In the previous post I noted I am wrong on gold *, at least in-day. In this post I am neither right nor wrong, as the view of copper was that it had dropped to key short-term support; nothing more, nothing less, but was looking suspect.
Well today Doc found his prescription pad and he’s about to start scribbling words like “counter-cyclical” and “bearish”. The problem is this infernal trade war noise (obviously also a factor for gold, going the other way) and its effect on would-be China traders; copper being intimate with that country’s past, present and future. Is the trade war noise or is it going to develop into something real and fundamentally biting to affect the current bullish fundamentals of copper (here I borrow Inca Kola News‘ well studied view).
As with counter-cyclical gold, cyclical copper is signaling the negative stuff today, in-day at least as it loses the 200 day average.
* I still think that more writers and other public figures should try these simple words… “I… was… wrong…” once in a while. We all are sometimes, and it’s okay guys. It unblocks the soul. Guru worship was so 1990s.
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