Copper price provided a new negative close below the barrier at$5.9700, announcing to delay the bullish attack, to begin activating the bearish corrective trend by reaching $5.7900 initially, approaching the initial suggested target in the previous report.

Stochastic exit from the overbought level will increase the negative pressure on the price, which makes us keep the bearish corrective suggestion, to expect targeting $5.6000 level, to press on the extra support at $5.5100.

The expected trading range for today is between $5.6000 and$5.8600

Trend forecast: Bearish correctly

Upside Targets Frame Next Resistance Zone

Going forward, a bullish continuation of the trend will be triggered on a new high and confirmed with a closing price above $4,643. That would put gold in a position to challenge potential resistance at the next upside targets at $4,664, $4,687, and $4,713. The middle target is the 161.8% Fibonacci extension of October bearish correction. Therefore, the target is derived from a short-term measurement. On the other hand, the two other price targets are from a long-term pattern. Specifically, a 350% extension and 423.6% extension of the decline that began from the 2011 peak of $1,921, respectively.

Longer-Term Projections Extend Bullish Outlook

It remains to be seen if there are signs resistance near either of those price targets but the more recent pattern target of $4,687 might have a good chance of being challenged. Above that next price zone is a $4,766 target, which is the 361.8% projection for a long-term rising ABCD pattern or measured move. It connects the 2018 swing low at $1,160 (A) and 2022 low at $1,615.

Support Levels Reinforce Bullish Trend Structure

On the downside, there are several significant potential support levels for a pullback. Short-term is the recent high of $4,550 and the rising 10-day average at $4,514. A minor swing high is at $4,500 and the 20-day average is at $4,554. Overall, the bulls remain in charge as long as gold stays above the 20-day average on a daily closing basis. Signs of strength suggest that a pullback would likely be shallow and relatively short, if it occurs before new highs.

Signs of Underlying Strength

The recent pullback in October found support near the 38.2% Fibonacci retracement. That is a relatively minor retracement, reflecting strong underlying demand. In addition, a second breakout from a rising trend channel triggered in December and the top of the channel was recently confirmed as support in a similar price area as the 20-day average. That confirms a change in character for the trend. It is gaining strength.

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Fibonacci and ABCD Targets Define Downside Risk

Lower targets start with an 88.6% retracement of the advance at $2.95, that began from the low in August. A little lower is the 100% projection for a falling ABCD pattern at $2.89. That matches a higher monthly low from October and therefore takes on greater potential significance. Given the conviction of sellers during the correction, with sharp declines and a failure of the long-term average, it would not be surprising to see the lower level(s) hit before the correction completes. The speed to the rebound will then provide clues to whether bearish momentum is faltering.

Bounce Potential Remains Within Corrective Structure

Despite the potential for further downside, the area around the trendline could continue to show support, leading to a bounce. Since natural gas has been correcting with a larger bull trend, it is expected to complete the retracement and continue to progress the trend. An advance above Thursday’s lower daily high will provide the next sign of strength, but within a downtrend.

Key dynamic resistance is then at the 10-day average, currently at $3.36 and falling. Short-term downward pressure remains with trading below the 10-day line. That dynamic resistance zone is followed by a lower swing high at $3.50, the 200-day average at $4.54, and another lower swing high at $3.63. A daily close above the first lower swing high at $3.50, as that would confirm a bullish reversal based on structure.

Weekly Close and Momentum Hint at Correction Maturity

Watch how the week ends, as a daily close below last week’s low of $3.13 will confirm weakness on that larger timeframe. The Relative Strength Index (RSI) momentum oscillator is near a level where support was seen during prior bearish corrections and supports the idea that the correction is close to complete. Moreover, the two largest prior bearish measured moves since the 2024 bottom ended with a 46.5% decline and a 40.7% drop price. The current decline shows a 45.3% drop in price since the December peak at $5.50. This would suggest that the current correction has hit a low or is very close to doing so.

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Copper price failed to settle for long time above $5.9700 barrier, affected by stochastic exit from the overbought level, to reach $5.8800 again, which increases the chances of activating temporary negative corrective trading, facing new bearish pressures that will force it to decline towards $5.6000 reaching extra support at $5.5100.

While the price success in surpassing the barrier and holding above it will reinforce it to record new historical gains by its rally towards $6.1200 and $6.2050.

The expected trading range for today is between $5.7500 and $6.000

Trend forecast: Fluctuated within the bullish trend

The EURJPY pair failed to breach the barrier near 185.55, forcing it to delay the bullish rally and activating the attempts of gathering gains by reaching below 184.85, to approach from %78.2 Fibonacci correction level at 184.10.

The contradiction between the main indicators confirms the dominance of the sideways bias, to keep providing mixed trading until gathering bullish momentum, to ease the mission of stepping above 184.85, then wait for targeting 185.50, we should note that the price decline below 184.10 and providing negative close will increase the efficiency of the bearish corrective track, to expect targeting the next support near 183.40.

The expected trading range for today is between 184.05 and 184.85

Trend forecast: Fluctuated within the bullish track

The EURJPY pair failed to breach the barrier near 185.55, forcing it to delay the bullish rally and activating the attempts of gathering gains by reaching below 184.85, to approach from %78.2 Fibonacci correction level at 184.10.

The contradiction between the main indicators confirms the dominance of the sideways bias, to keep providing mixed trading until gathering bullish momentum, to ease the mission of stepping above 184.85, then wait for targeting 185.50, we should note that the price decline below 184.10 and providing negative close will increase the efficiency of the bearish corrective track, to expect targeting the next support near 183.40.

The expected trading range for today is between 184.05 and 184.85

Trend forecast: Fluctuated within the bullish track

Copper price failed to settle for long time above $5.9700 barrier, affected by stochastic exit from the overbought level, to reach $5.8800 again, which increases the chances of activating temporary negative corrective trading, facing new bearish pressures that will force it to decline towards $5.6000 reaching extra support at $5.5100.

While the price success in surpassing the barrier and holding above it will reinforce it to record new historical gains by its rally towards $6.1200 and $6.2050.

The expected trading range for today is between $5.7500 and $6.000

Trend forecast: Fluctuated within the bullish trend