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Copper Price Maintains Sideways Movement Amidst Absence of Negative Momentum

by Daisy

As of the latest update, the price of copper continues to lack the downward momentum necessary to initiate the anticipated corrective decline, thus persisting in its sideways trajectory, with settlement near $4.5500.

It remains crucial to observe sustained negative closings below the resistance level of $4.7000, awaiting the accumulation of downward momentum to catalyze the anticipated decline and target various levels, commencing at $4.4200 and extending to $4.3000.

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Conversely, a breach of the resistance level followed by its successful retention would negate the bearish outlook, potentially paving the way for a new bullish rally, with targets set at $4.8600, followed by an attempt to surpass the previously recorded high at $5.0200.

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Today’s projected trading range is expected to oscillate between $4.6500 and $4.4200.

Trend Forecast: Bearish

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