Copper Technical Analysis – Chinese big easing measures trigger a strong rally ...Middle East

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Copper Technical Analysis – Chinese big easing measures trigger a strong rally
Fundamental OverviewLast week, the PBoC announced lots of easing measures ranging from short to long term interest rates cuts. Copper rallied strongly as China makes up for more than 50% of copper demand. Things are starting to look better for the market as we have also the Fed cutting rates into a resilient economy. Central bank easing generally leads the manufacturing cycle, so we can expect global growth to pick up. All these reasons should be bullish for the market and support prices in the next months (barring a recession). Copper Technical Analysis – Daily TimeframeOn the daily chart, we can see that copper rallied all the way up to the 4.70 level following the Chinese easing measures.

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