Copper price awaits the negative momentum – Forecast today – 9-5-2024

Economies.com
2024-05-09 05:39AM UTC

Copper price still lacks the negative momentum until this moment, to force it to postpone the previously waited correctional decline and continue forming sideways trades by settling near 4.5500$.

  • We remind you that it is important to continue providing negative closings below 4.7000$ resistance and wait to gather the negative momentum, which assists to activate the decline and target many stations that start at 4.4200$ and 4.3000$.
  • On the other hand, breaching the resistance and holding above it will cancel the negative overview, to expect forming new bullish rally that might push it to reach 4.8600$ followed by attempting to press on the previously recoded high at 5.0200$.

The expected trading range for today is between 4.6500$ and 4.4200$

Trend forecast: Bearish

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