Spot Gold
With the break under 350/52 a deterioration of the technical environment is readable and a fresh base must be formed before a recovery can be seen. Looking at the price action started in May a corrective phase is almost complete and key support is placed now at 340/42 failure to base out above this zone would negate the bullish scenario and thereafter the market would be vulnerable to further drops towards 330/28 (previous cyclical low). From the upside a regaining of the 370 zone would improve the technical environment and a rally towards 400 would be prompted
Copper
While underlying (long tern) trends are slowly improving prices have yet to secure a breach of key resistance at 1760/65 & thus confirm/complete an important base pattern. Recent gains look to have failed once more around 1735 from where the market is dropping back into its well defined range. In effective values are still pivoting 1650 for the timebeing with further re-consolidative activity looking likely in coming sessions. Only a breach of the distant 1550 level would fully negate this bullish outlook but until 1760/65 gives way upside potential will remain limited.
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