CME Copper trades at $3.87 after United States Initial Jobless Claims falls short of expectations

The Copper future closed out yesterday at $3.84. Today, it reached highs around $3.91 before dropping back to $3.87 per pound.

• United States's Initial Jobless Claims new data released of 242,000 below its previous figure.
• In contrast to today's gains, the Copper future has been on a 3 day bearish trend during which it lost 9.45 cents of its value.

Highly important Initial Jobless Claims data from United States beat analyst expectations of 240,000 with a reading of 242,000. United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five.

Copper made an initial breakout above its 10 day Simple Moving Average at $3.91, a potential indicator of a newly emerging bullish phase. The Copper future's lower Bollinger Band® is at $3.77, indicating that the market is oversold and fertile for new buyers. Despite this, after reaching the known resistance zone beginning at $3.87, CME Copper price action retreated approximately 1 cents.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Copper to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Copper is expected to pick up significant bullish sentiment in the coming days.

Tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 236,000. United States Unemployment Rate expected to decline to 3.6 while its preceding data was 3.5, data will be available tomorrow at 12:30 UTC.

Having closed the previous session at $2,037, Gold is up 0.47% today to currently trade at around $2,046.6. After ending yesterday's session at $1,061.8, Platinum lost $4.3 and is trading around $1,057.5. Silver is up 0.54%.

The Copper future has shed 5.21% over the past three months.