Copper
HG - COPPER FUTURES - BULLISH - LONGWill be looking at long positions for instrument for the following reason.
• It is approaching a point of Major support in the ranging pattern looking back 3 months.
• This is a long-term long swing for me looking forward at least 2-3 months, but it might happen sooner with the recent volatility in the market.
• Looking to catch a long trade of the rejection from the support zone.
o I would need to zoom in to get a better entry point, once price rejects from the support zone.
• Also, I have been studying the Elliott wave patterns, and the 5th wave is usually the point of a major trend reversal.
• Also, there is the formation of the falling wedge pattern which adds to the confirmation of a bullish reversal.
Of course this is purely a technical approach.
**This is just my trading thought process and does not constitute as financial advice.
**Please trade with proper risk management**
Copper: A little further 🤏The price of copper is now falling further and further after initially rising on Thursday. This development is in line with our primary scenario as we expect the low of the magenta wave (x) to be a bit lower in the turquoise target zone between $3.59 and $3.51. Only when it's placed, the price can rise above the resistance at $4.19 and build wave (B) in magenta. A drop to the green target zone between $3.08 and $2.59 should follow from this point.
COPPER 02/10 MovePair : CU Copper
Description :
Symmetrical Triangle as an Corrective Pattern in Short Time Frame and Breakout the Lower Trendline and Completed the Retracement after Impulsive Waves and Correction " wxyxz " , If it Breaks the Lower Trendline of the Correction " Bearish Channel " then sell
HG1! Copper Day Trade 28-Sept-2023TRADE DIRECTION: LONG
Price broke and closed above the Short-Term Trendline (red line). Before that, there were many candlesticks with long lower wicks (yellow eclipses) and bullish reversal candles (green arrows) formed around the lower line of the Parallel Channel (green dashed line), indicating buyers had started to accumulate long positions and sellers took profit off their short positions.
KEY LEVELS:
1. Short Term Trendline (red line)
2. Parallel Channel (green dashed line)
3. Daily Pivot (Traditional Type)
TRIGGER SIGNAL:
Bullish Pin Bar (yellow arrow) and prior bullish reversal candles.
$Copper Trend line break In the context of technical analysis, when CAPITALCOM:COPPER experiences an uptrend trend line break to the downside, it typically serves as a warning sign for investors that the previous bullish momentum may be waning. Such a break could indicate that the asset is shifting from a bullish to a bearish trend. This is often considered a sell signal or at least a reason to reconsider long positions in the asset.
Investors considering this development should look for additional confirmation signals such as increased trading volume during the break, bearish candlestick patterns, or other technical indicators turning bearish, such as the MACD crossing below its signal line or the RSI moving below 50.
It's also advisable to check for any fundamental factors that may be influencing the price of copper, such as economic data releases or changes in market sentiment, to ensure that the technical signal is not a false one.
In summary, a trend line break to the downside in an uptrending CAPITALCOM:COPPER market could be a significant bearish indicator, and investors should exercise caution and consider employing risk management techniques like setting stop-loss orders.
COPPER Two year Triangle is about to break out!Copper (HG1!) has been trading within a Triangle pattern for more than 2 years and recently the price action has gotten so narrow that it prompts to a break-out soon. The 1D MA50 (blue trend-line) has been acting as the Pivot level while the 1D MA200 (orange trend-line) had the last rejection on record on September 01.
The 1D RSI since the May 24 Low has been printing a similar price pattern to July - October 2022 (so far). That fractal was also using the 1D MA50 as the Pivotand after it broke its Resistance, it rose aggressively almost as high as the 2.0 Fibonacci extension. We will purse a more modest target, below the 1.5 Fib at 4.2000. The R/R is worth it as a break below the Higher Lows (bottom) of the Triangle will make us close the trade on minimum loss and open a sell instead targeting 3.5500 (Support 1).
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Silver - A 50% Long Setup. Trade Only. No HODL.In a post on Silver from June, I analyse that a run to $33 is on deck:
Silver - 33 Moons And An Options Opportunity
In the time that has passed, we've had two ~10% bounces that have been sold off.
