Copper Price Outlook: Uptrend Pauses After Printing Two-Month High
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Copper Price Forecast
- Copper chart and analysis.
- Copper’s price action.
Copper Price – Stalled Upward Move
On July 17 Copper started an upward trend as expected in our previous update after creating a higher low at $5,928, then on Friday the metal spiked and printed $6,171- its highest level in over nine weeks however, the price slipped back after falling below 6,100 handle.
Alongside this, the Relative Strength Index (RSI) rose to 61 then U-turned to 52 emphasizing the lack of momentum to keep pushing the price higher.
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Copper DAILY PRICE CHART (July 15, 2017 – JUly 23, 2019) Zoomed out
Copper DAILY PRICE CHART (APril 1 – JULY 23, 2019) Zoomed In
Looking at the daily chart we notice today Copper eyes the low-end of the current trading zone $5,975 - $6.088. Therefore, a close below the low end could press the price towards $5,911 although, the weekly support level underlined on the chart (zoomed in) needs to be considered. See the chart to find out more about the next significant support the price may face in a further bearish scenario.
On the flip-side, any failure to close below the low-end of the zone may cause a rally towards the high-end however, the daily resistance level at $6,030 needs to be monitored. See the chart (zoomed in) to know more about the next key resistance the price could encounter in a further bullish scenario.
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CoPper Four-HOUR PRICE CHART (June 28 - JULy 23, 2019)
Looking at the four-hour chart, we notice Copper's descending course after failing twice since Friday in close above the high-end of the aforementioned trading zone. Therefore, a break below $5,943 may send the price towards the July 12 low at $5,912 however, the July 17 low underlined on the chart needs to be watched closely.
In turn, if Copper breaks above $6,051 this could cause a rally towards $6,123 nonetheless, the high-end of the trading zone highlighted on the chart needs to be kept in focus.
Written By: Mahmoud Alkudsi
Please feel free to contact me on Twitter: @Malkudsi
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.