Gold, Silver, Copper Rally on Iran Ceasefire Talk

Gold, silver and copper rallied on April 10 after reports that Iran and other parties were holding ceasefire talks, recovering some losses from an earlier profit-driven selloff.

Prices had fallen after Kevin Warsh was named chair of the Federal Reserve, which prompted heavy profit-taking. Metals had already been volatile amid unrest in Greenland and the escalating conflict in Iran, and they did not return to January highs during that period.

Gold staged a rebound after touching its 200-day moving average two weeks earlier. Market participants observed a trading range between $4,400 and $4,800 for signs of a breakout or breakdown. Key resistance lies near $4,850–$4,900, with a short-term momentum pivot at $4,675 and broader support down to about $3,880–$4,050.

Silver has recovered faster than gold and traded inside a daily pivot zone around $75–$79. The 50-day moving average near $79 is the next technical test. A sustained move above $79 could open resistance near $84 and $90; failure to hold the pivot zone could push silver to about $64, with intermediate support near $70–$72 and lower support in the mid-$60s.

Copper bounced after retesting its 200-day moving average last week. Upside momentum depends on a move above the $5.90 momentum pivot and early-January highs around $6.00–$6.10. If those levels do not hold, copper could retest $5.40–$5.50. War-era lows near $5.18 and the 200-day average near $5.24 provide technical floors. Resistance includes $6.40–$6.50 and potential extension to $6.90–$7.00.

Market analyst Elior Manier wrote that recent price action reflected technical dynamics more than headlines and recommended watching the cited levels as traders assess market direction.

Investors and traders monitored ceasefire reports and technical price levels as markets reacted.