The metals have been on the move again.
Gold is holding above $4,500, Silver has been strengthening, Copper is pressing near its old highs, and Platinum has joined the rally as well. When several metals begin moving in the same direction at the same time, it’s worth paying attention.
There are plenty of possible reasons behind the strength, including a softer U.S. dollar, interest-rate expectations, and continued uncertainty around the world. But as always, I’m less interested in explaining every move and more interested in what the charts are telling us.
Let’s take a quick look at four of the major metals.
December 2026 Gold (GCZ26)
December gold continues to show strength after recovering from its early-summer pullback.
The bigger picture remains bullish. The GOLD weekly chart zone (rectangle) reflects the support zone and an area of recovery from the June lows.
On the daily chart, price broke out of the trading range drawn in blue, and has rallied in a methodical fashion. The key level I’m now watching is now the blue dashed-dotted resistance line above, the daily chart 50% level at 4644.90.
As long as gold continues to hold above the previous trading range, buyers remain in control. If price falls back through support of the top of the range, I’ll simply wait and see where the next opportunity develops.
There is no need to predict what gold is going to do. Let the levels and price action tell the story.
September 2026 Silver (SIU26)
Silver developed an inverted head and shoulder bottom pattern and broke above its neckline on August4. Since the breakout price has been moving higher and, as usual, it tends to move faster than gold.
That can make silver exciting, but it can also make it dangerous for traders who chase price after a strong move.
On the daily chart, I’m watching the weekly chart 50% level, which is the gold dashed-dotted line that’s just above current price action.
As long as silver continues making higher lows and holding important support (the blue rectangle below price which is a support zone), the trend remains healthy. But that doesn’t mean I want to buy after a large rally.
I would much rather see price pull back toward support and then look for confirmation that buyers are returning. That is exactly the type of situation where a setup such as the Fish Hook can become useful.
September 2026 Copper (HGU26)
Copper may be the most interesting chart of the group right now.
September Copper is trading just below its previous record-high at 6.8665 (made August 6), which is also a #1 top point and is now inside of a weekly chart resistance zone, where it’s developed a #2 point at 6.3700 (the low on August 18).
I’m now watching this market closely for a possible #3 point to take shape. If it does, it could set up a possible opportunity to the downside.
However, Copper can also break through resistance and continue higher, which could possibly trigger an MET entry.
Rather than guess, I prefer to let price answer the question, so I’ll continue to watch from the sidelines to see what pattern develops.
A strong breakout and follow-through would keep the bullish trend intact. A rejection would turn my attention toward the next meaningful support area.
October 2026 Platinum (PLV26)
Platinum has quietly become interesting as well.
After trading inside of sideways channel much of the summer, platinum recently rallied back toward an important longer-term chart level.
Back in mid-June, I was watching the monthly chart 50% level near 1754.1. Price has now returned to that neighborhood and is currently trading inside of a Megaphone pattern. This is an “expansion” pattern that tends to do a decent job in displaying volatility.
Price is now trading just below a horizontal resistance level in between the weekly chart and monthly chart 50% levels. A breakout of the megaphone pattern could be telling as to a likely longer-term direction.
But keep in mind, a big move may get our attention, but it doesn’t automatically make it a good place to enter.
What the Metals Are Telling Us
The interesting part of the current metals market isn’t just that gold or silver is moving higher.
It’s that gold, silver, copper, and platinum have all been strengthening at roughly the same time.
That makes the entire sector worth watching.
But the trading process doesn’t change.
Know your important support and resistance zones and levels. Wait for price to come to an area that’s of interest. Look for confirmation. And know the risk/reward before ever contemplating a trade.
Strong markets have a way of making traders feel like they need to hurry.
Usually, they don’t.
There will always be another setup.
I’ll continue following the metals in my Daily Videos when appropriate and in the Friday Markets Jim Is Watching email newsletter.
Questions about anything you read here? Contact our team at support@commoditytrends.com.
— Jim Prince, CommodityTrends.com
Educational content only. Futures and options trading involves substantial risk of loss and is not suitable for every investor. Nothing here is a recommendation to buy or sell any contract. Past performance is not indicative of future results.
