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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • $GBP: Yesterday’s YouGov MRP poll highlighted that the projected Conservative majority had narrowed from 359 to 339. Get your market update from @JMcQueenFX here: https://t.co/OsniVa6nk7 https://t.co/qaINQQwEMD
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.02%, while traders in US 500 are at opposite extremes with 76.01%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/F2ZGnDGNHP
  • Brazil cuts lending rates to all-time low at 4.50 percent as expected. BCB sees a gradual economic recovery, says global outlook is relatively favorable for emerging markets - BBG #brazil #BCB #Ibovespa
  • Brazil benchmark rate lending rate cut 50 bps to 4.50% $USDBRL
  • LIVE IN 30 MIN - Join @JohnKicklighter at for live coverage of the #FOMC rate decision and its impact on #Dollar as well as the broader financial #markets - https://t.co/nxPWwCiRf3
  • US Equity Update (Wednesday Close): $DJI +0.10% $SPX +0.28% $NDX +0.63% $RTY +0.10% $VIX -3.06%
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.02% US 500: -0.03% Germany 30: -0.13% France 40: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/JLnVU94v5n
  • Inflation? What? Where? Just about everywhere but the headline CPI figure and in places that actually hit American pockets. https://t.co/5I61Le3UNV
  • ...interest/concern specifically in the Repo Market (according to Google search is the highest since they have records back to 2004 https://t.co/J2sTOVZOQX
  • RT @lisaabramowicz1: The Fed isn't worried about repo disruptions heading into yearend. Repo operations have “gone well so far," and “pres…
Copper (HG) Weekly Forecast: Price May Press Lower Beyond These Levels

Copper (HG) Weekly Forecast: Price May Press Lower Beyond These Levels

2019-12-04 15:00:00
Mahmoud Alkudsi, Market Analyst
Share:

Copper Outlook

Check our latest forecasts for Gold, EUR and USD and find out for free what might move the price in Q4 this year.

Copper Price – Correcting Lower

On Nov 27, Copper corrected uptrend move and created a lower high at $5,968. On Friday, price closed the weekly candlestick with a Doji pattern highlighting the market’s indecision at this stage.

This week, the relative Strength index (RSI) remained nearby 50, reflecting no clear momentum with weak sellers and weaker buyers.

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

Copper DAILY PRICE CHART (Nov 19, 2016 – DEC 4, 2019) Zoomed out

Copper daily price chart 04-12-19 zoomed out

Copper DAILY PRICE CHART (May 6 – DEC 4, 2019) Zoomed In

Copper daily price chart 04-12-19 zoomed in

Looking at the daily chart, we notice on Nov 8 Copper declined to a lower trading zone $5.975- $5.726 .The price found a significant support at the 50-Day average, and yet closed yesterday below the indicator.

A close below the low end of the zone could open the door for sellers to take charge and press towards $5.463. Although, downside move may weaken at the weekly support levels underscored on the chart (zoomed in) as some sellers could take profit at these points.

On the flip-side, a close above $6.079 could embolden more buyers to join the market and push towards the vicinity of $6.074-88. Nevertheless, the daily and weekly resistance level and area marked on the chart should be considered.

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

CoPper Four-HOUR PRICE CHART (Aug 6 – DEC 4, 2019)

Copper four hour price chart 04-12-19

From the four-hour chart, we notice that yesterday Copper rebounded nearby the neckline of head and shoulders pattern .The pattern eyes sending the price towards $5.588 contingent on breaking and remaining below the neckline located at $5.804.

A break below the neckline could press Copper towards of the low end of the current trading zone discussed on the daily chart. Although, the daily support level underline on the chart should be watched closely. On the other hand, a break above $5.924 could cause a rally to the other side i.e. towards the high end of the zone. In that scenario, the resistance level at $5.950 handle should be kept in focus.

Join Me on Friday, DEC 6 at 14:00 GMT. In this session we will talk about most common directional and momentum indicators and how to use them

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.

DISCLOSURES

News & Analysis at your fingertips.