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HomeLatestCopper Price Faces Solid Resistance: Forecast for July 8, 2024
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Copper Price Faces Solid Resistance: Forecast for July 8, 2024

Copper Price Analysis

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Last Friday, copper price exhibited clear positive momentum, reaching the critical resistance level at 4.7000$. This level now acts as a robust barrier against further price appreciation, pending a breakout to confirm an extension of the current bullish wave. The next anticipated targets for copper are projected at 4.8200$ and 5.0000$.

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It is essential to monitor the price closely around the 4.7000$ level. Sustained consolidation above this resistance will support further upward movement. However, a reversal and break below 4.5500$ would negate the expected rise, potentially leading the price to test the initial support at 4.4000$.

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Expected Trading Range

For today’s trading session, the expected range is forecasted to fluctuate between a support level of 4.5000$ and a resistance level of 4.8000$.

Trend Forecast: Bullish

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