Metals Close
The metals complex finished lower across the board with Gold down 1% to 907.90, Silver falling 2.2% to 17.13, Platinum losing 5.6% to 1562.5 and Copper off 3.9% to 344.
The big sell-off in Copper came after the LME reported the highest copper inventories since February. Copper plunged through its 200-day moving average (353.55) and closed just below the March 20 low (344.75) after testing support during the session. There are no significant support levels until the 320 area.
Gold spent most of the day in negative territory, and only a late rally prevented it from closing below its 200-day moving average (906.62) for the first time in almost a year. The 200-day moving average will serve as support again tomorrow and resistance will be near the convergence of today’s high and the 9-day moving average (924-925 range).
Meanwhile, Platinum is down 11% in the last 2 sessions and off 23% over the past 3 weeks.