As investors navigate the complex landscape of global markets, the spotlight often falls on traditional safe havens like gold. However, a closer look at technical charts reveals compelling opportunities in other key metals. Copper and platinum, in particular, are currently exhibiting strong signals that suggest they could offer significant upside potential, attracting the attention of technical analysts and seasoned traders alike.
Copper’s Ascending Trajectory
Despite broader market anxieties and lingering concerns over tariff-related tensions, the price of copper has demonstrated notable resilience. Generic futures contracts for the industrial metal have consistently traded above their 50-day moving average, forming a distinctive triangular pattern that appears poised for a decisive breakout. This indicates a shift in short-term momentum to positive, which could soon translate into a bullish crossover for the weekly MACD (Moving Average Convergence Divergence) indicator. Should this technical progression unfold, copper is projected to test resistance levels around $5.20 per pound. Below this point, a wider trading range persists, with robust support established by the 200-day moving average near $4.43, and a more critical technical floor close to $4.08, a level briefly retested in April.
Platinum Breaks Out
In the realm of precious metals, platinum has emerged as a prime candidate for a significant recovery. The metal recently breached a crucial long-term technical resistance barrier, triggering a strong bullish continuation signal. This breakthrough is further supported by the weekly MACD, which points to an acceleration of positive intermediate momentum. Such technical alignment suggests that any recent consolidation was merely a temporary pause, and platinum is well-positioned to sustain its upward technical progression over the coming months. The next significant target for platinum is set at $1240 per ounce, which aligns with the 50% Fibonacci retracement level from its 2021 peak. Initial support for platinum is now firmly established around the $1030 zone.
Relative Strength for Technical Investors
While gold and silver continue to maintain their overarching bullish trends, the current technical configurations of copper and platinum present particularly compelling entry points for investors focused on chart patterns and momentum. Their distinct setups suggest a higher relative potential for gains, making them attractive considerations for those seeking to diversify their portfolios beyond traditional precious metal plays and capitalize on specific technical breakouts.
Sophia Patel brings deep expertise in portfolio management and risk assessment. With a Master’s in Finance, she writes practical guides and in-depth analyses to help investors build and protect their wealth.