Copper prices surged towards the first additional target at $5.1600 in recent trading sessions, signaling a bullish momentum in the market. Following this upward movement, the price action has exhibited signs of consolidation, settling near the $5.000 level. This sideways movement suggests a brief pause in the rally as traders await further catalysts to fuel upward momentum.
The key level of support remains firmly established above $4.7500, a critical factor underpinning the bullish trajectory of copper prices. As long as this support level holds, the outlook remains favorable for continued upward movement. Investors are eagerly anticipating the accumulation of positive momentum, which would pave the way for a decisive break above the $5.1600 resistance level.
Looking ahead, market participants are eyeing the next major target at $5.5800, with bullish sentiment prevailing in anticipation of further price appreciation. The expected trading range for copper is projected to fluctuate between $4.8800 and $5.1600, reflecting the current levels of support and resistance.
In summary, the trend forecast for copper remains bullish, supported by the sustained stability above key support levels and the potential for further upside movement towards the next major target. Traders are advised to monitor price action closely for any developments that could influence market dynamics and drive future price movements.
