Gold, Silver, Copper, Oil: Technical Forecasts Revealed

Summary

Technical analyst Gareth Soloway provides a detailed outlook on key commodities, emphasizing that technical analysis offers a probabilistic edge, not guarantees. Gold is currently in a downtrend but may see a short-term rally to around $5,000 per ounce before potentially falling to a significant support level near $3,500, which he identifies as a long-term buying opportunity. This level aligns with the 50% to 61.8% Fibonacci retracement of the 2022 bull move. He remains neutral to bearish on gold in the near term but anticipates a significant breakout to $10,000 or higher in the coming years. For silver, a bearish flag pattern suggests potential downside to the $49-$54 range, where he would initiate long-term buying. A break above $92-$93 is needed for a move towards all-time highs. Copper is showing signs of topping, with a potential shorting opportunity around $7, although some further upside might occur. US oil, after a strong start to the year, is expected to decline to the $60-$70 range by year-end, despite current geopolitical tensions, due to anticipated inflation pressures.