COPPER
Copper extended recovery into second straight day on Thursday, but gains faced strong headwinds from significant barrier at $3.1033 (daily cloud top / Kijun-sen).
Price pulled back on fresh strength of the US dollar and concerns about weaker demand from China - metal’s top world consumer.
Signals from daily chart are mixed as strong bullish momentum supports the advance, but the price was so far unable to break above a cluster of daily MA’s between $3.0840 and $3.0986 and today’s advance capped by 200SMA.
Risk of deeper pullback would persist while near-term price action holds below 200SMA / daily cloud top.
Boundaries of daily cloud are key, as close above cloud top would generate bullish signal for extension towards next strong barriers at $3.1245 (Fibo 61.8% of $3.1935/$3.0130) and $3.1295 (14 May high).
Conversely, return and close below daily cloud would weaken near-term structure for retest of $3.0335 (15 May low) and possible extension towards $3.0130 (08 May spike low).
Res: 3.0986; 3.1033; 3.1245; 3.1295
Sup: 3.0820; 3.0675; 3.0605; 3.0430
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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