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April 24, 2023While in the midst of a 9 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $3.98, Copper is up to $4 per pound, which makes for a move of 0.14%/2 cents today.
Copper's lower Bollinger Band® is at $3.94, indicating that the market is oversold and fertile for new buyers.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts the Copper future to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the CME Copper is expected to pick up significant bullish sentiment in the coming days.
This rally in the Copper future's price coincides with other Metals as having closed the previous session at $1,990.5, Gold is up 0.2% today to currently trade at around $1,994.4. Silver added 0.49% to its value, now trading at $25.18.
Also worthy of note, United States Consumer Confidence projected to come out at 104 — worse than previous data of 104.2; data will be released tomorrow at 14:00 UTC.
Furthermore, the market is looking at United States Building Permits is scheduled for tomorrow at 13:30 UTC. United States New Home Sales (Mar) will be released tomorrow at 14:00 UTC.
The Copper future has shed 6.26% over the past three months.
