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Copper prices continue to fluctuate sideways around the $4.6200 level, showing no significant news or catalysts to drive movement so far. The price is currently attempting to settle below the initial resistance at $4.6600, which increases the likelihood of the bearish scenario unfolding. Initial downside targets are near $4.4500 and $4.3100.
To regain a bullish outlook, copper needs to form strong upward momentum and break above the resistance at $4.9100, holding above that level to pave the way for more substantial gains potentially reaching $5.0300.
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Expected Trading Range: $4.4500 – $4.6800
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Trend Forecast: Bearish
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