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Copper Price Edges Closer to Critical Support Level

by Jennifer

The value of copper has manifested a substantial challenge, posing a genuine risk to the integrity of the pivotal support at 3.6400. This jeopardy is underscored by the emergence of a renewed downward wave, further accentuating the prospects of transitioning into an adverse trajectory. Notably, the concerted effort to establish a foothold below the support demarcation finds impetus in the continued influence of prominent indicators, steadfastly perpetuating the negative momentum. Consequently, this juncture leads us to contemplate the impending likelihood of a targeted descent towards the 3.5000 threshold in the near term.

It is pivotal to acknowledge the impending encounter with the 50% Fibonacci correction level, poised to serve as a novel support bastion, mitigating against the intensifying bearish endeavors.

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Within the parameters of today’s trading landscape, the envisaged trading spectrum spans between the cresting threshold of 3.7200 and the nadir at 3.5500.

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Ascertaining the prevailing market sentiment for the day unveils a bearish predilection, an outlook fortified by the unfolding dynamics as observers remain vigilant in monitoring the copper market’s trajectory.

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