Unlike the other industrial and precious metals, we’ve covered today, copper continues telling a much more constructive story.
From the monthly perspective, price remains comfortably inside the orange consolidation while holding above the previously broken upper boundary of the pink rising channel.
Yes, July began with a small bearish gap between 625.10-625.40. However, as long as copper continues trading above the upper boundary of the former pink channel – currently located near 605 – buyers retain a solid technical foundation for extending the recovery over the coming weeks.
In our opinion, that support gives bulls enough room not only to challenge the upper boundary of the red declining channel visible on the daily chart, but potentially the upper boundary of the orange consolidation near 671.60 as well.
The long-term trend hasn’t changed.
Long-Term Takeaway
- Copper continues trading above the upper boundary of the former pink rising channel.
- The 605 area remains the first long-term support for buyers.
- As long as that level holds, the broader recovery remains intact.
- The next long-term upside targets are the upper boundary of the red declining channel, followed by the upper boundary of the orange consolidation near 671.60.
- The monthly chart continues to support the current bullish outlook.
Final Thought
One thing stood out across almost every market we analyzed today…
Not direction. Not momentum. Not even volatility.
Confirmation.
Several markets are showing early signs that buyers are trying to regain control. Others continue favoring sellers. But almost every chart is telling the same story: the next meaningful move still depends on confirmation.
That’s one of the biggest lessons in trading. A market can look bullish without becoming bullish. It can look bearish without starting a new downtrend. Price often hints at what’s coming long before it actually confirms it.
That’s why professional traders get paid for waiting.
This week, patience may once again become your biggest edge. Trade what the market confirms… not what you hope it will do.
Stay patient. Stay flexible. And let the market earn your conviction before it earns your capital.
Have a great trading day!
Anna
Source: Original Article
