Copper rises 2.6% today; extends bull-leg from 2.4475

Slobodan Drvenica Windsor Brokers

Copper accelerated higher today and rose 2.6%, hitting fresh one-month low at 2.6675, on reaction on US President-elect Donald Trump’s news conference yesterday.
Fresh bullish acceleration took out barriers at 2.6113 & 2.6500 (Fibo 61.8% & 76.4% retracement of 2.7125/2.4475 downleg) respectively, in extension of bull-leg from 2.4475 (27 Dec trough).
Strong bullish setup on daily studies favors further upside, with price action being underpinned rising and thickening daily Ichimoku cloud.
Daily close above 2.6500 would further boost bullish structure for extension towards 2.6840 (12 Dec lower top), ahead of psychological 2.7000 barrier and 05 Dec high at 2.7125
Broken Fibo 61.8% level offers initial support at 2.6113, followed by converging daily Tenkan-sen / Kijun-sen lines at 2.5700/62 and daily cloud top pivot at 2.5700.

Res: 2.6675; 2.6840; 2.7000; 2.7125
Sup: 2.6300; 2.6113; 2.5995; 2.5700

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

EUR/USD hovers around nine-day EMA above 1.1800

EUR/USD remains in the positive territory after registering modest gains in the previous session, trading around 1.1820 during the Asian hours on Monday. The 14-day Relative Strength Index momentum indicator at 54 is edging higher, signaling improving momentum. RSI near mid-50s keeps momentum balanced. A sustained push above 60 would firm bullish control.

GBP/USD holds medium-term bullish bias above 1.3600

The GBP/USD pair trades on a softer note around 1.3605 during the early European session on Monday. Growing expectation of the Bank of England’s interest-rate cut weighs on the Pound Sterling against the Greenback.

Gold sticks to gains above $5,000 as China's buying and Fed rate-cut bets drive demand

Gold surges past the $5,000 psychological mark during the Asian session on Monday in reaction to the weekend data, showing that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Federal Reserve expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.