Michael_Macdonald-XATSUK

High Grade Copper poised for further gains in the coming weeks

COMEX:HG1!   Copper Futures
High Grade Copper continues to trade higher, with prices now within reach of critical resistances at the USD2.7200 retracement and USD2.7345 year high of November 2016.

However, there is risk of a short-term pullback before a clear break is seen, as daily studies become overbought.

Support is at congestion around USD2.6000, but slippage beneath here should remain limited, as background readings continue to improve and investors maintain a buy-into-weakness strategy.

A later close above USD2.7345 will confirm continuation of the broad 2016 rally, and open up congestion around USD2.8000 as investors adopt an outright bullish stance.

Still higher is the USD2.8700, (61.8%) retracement of the 2014-2016 fall.

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