Chart of the Day
Copper (MAY)
Last week, copper looked like it was breaking out a wedge consolidation but China clamping down erased the break. Now it has taken a second run and broken the mid-March high.
At GMTT we went long Copper last Wednesday at 4.04 and our target of 4.23 is reached. Very short term we get the next target of 4.29, while a good close above confirms a move towards 4.46. We suggest raising the protective sell stop to 4.21.
On another note Gold (JUN) – long from 1726 – reached our given target of 1789 and its next upside target is 1806. We raised this morning the protective sell stop to 1774 – but Gold only elects a sell signal below 1759.