To me, this is a peculiar pattern for a trendline play that leads to new lows in the immediate term future, and represents confirmation that $33 is on deck.
However, I'm also expecting a very bearish September across all markets, which I outline in a recent call on Nasdaq:
Nasdaq Futures - Are You Prepared For Red September?
Because I believe that we'll have a giant rally that takes out the tops of a lot of things heading into the end of 2023, and 2024 will mark the beginning of the real economic calamity.
When it comes to silver and gold being bullish in the long term, they should be, but the market manipulators will keep price supressed for a few reasons.
The first is that a renaissance in precious metals, or even a bubble in precious metals, will amount to promoting bullion, coins, bills, and even ore. These things are mankind's traditions, and are at odds with the current International Rules Based Order (IRBO) pseudo-Chinese Communist Party culture that more or less wants to install something like a cross between Shanghai's Zero-COVID social credit system and the Taliban.
The second is that China, which is still governed by the CCP and Xi Jinping, has bought an incredible amount of gold in recent times, if reports are true and not fabricated at least.
And so a short raid on precious metals would amount to a de facto economic sanction against China, which the IRBO claims to be de-risking against.
Moreover, if something should happen to the Party, whether that be natural disaster, a greater pandemic, Xi performing a Gorbachev-style coup against the Party overnight, or Heaven finally dealing with the CCP's 24-year persecution and organ harvesting genocide against Falun Dafa's 100 million spiritual practitioners, because China holds so much gold, there will be open selling into the market.
Prices will crash because the very wealthiest families on this planet are safeguards of tradition and will take advantage of the situation to purchase back that physical bullion and jewellery at record low prices amid the chaos.
"Buy when there's blood in the streets, even if it's your own," they say.
So here's the current call on silver.
The fake double top below the early May gap at $25.5~ is definitely manipulation.
It's traded back too far and hasn't shown any bullishness to give us confidence that we're going to go from $23 to $26 or $27 as a breaker pattern.
Because "resistance" has been printed, many very large players and retail traders who are short will position their stop losses over $26 and $27.
This becomes a target.
And in the meantime the goldbug moonboys have long stops under $22 and $21, which just so happens to be an untested gap.
So the trade here is to either look at a short on a retrace to $24 with a target of $21~, or just wait for $21 with a target of $33 by year end.
And then sell it all. Sell your spot. Sell your bullion, if you can't be hedged short.
Silver will eventually truly appreciate, and in a significant way, but it's not very likely to manifest before the new future unfolds.
And so in 2024, we may really see numbers sub $15 again. Ergo, because metals are, in reality, ranging and not trending, it's not a market for "buy and hold" to be an intelligent strategy.
Good luck.
COPPER: Neutral. Wait for a breakout.Copper is technically neutral, as also dipicted by the 1D outlook (RSI = 50.817, MACD = -0.013, ADX = 24.251) inside the HL trendline of the Bullish Megaphone and the LH trendline of the January High. This movement can only offer scalping opportunities.
If you want to commit beyond those, buy over the LH and target R2 on the medium term (TP = 4.1950) and sell under the HL and target S2 (TP = 3.5450).
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Copper 08/09 MovePair : CU - Copper
Description :
It has Completed its " 12 " Impulsive Wave at Fibonacci Level - 50.00 or Demand Zone. Bearish Channel in Short Time Frame and Impulse Correction in Long Time Frame completed its Impulse and Correction at Fibonacci Level - 61.80% it will again make Impulsive move
Industrial metals continue to face headwinds as Chinese data disIndustrial metals were the worst performing commodity sector last month and were down 2.7%1. Over the last six months, the sector is down 15.2% and has created the biggest drag on the overall performance of commodities.
