Metals Face Short Term Downward Pressure
February 26, 2014 3:55 pmVideo
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February 26, 2014 – Commodities News
Copper has been fluctuating today as traders continue to evaluate downside risk after yesterday’s currency crisis in China. As China is the world’s largest consumer of copper at 40% of global demand, contractions in economic activity can cause substantial drops in the price of copper. Given the Chinese governments recent attempts to cool off the housing market, the commodity has been facing significant downward pressure recently. This is further exacerbated by perceived weakness in the US economy, which accounts for the second largest consumption of copper. Consequently, despite recent ranging, the metal will experience some more downward momentum in the future. Look for support at 3.197 and resistance at 3.296.
Gold has been downward pressure since the European session as traders anticipated the results of US New Home Sales data. Despite better than expected numbers, the yellow metal is ranging now as most of the movement was already priced into the market. Keep in mind, the bearish sentiment on gold today represents somewhat of a change in trader perception about the commodity’s performance. Gold has been climbing recently as many investors are fleeing dollar denominated assets due to anxiety about the strength of the recovery in the US. The overall pressure may still be upward, but it will be important to pay attention to data coming out later in the week to better understand gold’s future movement. Take specific note of the US Initial Jobless claims data and Core Durable Goods data coming out at 13:30 GMT tomorrow and the 15:00 testimony by Fed chairman Janet Yellen. Look for support at 1328.8 and resistance at 1331.1.
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