Copper prices have begun to reflect renewed bullish momentum, supported by favorable technical indicators. The metal has established a foothold above the $4.660 level, marking an attempt to re-engage its upward trajectory. The 55-period moving average, currently positioned near the $4.5400 support level, continues to offer stability, enhancing prospects for further gains.
If this bullish momentum persists, copper could aim for the next target at $4.7300, followed by a challenge of the 61.8% Fibonacci correction level near $4.8200. However, a sustained move below $4.5400, accompanied by negative closes, would invalidate the bullish outlook and shift the focus to potential declines toward $4.4500 and $4.3100.
Expected trading range: $4.5900 – $4.7300
Trend forecast: Bullish