China's real estate sector, once the engine of its economy, is now teetering on the edge of crisis because of excessive borrowing, overbuilding, and a housing slowdown. The government's crackdown on risky practices and sudden intervention in 2020 to prevent a housing bubble have led to over 50 Chinese developers defaulting or failing to make debt payments in the last three years. The consequences include reduced consumer spending due to falling housing prices, disappearing jobs tied to housing, and decreased business confidence. While policymakers have taken modest steps to address the situation, the real estate turmoil has spread to financial institutions and the broader economy, prompting concerns of a larger crisis. A build-up in industrial metal inventories over the last 3 months is consistent with market expectations of ample supply of the metals for the rest of the year, given relatively modest demand. Zinc inventory is up 96% while lead inventory is up 85% compared to 3 months ago.
This is clearly weighing on sentiment towards industrial metals. Copper (COMEX) was down 2.8%1, and aluminium down 2.8%1. The only bright spot in the basket was lead, which was up 3.7% last month. Speculative positioning in COMEX copper has been oscillating between positive and negative territories in recent months and entered negative territory again last month after briefly becoming positive2. COMEX copper inventory is up around 46% compared to 3 months ago. And although copper held in COMEX is one of the smaller stores of the metal, when combining London Metal Exchange, Shanghai Futures Exchange and COMEX, copper inventory is still 27% above where it was 3 months ago.
Nickel was down 5.7% last month1. Although nickel is widely known for its use in electric vehicle batteries, a growing market, it still draws around two-thirds of its overall demand from the production of stainless steel. China's steel market has been facing pressure in August due to continued high steel production despite sluggish end-user demand. Blast furnace utilization rates have risen, but some local mills in key steelmaking provinces like Hebei and Jiangsu have not received official communication about output reductions. Uncertainty surrounds the extent of China's steel output cuts for the rest of the year, with expectations of smaller scale cuts targeting environmentally sensitive regions. Rising steel inventories are attributed to robust production and weak demand. Despite potential production cuts, market sentiment remains cautious due to these challenges, and steel prices have declined. This, in turn, is weighing on nickel.
Source:
1 Bloomberg as of 21 July 2023 to 21 August 2023
2 Commodity Futures Trading Commission (CFTC) as of 15 August 2023
3 change in inventory over the past 3 months by United States Department of Agriculture
This material is prepared by WisdomTree and its affiliates and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date of production and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by WisdomTree, nor any affiliate, nor any of their officers, employees or agents. Reliance upon information in this material is at the sole discretion of the reader. Past performance is not a reliable indicator of future performance.
Copper: Letting go🕊️The copper price is slowly but surely breaking away from our blue target zone between $3.7730 and $3.5445. Since the price has already placed its low of the magenta wave (x) within this zone, we expect significant rises above the resistance at $4.19. It should then go down to our green target zone between $3.0860 and $2.5965.
Copper - Did Social Media Tell You To Long The CCP Again?They call copper "Doctor Copper" because it's said to forecast the overall world economic conditions on account of being tightly wed to manufacturing.
Well, what people are really yammering about with that over the last 20 years is whether or not the Chinese Communist Party is healthy, and the world by proxy being healthy because it tied itself to the most heinous regime in history, the one responsible for the 24-year persecution of Falun Gong by former Chairman Jiang Zemin and the accompanying organ harvesting and genocide.
Unfortunately for all the blind bulls, the early 2021-2022 price action was a pretty good indication of a top, and that top is really confirmed by the fact that since October of '22, this bounce has been pretty weak, and starting this month, with all the drama surrounding the slow collapse of the Chinese economy, took out the previous two months' lows.
Monthly shows you that August price action took both the July and June lows.
Like, that's not the kind of "signal" you want to see to get long for a new all time high.
When something is retracing to take out major highs, you want to see lows rarely violated with something of a freight train towards the old highs.
Weekly bars show us something of a subtle pattern where it looks like it's just taken some lows and is consolidating and continually flirting with going back up.
But in reality the market makers are, most likely, just selling more under the previous $4.00 area.
And if that's really true, it means another gap down is imminent, especially after an entire quarter of ranging.
If you ask me, the first area that you can look for a long that is more than a scalp on copper is under $2.8, which is a critical pivot from September.
