Copper prices closed lower near the $4.7500 mark in the latest session, reinforcing the prevailing bearish outlook. The sustained failure to breach the key resistance level at $4.9100 has confirmed continued downside momentum.
Despite ongoing mixed signals from key technical indicators, the price action remains consistent with a bearish trend. The next immediate target lies at the 50% Fibonacci retracement level of $4.6600. A confirmed break below this threshold could trigger further downside pressure, potentially testing the 55-day moving average near $4.5400.
Expected Trading Range: $4.6600 – $4.8400
Trend Forecast: Bearish
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