Technicals – turnaround in metal prices underway ?
Last Friday was a significant trading session from a technical perspective for major metal prices. Gold and nickel generated technical buy signals, and the potential exists for copper and aluminium to follow. It is significant, and positive, that this has emerged in a cluster. These potential signals will need to translate to actual signals, but Friday may have flagged the start of a broad turnaround in metal prices. Something to keep a close watch on. In the non-metals commodity space, the WTI oil price generated a technical buy signal last week. It is also worth noting that the AUD/USD generated a technical buy signal last week.
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.