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Copper continues to remain under pressure as it sits close to the lows reached at the start of Jan 19. The price action is in a consolidation sideways pattern over the last two weeks, as Copper prices in a slowing weak global economy. This contrasts with US stocks over the last two weeks that has seen a large bounce off its recent lows on the prospects that Powell & the FED are now looking cutting rates in 2019. The prospect of rate cuts is inflationary for hard assets, however Copper is not buying this premise at least for now. Currently the price action for Copper is sitting between 26,680 resistance & 25,940 support. In addition the price is respecting its downtrend line as well. So moving forward we would need to see a clear breakout above both 26,680 & 27,135 resistance, before we see Copper following the bullishness of US stocks. Given the weakness its more likely we see the price move towards 25,940 soon.  Platinum's price action is showing a close resemblance to Copper's price action, as it also has not seen any recent bounce in the last two weeks of trading, while also hovering near its lows reached In Dec 18 & Feb 19. Why this is relevant is because Platinum is utilized in multiple industrial applications in multiple industries within the manufacturing process. So just like Copper, the price action of Platinum at the beginning of the year saw a decent rally and new uptrend formed as the markets were pricing optimism on the global economy based on a trade deal being struck between the US & China. Now the deal has collapsed, the price action has collapsed along with the deal. Platinum is also in a consolidation pattern as it currently is respecting $800 support after hitting $820 resistance last week. Given that global economic macro data remains weak as global trade slows, it likely like copper we see lower prices in the short term.  So if we see a break of $800 support, look for a move towards $780. If we see a move above $820 in the coming weeks, followed by a close above the 52 day moving average price of $845 - $850, then this would indicate a shift in optimism for the global economy. Join the Investing & Trading Community At Guruhaven If you enjoyed this review of Copper & Platinum, that was originally posted for members at Guruhaven, you can join the community free to receive regular macro news, trading ideas, original trading content, chart reviews from Crush The Market and the Guruhaven community of traders and investors. Simply visit Guruhaven using referral code: Crush19 by http://guruhaven.com/membership If you would like to take a look at this week newsletter of some of the best posts on Guruhaven covering JNJ, IBB, NIKKEI, VIX, TLT, DXY and more, simply for the link http://bit.ly/GuruHaven_WNL_15 Disclaimer: Please note all information presented here at Crushthemarket.com, Guruhaven weekly newsletter and within the Guruhaven.com website and its community platform are presented for educational purposes only, and does not represent financial advice in any way. If you require financial advice please seek a licensed advisor who can provide these services.
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