News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/ukvZfr6BXf
  • BoE’s Tenreyro says evidence on negative rates are “encouraging” Meanwhile, STOXX Europe Banks Index resides at all time lows https://t.co/bBYcLrtXhj
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:https://t.co/QQwAZTxZFg https://t.co/yy0FTn9Pnp
  • Anti-fiat #gold prices suffered the worst week since August as the US Dollar gained ground. Will losses extend? All eyes turn to fiscal stimulus hopes and non-farm payrolls data. Get your #metals update from @ddubrovskyFX here: https://t.co/054CJvOWw4 https://t.co/BzODShHmqH
  • The US Dollar could gain as it forms bullish technical formations against the Singapore Dollar and Malaysian Ringgit. USD/PHP may have bottomed, will USD/IDR rise next? Find out from @ddubrovskyFX here:https://t.co/3UIKmbLIvD https://t.co/me8wMRpJjE
  • What is seasonal change in volatility. Are we going through one right now? Find out: https://t.co/G0qfpOmMl2 https://t.co/HXCQzUQgxA
  • The US Dollar will be bracing for a cascade of political risks including the first presidential debate, ongoing stimulus talks, the Supreme Court vacancy against the backdrop of key employment data. Get your #currencies update from @ZabelinDimitri here: https://t.co/quU4MmUjxA https://t.co/jF6ubwRz1P
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/3wsYlSxd26 https://t.co/PfIVibmqn1
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/lKvEMf4QRe
  • Weakness in equity markets continued last week as losses built and technical patterns hint further bearishness might be ahead. Get your #equities update from @PeterHanksFX here: https://t.co/GGVrB3r7if https://t.co/HPHUC8EG3o
Copper Price Forecast: Eyeing a Test of the Yearly Support

Copper Price Forecast: Eyeing a Test of the Yearly Support

2019-07-09 15:30:00
Mahmoud Alkudsi, Analyst
Share:

Copper Price Forecast

  • Copper chart and analysis.
  • Copper’s price may be on its way to test its lowest price in over six months.

Did you check our latest forecasts on USD and Gold? Find out more for free from our Q3 forecasts for commodities and main currencies

Copper Price – Sellers in Charge

On July 2, Copper opened with a breakaway gap at $5,940, indicating to a possible start of a downtrend. Today, the price opened with a runaway gap at $5,881 highlighting the sellers are still dominating.

On Wednesday, the Relative Strength Index (RSI) U- turned before testing 50. Today, the oscillator is at 36 nearby the oversold territory indicating to strength of the bearish momentum.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Copper DAILY PRICE CHART (July 4, 2018 – JUly 9, 2019) Zoomed out

Copper price daily chart 09-07-19 Zoomed out

Copper DAILY PRICE CHART (Mar 27 – JULY 9, 2019) Zoomed In

Copper price daily chart 09-07-19 Zoomed in

Looking at the daily chart we notice on last Monday Copper broke below the neck line of the double top pattern neck line discussed at the last week update at $5,961.

Yesterday, the price showed more weakness after closing with a bearish Doji pattern. Therefore, a close below $5,792 might see the price trading towards its lowest level printed this year at $5,726. Further close below this level could pave the way towards 5,630, nonetheless, the weekly support levels underlined on the chart (zoomed in) should be watched along the way.

On the flip-side, a close above $5,975 could cause a rally towards $6,088, although; the weekly resistance levels highlighted on the chart need to be kept in focus.

Just getting started? See our Beginners’ Guide for FX traders

CoPper Four-HOUR PRICE CHART (June 10- JULy 9, 2019)

Copper price 4H chart 09-07-19

Looking at the four-hour chart, we notice yesterday Copper rallied towards $5,946 then reversed its move losing all daily profits. Today, the price continued its fall moving to a lower trading zone $5,792 - $5,956 eyeing a test of the low end.

A break below the low end might send the price to test its yearly support at $5,726, contingent on clearing the weekly support levels marked on the chart. See the chart to know more about the key levels if Copper probs two- year low.

In turn, a break above the high end of the aforementioned trading zone could cause a rally towards $5,911, however; the daily resistance at $5,880 needs to be considered. See the chart to find out more about the next significant resistance levels if the rally continued above mentioned levels.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkud

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES