Gold could crash 99.9% in worst-case scenario, this strategist says
Copper
This is such a messy Daily Chart above! I realise that this sort of mess is why Technicians get such a bad press sometimes. It has too many lines and is unclear to some. The problem is that I see all these lines as still valid.
In Feb we had the opportunity to try lower with a great Weekly Key Reversal Down. However, the market chose to ignore that move and reverted back up to recent ranges. I'd put forward the idea that during Feb the market had an attractor level at 7050 which I finessed towards the end of the month to 7005...it just seemed to be the level which once excessive action had run out of steam that we saw prices revert to.
An example of its perfidious nature has been the last three days. We've had two consecutive closes below the recent 50% Fib at 6993 and also the Medium MA (currently 6971)...this should indicate a move lower today but instead what do we have...and Indecisive Doji Cross today. What is there to make your mind up about other than the market does not wish to stray too far from 7005.
There is one other scenario I'd like to mention, I've started to view the whole recent action as a massive curving Topping band. We've moved up and down but we've basically arched. To be clear, we've only recently started to arch over (note Feb's lower high). I'd like to pay more attention to this concept but it will require further market action and time.
Things to remember...as they may intrude in on this market. We have the 2016-to-date Uptrend (currently 6688) and the Long MA (currently 6600) below the market but rapidly ascending. They may well intrude during Mar and you ought to be prepared for their support...or lack of it. With the market less than 200 lower than when we started the month of Feb plus MAs equally mixed - two up and two down - I've decided to move the bullet point above into Neutral until a clearer picture develops...and I can get rid of some of these lines.
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