alternative scenario:
Above 4.3740, look for 4.4050 and 4.4235.
 
Comment:
The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Copper (CME) (DEC4) is trading under both its 20 and 50 period moving average (respectively at 4.3678 and 4.4251). Finally, the Copper (CME) (DEC4) has penetrated its lower Bollinger band (4.3200).
 
Analyst Views Chart
 
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