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HomeGoldCopper Prices Remain Under Pressure – Forecast for October 28, 2024

Copper Prices Remain Under Pressure – Forecast for October 28, 2024

Copper prices are currently influenced by persistent stochastic negativity, resulting in new negative closes below the $4.3900 barrier. This trend has led to a decline towards the 55-day moving average (MA55), with prices fluctuating around $4.3100.

Ongoing negative pressures could drive the price below the $4.2600 support line, potentially triggering a corrective bearish trend. Should this occur, prices may decline further to targets of $4.1600 and $4.0500. Conversely, if the price manages to breach this support level, it could activate a bullish trajectory, setting sights on $4.4800 as the initial target.

For today, the expected trading range for copper is between $4.2000 and $4.3600.

Trend Forecast: Bearish

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