{"id":13499,"date":"2021-08-12T05:55:00","date_gmt":"2021-08-12T04:55:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=13499"},"modified":"2021-08-12T23:34:40","modified_gmt":"2021-08-12T22:34:40","slug":"copper-technical-analysis-no-buy-signal-just-yet","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/","title":{"rendered":"Copper Technical Analysis – No buy signal just yet"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t

The price of copper<\/a> has been holding above the $400.00 support level despite massive price drops in the value of gold<\/a> and silver<\/a> after last week\u2019s stronger than expected July jobs report from the United States economy.<\/p>

Copper prices have been holding up due to fears about supply disruptions at the world\u2019s biggest copper mine, Escondida, with financial markets worrying about the risk of a labour strike.<\/p>

According to the latest report, a deal may be on the table, as BHP Group Ltd and the union at its Escondida copper mine in Chile said they had reached a tentative agreement for a new contract, although the union will take two more days to submit the new contract to a vote by workers.<\/p>

Other factors are also in play in regard to what is keeping copper price above $400.00 while other precious metals falter, namely the infrastructure bill from the US economy, rising inflation, and also COVID-19 fears, which threatens global copper supply.<\/p>

Sentiment towards copper has been the biggest risk in the market over recent months as the market turned heavily bullish towards the red metal. The herd has now flipped to heavy net bearish, which is a great contrarian sign for copper prices.<\/p>

According to the ActivTrader platform some 60 percent of traders are bearish towards copper. With the current sentiment bias towards copper still bearish, I believe more gains in the red metal remains possible.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t

Copper Short-term Technical Analysis<\/strong><\/p>

The four-hour time frame shows that a large head and shoulders pattern has formed, with bears needing to move the price under the $410.00 level to ignite the pattern.<\/p>

It is also noteworthy that a double-bottom pattern could form if sellers fail to break under the $410.00 level. If this is correct any moves lower could be a buying opportunity for another shot at $450.00<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t

See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t

Copper Medium-term Technical Analysis<\/strong><\/p>

The larger picture for copper prices \u00a0remains very bullish, and continues to show a massive inverted head and shoulders pattern on the weekly time frame, with the price the neckline of the pattern, around the $400.00 level.<\/p>

Additioanlly the Commodity Channel Index indciator shows that copper is oversold technically, meaning it cold be a good time to buy copper over the medium-term.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t

