Technical forecast for Copper

Copper for August tested recent highs of 319/20 & failed just below 322. We are overbought short term now so we could see continued profit taking today. Immediate support is 316.95/65 but below here we have a gap to fill at 314.70/30. Look for a low for the day here to exit shorts & try longs with stops below 313.80.

If we hold on to 316.65 look for a return to 319/320. A high for the day very possible here but shorts need stops above 322 for a test of Fibonacci resistance at 324.