| 
February 22, 2023
During a 9 day uptrend, Copper gained a total of 21.5 cents, or 4.5%. Now turning against its recent performance, Copper drops from $4.23 to $4.19 per pound, losing 3.45 cents (0.82%) today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
While price action maintains a negative bias, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Visual analysis of the Copper future's chart shows that Copper reversed direction at $4.18 support zone and climbed 2 cents above it. Trend-following investors would be interested to note that investors are seeking long positions as Copper price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Price action remains constrained around the key Fibonacci level of $4.21 currently serving as support. If price action breaks below, the next Fib hurdle is $4.03. Analysis based on the asset volatility indicates that Copper's upper Bollinger Band® is at $4.22 which indicates a further downward move may follow.
Notwithstanding CME Copper's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Positive performances can be seen by looking at other Metals markets as Platinum gained 1.16% and is currently trading at $959.6. Gold improves 0.4% to trade around $1,850.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to come out at 1.17 million — worse than previous data of 16.28 million; data will be released tomorrow at 16:00 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 194,000. New data is set to be published tomorrow at 13:30 UTC.
Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
The Copper future has managed to gain 10% so far this year despite trading at lows around $3.21 previously.
