High Grade Copper continues to trade higher, with prices now within reach of critical resistances at the USD2.7200 retracement and USD2.7345 year high of November 2016. However, there is risk of a short-term pullback before a clear break is seen, as daily studies become overbought. Support is at congestion around USD2.6000, but slippage beneath here should...
While I'm generally bulled up on metals but palladium could be running into a right shoulder
One more PQRST pattern developing This time - Elevated ST component likely to be seen
The copper is about to grind out a move in attempt to break a decade long trend line zone. Price is supported near term, but the action is going to become more and more choppy.
Looking for an excuse to get short. The sell off on the dollar today not going to help as yet. Buying interest below 1,140
Today in unusual inter-market relationships we have Copper/Gold vs the US10Y. I need to think about this more to grasp its claims upon reason, if indeed there are any!
On my theme on long metals also having a nibble long at X. Will wait on a move above 37.26 before adding on dips.
Even with gold futures breaking out GDX hints at another leg lower
... Reversal is looking particularly logical over multiple time-frames.
... Presumably this trend has encountered exhaustion, perhaps it is worthy looking for a short term entry with a stop above the high!?!
Goes against my bulled up metals view but will be looking to short above $61. May the meltdown china induced... writing in the tea leaves?
The bounce from the January trendline has accelerated sharply higher, with fresh demand at USD2.2000 pushing prices above critical resistance at the USD2.3235 high of March. Fibonacci resistance at the USD2.6805, (50%) retracement of the 2014-2016 fall has been reached, with potential for still further strength in the coming months towards congestion around...
Seems like it's still short situation on daily TF. SL above 2.6, target -- 2.3 or lower.
After the break above the 2014 high around 1.035 the chart lines up more with expectations. AUD Bullish copper (see "All that glitters") and AUDUSD CAD With NAFTA potentially changing up with Trump in power Won't look to enter unless we get sub 0.975... will be a while but i'm patient