Copper: Fundamentals Vs. Technical Analysis
AvaTrade | Feb 24, 2015 05:16AM ET
Copper is trading lower today ahead of the Yellen testimony and the fact is that we may hear more hawkish tone from her in the light of economic data which we have received so far. A hawkish view by her could make the dollar stronger against base metals and thus could trigger more sell off.
Another fact which is pushing the copper price lower is the weakness in the copper demand as the manufacturing index in china is still not showing any promising signs.
h3 Technical Analysis /h3Copper is trading in a downward wedge pattern on a 60 minute time frame.
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
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