[MARKET ANALYSIS] Precious metals rebound following Monday's selloff
Importance
Level 1
- Precious metals continue to rise, despite selling off late in the US session, which was seemingly led by traders profit-taking in silver. Spot XAU found support at USD 5,000/oz and is currently trading just shy of USD 5,100/oz. Deutsche Bank highlighted that USD 6,000/oz is achievable in 2026 due to a weaker dollar. Spot silver returns above USD 112/oz after a USD 15/oz selloff from its ATH of USD 117.70/oz on Monday.
- 3M LME Copper re-opened lower, as it reacted from the selloff in the precious metals space, but found support at USD 13k/t before oscillating in a USD 13k-13.15k/t band as the European session continues.
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