Metals shift from safe-haven to risk assets on ceasefire hopes

On April 10, 2026, gold, silver and copper reversed earlier losses and climbed as reports of ceasefire talks in the US‑Iran conflict circulated. The rebound followed a sharp round of profit‑taking tied to Kevin Warsh’s appointment as Federal Reserve chair, which had left metals markets volatile.

Market analyst Elior Manier wrote that around current levels metals are behaving like risk assets. He linked the earlier selloff to heavy profit‑taking after the Fed leadership news and said recent gains have come as ceasefire rumors surfaced.

Gold recovered after dipping to its 200‑day moving average. Technical analysis indicates a near‑term trading range between roughly $4,400 and $4,800 per ounce. Resistance is clustered near $4,850–$4,900, with a higher pivot around $5,100. Supports include the December record at about $4,548 and a long‑term threshold near $4,400; a move below $4,400 would expose downside toward $3,880–$4,050.

Silver has shown greater sensitivity to risk flows. The metal has been trading between about $70 and $79 per ounce and is approaching its 50‑day moving average near $79. A decisive break above that level would open a path toward $84 and possibly $90 if momentum strengthens. Rejection at the 50‑day line would point toward the $64 area, with intermediate support around $70–$73.

Copper staged a notable bounce after retesting its 200‑day moving average. The metal faces a momentum pivot at $5.90 per unit; failure to clear that level could lead to a retest of $5.50 and rangebound trading. Resistance clusters sit near $6.00–$6.10 and record highs around $6.40–$6.52, while major monthly support is near $4.90–$5.00.

Market participants are watching geopolitical headlines closely as recent rallies coincided with reports of ceasefire talks. Elior Manier advised traders to monitor headlines but to avoid relying solely on narratives, adding that price action has been driven by swings in sentiment as well as fundamentals.

Earlier in 2026, metals had been bid amid rising geopolitical tensions. The Fed appointment interrupted that trend through broad profit‑taking, and intermittent ceasefire rumors have since corresponded with relief rallies.