- April 28, 2023
- Posted by: Tradingshot Articles
- Category: Commodities
On this 1D chart we see Gold (XAUUSD) against Silver (XAGUSD) and Copper (HG1!) displayed by the orange, blue and black trend-lines respectively. There is a lot of worrying lately with Gold’s pull-back since the mid-April High.
Even though Gold and Silver have made Higher Highs, Copper has been declining since since its late January High. On this chart we see that Copper has been a leading indicator to the other two in the past 2 years. When it started rising earlier, the other two followed shortly after. Similarly when is started falling and the others lagged, they followed suit.
As mentioned, Copper has started falling in the past 4 months while the other two lag and made Higher Highs. Does this mean we are about to see Gold and Silver start a strong decline?
Tradingview link:
https://www.tradingview.com/chart/XAUUSD/p2pfygai-GOLD-SILVER-COPPER-Is-the-latter-leading-the-way