copper

Technical Analysis – Copper futures lacks clear direction in medium term

Posted on January 24, 2019 at 1:49 pm GMT

Copper futures with delivery in March 2019 have been trading in a consolidation area over the last five months with an upper boundary the 2.8530 resistance level and lower boundary the 2.5480 support. Currently, the price is trying to sink below the 20-simple moving average (SMA) in the daily timeframe, sending the market towards the lower boundary of the range. While the technical indicators continue to slow down, mirroring the market’s weak behavior over the last three days, the RSI indicator [..]

Commodities outlook 2019: Will precious metals shine?

Posted on January 14, 2019 at 2:13 pm GMT

The commodities complex had a particularly volatile run in 2018, with flaring trade tensions, mounting concerns around slowing global growth, and a stronger US dollar being behind the abysmal performance of most commodities. In 2019, the outlook will hinge mainly on how the trade dispute plays out, with precious metals likely to perform well in case global risks remain pronounced, and the dollar soft. Plethora of market risks could keep gold in fashion Admittedly, gold had a rocky year in [..]

Technical Analysis – Copper futures develop in symmetrical triangle

Posted on December 14, 2018 at 11:44 am GMT

Copper futures with delivery on March 2019 have been trading in a symmetrical triangle pattern over the last four months. Currently, the price is trying to slip below the 23.6% Fibonacci retracement level of the sharp downward movement from 3.3290 to 2.5485, around 2.7329 as well as below the 20- and 40-simple moving averages (SMAs) in the daily timeframe. While the technical indicators continue to slow down, mirroring the market’s weak behavior over the last couple of days, the RSI [..]

Technical Analysis – Copper futures extend bearish move; stands below SMAs

Posted on September 7, 2018 at 11:36 am GMT

Copper futures have come under renewed selling pressure, falling back below the 2.7550 resistance level and the 20- and 40-day simple moving averages (SMAs). During yesterday’s session, the 20-day SMA also acted as resistance, hence the near-term upside momentum appears to have run out of steam again as prices have been attempting and failing to close above the line in the past month. From the technical point of view, the RSI indicator has been hovering in the negative territory, while [..]

Technical Analysis – Copper futures extend significant sell-off daily session; trade near 1-year low

Posted on July 19, 2018 at 1:49 pm GMT

Copper futures with delivery in September tumbled towards a fresh one-year low near 2.6700 over today’s trading session and are set to complete the sixth consecutive negative week. Prices remain under pressure as the 20- and 40- simple moving averages (SMAs) in the daily timeframe are acting as significant resistance levels. Technically, momentum indicators are pointing to a negative bias. The RSI indicator is moving in the oversold zone and is pointing south while the MACD oscillator is strengthening its bearish momentum below the [..]

US Open Preview – Pound finds some buyers amid “smooth Brexit” speculation

Posted on July 9, 2018 at 11:36 am GMT

Here are the latest developments in global markets: FOREX: Sterling opened with a positive gap today, following news that the UK Brexit Secretary, David Davis, has resigned. UK Prime Minister Theresa May appeared to have agreed with her cabinet on the Brexit plan on Friday. On Monday, pound/dollar advanced by 0.42%, rising to a 3-week high of 1.3362, with Dominic Raab being appointed new Brexit Minister. The US dollar underperformed on Friday and Monday against a basket of six major currencies, as the US jobs report was [..]

Technical Analysis – Copper futures struggles near 23.6% Fibonacci mark; neutral in short term

Posted on March 15, 2018 at 1:30 pm GMT

Copper futures are challenging the 23.6% Fibonacci retracement level of the upleg at 3.1163 from the low on May 2017 to the high in December 2017. Prices remain under pressure as the 20 and 40 simple moving averages on the daily timeframe are acting as significant resistance levels near 3.1700. Technically, momentum indicators are pointing to a negative bias. The RSI indicator is moving slightly below the 50 level and is pointing south while the %K line of the stochastic [..]

Technical Analysis – Copper pauses its incline move after it posted an almost 4-year high

Posted on January 2, 2018 at 1:40 pm GMT

Copper future contract with delivery in March is clearly in an uptrend since December 5, where it turned increasingly bullish following the rebound on 2.9398. The price snapped the 14 winning days, recording a red session on December 28 after it hit a near 4-year high at 3.3175. In addition, the red metal is still trading comfortably above the 3.2563 support level, however, if the bearish move extends, the aforementioned level could be the first stop. A drop below 3.2563 could [..]

Forex Market Review (European Session) – Dollar and stocks falter; euro and yen shine

Posted on November 15, 2017 at 3:48 pm GMT

Markets remained in risk-off mode in European trading on Wednesday, with risk assets coming under pressure while safe-havens flourished. The US dollar extended its losses against the yen despite another batch of solid data out of the United States today. The euro rallied to a one-month high against the greenback, but the pound remained range-bound. The yen was the day’s strongest currency, though its driver was not the upbeat third quarter GDP figures released in Japan earlier in the day [..]

Forex Market Review (European Session) – Pound tumbles on dovish BoE comments; Fed chair talk drives dollar higher

Posted on October 17, 2017 at 2:37 pm GMT

Sterling took a tumble on Tuesday after Bank of England officials appeared more cautious than anticipated in supporting policy tightening even as UK inflation rose to a 5½-year high in September. The US dollar enjoyed a second day of solid gains as investors speculated that President Trump was considering appointing an inflation hawk as the next head of the US Federal Reserve. The euro meanwhile remained subdued as renewed political risks continued to weigh on the currency. It was a [..]

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