Copper – Turning sharply from the 200 dma target
Copper: Having met the 200 day moving average target, the market has started to turn down and is now below the short term support level at 203. Further losses down towards the 55 day moving average, which is at 173, cannot be written off.
Gold
Gold Future (GCc1): Beginning to rally through the top of the falling wedge pattern which comes in at $888 after having formed positive divergence on the daily chart. A close above there would suggest a test of the 55 dma at $922 and then $960. Should this move up gain strong momentum, a test of $1,004 again cannot be written off.
Gold / Copper ratio – Ready to rally?
As copper fell from the 200 day moving average, Gold rallied yesterday as global markets started to look shaky. This resulted in the Gold / Copper ratio rallying the 200 dma and resistance level at 4.32. Further gains here in the short term would not be surprising. Could we re-test the 55 dma again at 5.4? That is 20% above the current level.
Gold and Copper
Linear Mode