And a more likely target in the next 12 months is the $2.00 mark, which was barely swept out in the COVID drama.
The reality is, my friends, the Chinese Communist Party is going to fall overnight in our lifetimes. Not five or ten years from now. But very shortly, and everything is going to change.
Whether that is caused by Xi Jinping throwing away the CCP to protect himself and China from being taken over by the International Rules Based Order as it uses Taiwan as a soft proxy war, or because the whole world collapses under the results of the persecution of Falun Dafa, since everyone's been going to Shanghai to worship the toads and the Devil Red to get financial benefits.
This is the danger.
The danger is imminent.
But copper trades painfully slowly, so if you want to do this you have to have long duration, ignore the noise, and be willing to suffer some drawdown.
China under the CCP is never going to recover. Things are never going to be okay ever again.
Things will be okay once mankind returns to tradition.
But there won't be an international stock market like this anymore that day.
Dr Copper ~ Snapshot TA / Contraction x Expansion = InflectionIt ain't easy being DR CAPITALCOM:COPPER
Peaked in March 2022, only to crash -38% & bottomed-out in July 2022.
Since then it has fluctuated between Contraction (will Global Economy collapse?) versus Expansion (will Global Economy recover?), while also contending with outlook of China's Economy, yeesh lol.
Copper's price action has also been compressing, as descending trend-line squeezes current Trading Range against ascending Parallel Channel.
This suggests momentum will eventually need to "pop" in either direction...but it could also continue trading sideways a little longer while more data is disseminated by Market Makers to make a confident decision, TBC.
Tick tock, time is running out for the Doctor..
Boost/Follow appreciated, cheers :)
AMEX:COPX AMEX:CPER COMEX:HG1! COMEX:HG2!
Gold - The Tea Leaves Say: More Downside On Deck3.5% is a lot in gold, and that's about the range of the total landslide we've been through the entirety of August so far.
It's the kind of pattern where goldbugs and USD collapse narrative nerds go long and go long or hodl and hodl but the price never goes up.
In my last call on gold from the beginning of July, I warned that $2,000 was a death trap. That call was pretty successful, coming just a few dollars shy of the target, abeit it was because the next month's futures contract settled some 2% higher.
Gold - $2,000 Is a Death Trap
And with the index markets at large, I caution that Nasdaq not breaking 15,000 is actually a real bull trap
QQQ - Is It Rally Time? Or Are You Too Early?
With gold, geopolitical risks are heightened because Xi Jinping and the Chinese Communist Party he has yet to throw away bought a lot of gold, and at relatively high prices, according to media reports at least.
And thus, because of this, a form of subtle on-the-low economic sanctions against Xi and/or the CCP can be to devalue the price of gold, which puts the central bank in a bind.
And this is a real problem for China right now with all the other economic catastrophes that land one after another, and the flooding, and the instability, and the posturing of the International Rules Based Order about war/invasion via Taiwan.
The CCP won't invade Taiwan. But China might get invaded by the IRBO via Taiwan.
You might not believe it. But give it some sober thought. Tacticians are tacticians for a reason. Hitting from the shadows and blind spots is a real useful thing.
But for Xi, he can always weaponize the 24-year persecution against Falun Dafa that was launched on July 20, 1999 by former Chairman Jiang Zemin against the entire world.
Because the whole world has been going to Shanghai to train under the Jiang faction for economic and social benefits. Which means a lot of closet skeletons. Which means a lot of data dumps can serve as weapons delivered to international media in the future.
Anyways, here's the call, friends.
Gold is obviously going down and will go down farther. It really looks like it's seeking at least the short term lows, which means $1,900 is longzo-gonzo.
And so on a dump from where we're at at time of posting to, say $1,850, you're getting 5% on a very safe short.
You can short the hole.
And 5% is a lot of money on gold.
Probably only at $1,850 can we look for reversal longs towards new all time highs.
But with how lethargic gold has been, we may very well just have seen the top on the re-run to $2,080.