Spot Metals : Copper

Copper took over when gold and silver stared to pullback late last week, closing on the inauspicious number 444 (for Chinese).

Trade View
• The risk trade metal posted an impressive weekly rebound as can be seen on the chart, but unless we see the Shanghai Composite Index rally above 2940 (closed last week at 2878) and gold fall easily below 1400, there is a possibility we will enter a sideways move with relatively high volatility, as the ‘risk on, risk off trade plays out with news flow from the middle east.
• On a VST basis a move from 444 to 451 or so, even 455 looks possible from a purely technical perspective, with initial support at 440-441 then far off at 434-435

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