Copper prices demonstrated a strong upward trend last Friday, reaching the key resistance level of $4.7000. This level has proven to be a formidable barrier, but a breakthrough could signal the continuation of the bullish trend. If copper surpasses $4.7000, the price is expected to target $4.8200 and possibly $5.0000 in subsequent trading sessions.
Potential Scenarios
However, the persistence of the $4.7000 resistance could hinder further gains. Should copper prices fail to breach this level and instead fall below $4.5500, a downturn could ensue, potentially driving prices down to an initial target of $4.4000.
Trading Range
The anticipated trading range for today is between $4.5000 and $4.8000. Traders should monitor these key levels closely to gauge market direction and potential opportunities.
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