Technical Forecast for Copper

Copper for August tested recent highs of 319/20 & topped as predicted, holding below the 322 stop level. As expected we tested support at 316.95/65. This has so far held the downside perfectly but today’s outlook remains negative & a break below here looks likely with a gap to fill at 314.70/30. Look for a low for the day here to exit shorts & try longs with stops below 313.80.

 

If we hold on to 316.65 look for a return to 319/320. A high for the day is expected here but shorts need stops above 322 for a test of Fibonacci resistance at 324.