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31 May 2021

Copper Price Today: Prints inverse head-and-shoulders bullish pattern on 4H

  • Copper picks up bids inside a bullish chart formation.
  • Sustained trading above 200-SMA, bullish MACD favor buyers.
  • Friday’s low offers immediate support, bulls can aim for $5.00 on a clear breakout.

Copper follows the tune of the commodity basket while printing mild gains, up 0.07% intraday around $4.6740 heading into Monday’s European open.

The red metal’s bounce off $4.5925 portrays a bullish pattern on the four-hour play, namely the inverse head-and-shoulders. However, a clear break above 4.6850 becomes necessary to confirm the run-up towards the $5.0000 psychological magnet.

Although the MACD conditions are favoring the bulls, the monthly high near $4.8880, also the record top, can offer an intermediate halt during a rally past $4.6850.

Meanwhile, pullback moves may swing from the previous day’s low near $4.5925, if not then a 200-SMA level near $4.5035 could test the copper sellers.

In a case where the bearish impulse extends below $4.5035, the monthly low of around $4.4365 becomes the key to watch.

Price of copper: Four-hour chart

Trend: Bullish

May 31, 2021

AUD/USD Price Analysis: Bulls struggle to hold 0.7720 near 50-day SMA

The AUD/USD pair started the fresh trading week on a higher note. The pair recovered a part of Friday’s loss, consisting of 30-pips movement. At the t
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May 31, 2021

Gold Futures: Correction lower in the pipeline

Open interest in Gold futures markets shrunk for the fifth consecutive session on Friday, this time by around 9.2K contracts considering preliminary r
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