Copper prices find themselves ensnared in a state of consolidation, steadfastly treading a sideways path, resulting in a series of mixed trades. As of now, the market’s future trajectory remains elusive, and a definitive trend will be challenging to discern until one of the pivotal levels is surpassed. These levels are prominently represented by the 3.6500 support and the 3.9200 resistance.
It’s noteworthy that a breach beneath the current support level could signal a shift towards a bearish trajectory, potentially exposing the market to significant losses that may commence around the 3.5000 mark. Conversely, a breakthrough and sustained position above the resistance barrier would provide the impetus for a bullish run, offering the potential for substantial gains as the price charts a course toward the 4.0200 and 4.3000 levels.
Market participants should prepare for trading within a range bounded by 3.9200 and 3.7000, encapsulating the key price thresholds that will dictate market sentiment.
For the time being, the prevailing outlook for the day appears to be one of sideways movement, with a clear trend yet to emerge.
