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Hg1

High Grade Copper (HG) prices seen higher in the coming monthsThere has been little change, with High Grade Copper prices balanced around USD2.7000, confluent with the 233-month weighted MA and the (50%) Fibonacci retracement of the 2014-2016 fall. However, the underlying bullish tone is intact, as momentum studies and the positive Tension Indicator, (not shown), continue to strengthen, with clearance of here and the USD2.7220 year high of November 2016 looked for. This will confirm continuation of the January 2016 rally and open up congestion around USD2.8000. Beyond here is the USD2.8555, (61.8%) Fibonacci retracement. Support is raised to the USD2.4800 low of January, and extends to the USD2.4480 low of December. This area should underpin any immediate tests as investors maintain a buy-into-weakness strategy. An unexpected break, however, will delay higher levels, and open up the USD2.3145 high of March, where fresh consolidation should then develop.
COMEX:HG1!
by Michael_Macdonald-XATSUK
2
High Grade Copper poised for further gains in the coming weeksHigh Grade Copper continues to trade higher, with prices now within reach of critical resistances at the USD2.7200 retracement and USD2.7345 year high of November 2016. However, there is risk of a short-term pullback before a clear break is seen, as daily studies become overbought. Support is at congestion around USD2.6000, but slippage beneath here should remain limited, as background readings continue to improve and investors maintain a buy-into-weakness strategy. A later close above USD2.7345 will confirm continuation of the broad 2016 rally, and open up congestion around USD2.8000 as investors adopt an outright bullish stance. Still higher is the USD2.8700, (61.8%) retracement of the 2014-2016 fall.
COMEX:HG1!
by Michael_Macdonald-XATSUK