On Christmas Day, the copper market presents a nuanced picture, reflecting a blend of caution and potential in its latest trading session. Copper is currently priced at $3.90414, marking a modest downturn of 0.65%. This movement positions the metal at a crucial pivot point of $3.94, with immediate resistance levels identified at $3.98, $4.03, and $4.10.
These points represent key thresholds that could dictate copper’s near-term trajectory. Conversely, the metal finds support at $3.88, with additional safety nets at $3.84 and $3.78, crucial in halting any further price declines.
Technical indicators offer a mixed view: the Relative Strength Index (RSI) stands at 50, signaling a market perfectly poised between bullish and bearish sentiments.
The Moving Average Convergence Divergence (MACD) is at -0.003, with a signal line at 0.010, suggesting potential bearish undercurrents. However, copper’s current position just above the 50-Day Exponential Moving Average (EMA) of $3.88 provides a glimmer of optimism.
The overall trend for copper remains cautiously bullish, especially if it sustains above the $3.94 mark, indicating the possibility of testing higher resistance levels in the short term.
As global markets continue through the holiday season, copper’s performance will be closely watched, offering insights into broader economic trends and commodity market dynamics.
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