Please note: The Copper contract rolled over on Nov 29, 2020 to the Mar 21 contract.
We gave a buy signal early Nov and went long Copper at 2.98.
Our initial upside target was 3.34 then followed by 3.60.
Not all technical indicators lined up, and we took profit once Copper reached 3.34.
However, as we can see Copper moved higher, and we are now looking for a good entry level to go short.
On the chart you can see that the up move is still strong.
We continue to stand aside but like to short Copper on an intraday close below 3.30.
While we are discussing the metals:
Gold contract rolled over on Nov 29, 2020 to the Feb 21 contract.
We continue to see weakness, and Gold reached 1789 but is still trying to find a bottom.
For now, in order to see a bounce Gold needs to hold above 1765.
A close below 1765 indicates another leg lower.
Silver contract rolled over on Nov 29, 2020 to the Mar 21 contract.
Here too is seems to be too early for a low.
We tried to go long last week with a tight stop, which has been stopped out.
Silver needs to hold above 21.85 to see a bounce and to get a confirmation that it has reached a tradable low.
In case Silver closes end of day below 21.85 that would confirm another leg lower.
Copper (MAR) needs an intraday close below 3.30 to go short.
Gold (FEB) needs to hold above 1765 to confirm the low.
Silver (MAR) needs to hold above 21.85 to confirm the low.
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