Copper: Beyond 9530, price can target the pattern near 9780/9830 – BBH
Source Fxstreet
LME Copper broke out from a base in the form of an Inverse Head and Shoulders pattern recently and marched towards 9530, BBH's FX analysts report.
Upward momentum us prevalent in Copper
"It successfully defended neckline of the formation near 9290 in last pullback. Daily MACD remains anchored within positive territory highlighting prevalence of upward momentum. Defence of 9290 can lead to persistence in up-move. Beyond 9530, next objectives could be located at target for the pattern near 9780/9830 and September 2024 high of 10150."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
Gold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.
Gold Price Forecast: XAU/USD gains momentum to near $5,050 amid geopolitical risks, Fed uncertaintyGold price (XAU/USD) extends its upside to around $5,050 during the early Asian session on Tuesday. The precious metal gains momentum amid growing concerns about financial and geopolitical uncertainty. The US ADP Employment Change and Consumer Confidence reports will be published later on Tuesday.
Gold price (XAU/USD) extends its upside to around $5,050 during the early Asian session on Tuesday. The precious metal gains momentum amid growing concerns about financial and geopolitical uncertainty. The US ADP Employment Change and Consumer Confidence reports will be published later on Tuesday.
Santiment says XRP and Ethereum sit in a 30-day MVRV “undervalued” zone, with XRP at -5.7% and ETH at -7.6%, while Bitcoin is listed at 3.7% and XRP has rebounded above $1.9 after dipping to $1.8 on Sunday.
Bitcoin struggles with precarious positioning amidst macroeconomic volatility, closing the week below key support and setting the stage for potential further declines.
Related Instrument
