Copper price nullifies daily chart breakdown
Last Monday we noted that copper was intact on the bigger picture but breaking down on the daily chart. Then on Tuesday we asked whether the turnaround in long-term yields might have signaled an end to the summer reflationary cool down and resumption of the reflation trades, of which copper is a headline play.
This morning the copper price has popped above the SMA 50, the US dollar is down (but not technically out) and other anti-USD trades (e.g. BTC) are getting big bids.
Interesting to say the least. My favored plan was for stage 2 of the inflation per the message of the 30yr yield Continuum. But I also have an eye on the USD and the Gold/Silver ratio, each of which are logically pulling back this morning but neither of which has broken down.
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