Regnevathe2nd

Breakout in Copper ... A Sign of Global Economic Recovery?

OANDA:XCUUSD   CFDs on Copper (US$ / OZ)
The price of copper             is a good proxy for economic activity and hence the health of the global economy. Am tracking the price of copper             for signs of a an economic rebound in the days ahead. My guess is the breakout in price is just a blip and prices of copper             will soon fall to lower levels as we head into the new year.
Comment: Still watching Mr Copper closely for signs of real inflation. It has retreated somewhat from its high of 2.72 a few weeks back. Strong support in the 2.26 - 2.29 zone. Let's see how the price action plays out at this region.
Comment: Copper is now at a very interesting level. Will it breakout and thus confirming re-inflation (good for stocks, bad for bonds and gold) or will it reverse from this level and signal market weakness ahead? Time will tell
Comment: Copper still at a very interesting juncture with a bearish tilt. Two weeks of testing trend line resistance in red and closing below the bullish blue trendline may signal that copper is hitting its limits. A drop here will see copper testing 2.44 and failure will see copper hitting 2.24.
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