See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

The price of copper has been holding above the $400.00 support level despite massive price drops in the value of gold and silver after last week\u2019s stronger than expected July jobs report from the United States economy. Copper prices have been holding up due to fears about supply disruptions at the world\u2019s biggest copper mine, […]<\/p>\n","protected":false},"author":4,"featured_media":13507,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[109,45,517],"yoast_head":"\nCopper Technical Analysis - No buy signal just yet - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Copper Technical Analysis - No buy signal just yet\" \/>\n<meta property=\"og:description\" content=\"The price of copper has been holding above the $400.00 support level despite massive price drops in the value of gold and silver after last week\u2019s stronger than expected July jobs report from the United States economy. Copper prices have been holding up due to fears about supply disruptions at the world\u2019s biggest copper mine, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-12T04:55:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-12T22:34:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/08\/photo-1613031595598-e3cefbddb22a-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"889\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Copper Technical Analysis – No buy signal just yet\",\"datePublished\":\"2021-08-12T04:55:00+00:00\",\"dateModified\":\"2021-08-12T22:34:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/\"},\"wordCount\":391,\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"keywords\":[\"Copper\",\"Covid-19\",\"US Inflation\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/\",\"url\":\"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/\",\"name\":\"Copper Technical Analysis - No buy signal just yet - Youtrading UK\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/#website\"},\"datePublished\":\"2021-08-12T04:55:00+00:00\",\"dateModified\":\"2021-08-12T22:34:40+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/youtrading.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Copper Technical Analysis – No buy signal just yet\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/youtrading.com\/en\/#website\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"name\":\"Youtrading UK\",\"description\":\"Leaders in Trader Training\",\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/youtrading.com\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/youtrading.com\/en\/#organization\",\"name\":\"YouTrading\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"contentUrl\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"width\":2531,\"height\":570,\"caption\":\"YouTrading\"},\"image\":{\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/YouTradingEnglish\/\",\"https:\/\/www.instagram.com\/youtrading_english\/\",\"https:\/\/www.youtube.com\/channel\/UCc22BNolZpSd33lXc8utUvg\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\",\"name\":\"Nathan Batchelor\",\"description\":\"Nathan Bathelor brings a professional trading background and highly renowned technical analysis with 15 years of experience. He holds a degree in Business and Finance and has an extensive background providing research for prop houses, and fund managers. Nathan previously traded for Drashta Capital, a boutique Hedge Fund based in London and Sydney, and has worked as a FX Market Analyst for a number of leading brokerages in the United Kingdom.\",\"url\":\"https:\/\/youtrading.com\/en\/author\/nathanbatchelor\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Copper Technical Analysis - No buy signal just yet - Youtrading UK","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/","og_locale":"en_GB","og_type":"article","og_title":"Copper Technical Analysis - No buy signal just yet","og_description":"The price of copper has been holding above the $400.00 support level despite massive price drops in the value of gold and silver after last week\u2019s stronger than expected July jobs report from the United States economy. Copper prices have been holding up due to fears about supply disruptions at the world\u2019s biggest copper mine, […]","og_url":"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/","og_site_name":"Youtrading UK","article_publisher":"https:\/\/www.facebook.com\/YouTradingEnglish\/","article_published_time":"2021-08-12T04:55:00+00:00","article_modified_time":"2021-08-12T22:34:40+00:00","og_image":[{"width":889,"height":500,"url":"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/08\/photo-1613031595598-e3cefbddb22a-1.jpg","type":"image\/jpeg"}],"author":"Nathan Batchelor","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Nathan Batchelor","Estimated reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/#article","isPartOf":{"@id":"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/"},"author":{"name":"Nathan Batchelor","@id":"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab"},"headline":"Copper Technical Analysis – No buy signal just yet","datePublished":"2021-08-12T04:55:00+00:00","dateModified":"2021-08-12T22:34:40+00:00","mainEntityOfPage":{"@id":"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/"},"wordCount":391,"publisher":{"@id":"https:\/\/youtrading.com\/en\/#organization"},"keywords":["Copper","Covid-19","US Inflation"],"articleSection":["Commodities"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/","url":"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/","name":"Copper Technical Analysis - No buy signal just yet - Youtrading UK","isPartOf":{"@id":"https:\/\/youtrading.com\/en\/#website"},"datePublished":"2021-08-12T04:55:00+00:00","dateModified":"2021-08-12T22:34:40+00:00","breadcrumb":{"@id":"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-buy-signal-just-yet\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/youtrading.com\/en\/"},{"@type":"ListItem","position":2,"name":"Copper Technical Analysis – No buy signal just yet"}]},{"@type":"WebSite","@id":"https:\/\/youtrading.com\/en\/#website","url":"https:\/\/youtrading.com\/en\/","name":"Youtrading UK","description":"Leaders in Trader Training","publisher":{"@id":"https:\/\/youtrading.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/youtrading.com\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/youtrading.com\/en\/#organization","name":"YouTrading","url":"https:\/\/youtrading.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg","contentUrl":"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg","width":2531,"height":570,"caption":"YouTrading"},"image":{"@id":"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/YouTradingEnglish\/","https:\/\/www.instagram.com\/youtrading_english\/","https:\/\/www.youtube.com\/channel\/UCc22BNolZpSd33lXc8utUvg"]},{"@type":"Person","@id":"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab","name":"Nathan Batchelor","description":"Nathan Bathelor brings a professional trading background and highly renowned technical analysis with 15 years of experience. He holds a degree in Business and Finance and has an extensive background providing research for prop houses, and fund managers. Nathan previously traded for Drashta Capital, a boutique Hedge Fund based in London and Sydney, and has worked as a FX Market Analyst for a number of leading brokerages in the United Kingdom.","url":"https:\/\/youtrading.com\/en\/author\/nathanbatchelor\/"}]}},"_links":{"self":[{"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/posts\/13499"}],"collection":[{"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/comments?post=13499"}],"version-history":[{"count":0,"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/posts\/13499\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/media\/13507"}],"wp:attachment":[{"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/media?parent=13499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/categories?post=13499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/youtrading.com\/en\/wp-json\/wp\/v2\/tags?post=13499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}