Gold's rally may just be beginning, with key profit-taking levels in sight—where should you cash in?
GOLD UPDATE
Yesterday, we highlighted the 4400–4300 area as our ideal buying zone, and the market responded well, with a low printed at 4418.
We also noted that a daily close above 4600 would likely initiate another impulsive rally, which is now underway.
As the move extends higher, the first areas to begin taking partial profits are:
- 4950–5000 (clearly visible on both the weekly and daily charts, just below the circumference)
- More importantly: 5200, where we would also consider initiating short positions
- All long-term stops should be placed at 4440, based on a daily closing basis
Overall, the structure remains constructive in the near term, with clearly defined levels for both profit-taking and potential reversal zones.
SILVER UPDATE - 3/02/26
Yesterday, we identified the exact bottom around 72.00, as highlighted in the yesterday's update. Today, price has already reached the first resistance level at 86.00.
We remain constructive, but would advise closing long positions if price reaches the 99.50–100.00 area.
- If long, all stop levels should now be moved to 79.00, based on a daily closing basis
The structure continues to support further upside in the near term, while levels are clearly defined for disciplined trade management.
GOLD/SILVER RATIO - 3/02/26
A quick look at the gold–silver ratio shows that the trend remains firmly bearish. This outlook will not change unless we see a weekly close above the blue dashed mathematical trend line, which currently comes in around 66.00.
- First major support: 50.00
- Monthly chart target: ~41.00 during March
While it is not certain that the 41.00 level will be achieved, it remains an important reference point on the monthly timeframe and should stay on the radar.
Overall, the structure continues to favor silver outperformance unless the ratio reclaims key resistance on a weekly closing basis.
COPPER UPDATE - 3/02/26
We have been long since yesterday, and the 5.60 level has once again proven to be strong support, as indicated by both the weekly and monthly charts.
We previously highlighted 6.10 as the first area for profit-taking. That said, we believe the move has the potential to extend further and retest the 6.40 area.
- All stop profits should now be moved to 5.80, based on a daily closing basis
Overall, copper continues to display relative strength, with higher timeframes supporting further upside while risk is now clearly defined.
