I am calling the bottom in copper price and price just bottomed on Aug 19 (which incidentally is also when spx made the bottom).
The bottom on Aug 19 is also the support level in March 2021 around 3.9585. Aug 20 current price is sitting above MA200. which is a positive sign but we really need to get it above MA50 and the rest to go full on bull from here. However, if it breaks 3.9585 then it could go a lot lower.
Copper and Gold tend to move in opposite direction and generally gold is used as a hedge against recession and inflation, and copper is an indicator of economic activity.
I am expecting to see price to move up from here.
The bottom on Aug 19 is also the support level in March 2021 around 3.9585. Aug 20 current price is sitting above MA200. which is a positive sign but we really need to get it above MA50 and the rest to go full on bull from here. However, if it breaks 3.9585 then it could go a lot lower.
Copper and Gold tend to move in opposite direction and generally gold is used as a hedge against recession and inflation, and copper is an indicator of economic activity.
I am expecting to see price to move up from here.
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