At a time when commodities, including precious metals such as gold and silver, have seen some of the biggest drawdowns in recent days, CLSA analyst Laurence Balanco has offered some critical re-entry points investors may consider if they are looking to invest back in these commodities.
This comes after a period of extreme turbulence and a historic drawdown that wiped out months of gains in just a few sessions. Indeed, after peaking at record highs late January, with Gold nearing the $5,600 per ounce and the Silver hitting the $120 per ounce levels, the flash crash triggered by aggressive CME margin hikes and the nomination of inflation-hawk Kevin Warsh as the next US Fed Chair revitalised the US Dollar, thus sending speculative bulls scrambling.
In the midst of this correction, CLSA senior analyst Lawrence Balanco has given some technical targets and roadmaps for not only gold but also silver and copper.
Ideal Levels To Buy Gold
While gold has fallen below the psychological $5,000 mark during the recent rout, Balanco believes the $4,465-4,663 band is an ideal accumulation zone. These levels are expected to serve as a durable anchor for a multi-month consolidation base, giving investors the necessary foundation before the next structural up-leg.
When To Re-Enter Silver?
Gold wasn't the only commodity struggling in the recent rout, with silver also showing a higher level of volatility as it retreated from its triple-digit peak. Balanco has outlined a multi-tiered support strategy for the white metal.
Primary Buy Zone: $74.37–75.00 to $79.32–80.00.
Secondary Support: $66.20 (representing a 62% retracement of the late 2025 advance).
Structural Floor: $50. This level, the legendary ceiling from 1980 and 2011, is now viewed as the "worst-case scenario" floor.
What About Copper?
Balanco has also offered a support strategy for Copper, which signalled near-term exhaustion after a bearing reversal and momentum divergence. However, the long-term thesis remains infact for copper, according to Balanco, who views the $12,162 (50 DMA) level as an attractive tactical re-entry point.
If the 2021–2025 breakout remains valid, the structural upside target for the red metal sits between $16,200 and $16,300.
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