Lead remains under pressure while others end the week on a consolidatory note. 

 

Copper

The intermediate to longer term downtrend structure remains in force and with preliminary indications suggesting the past 5 weeks corrective phase to be drawing to its conclusion, prices appear increasingly vulnerable to renewed bouts of weakness. While local support should again be uncovered in and around the 4,940/60 area, a clear and sustained break beneath here would trigger potentially sharp falls closer to the pivotal 4,730/50 with a close beneath here likely to set up a retest of the March lows in the 4,370/90 region. Near term recovery attempts should meet strong resistance at 5,230/50 then 5,320/40

Trading strategy: Holding shorts looking for initially 4,740 and even 4,400. Protecting above 5,340. 

 

Aluminium

Overall bearish patterns remain  rmly in force with recent recovery attempts considered to have been unsustainable corrective action only. Preliminary indications suggest this to have now run its course with a further challenge of the historically important 1,430/50 area now likely in the coming days. Good support should again be stimulated in this region with only a clear and sustained break beneath here likely to trigger more serious losses and set up a test of the 1,380/90 zone. However, continued success in holding here would encourage the possibility of a bottom being established.

Trading strategy: Having secured pro ts on shorts prefer to await result of fresh test of historic supports ahead of re-entering. 

 

Zinc

The medium to longer term downtrend structure remains  rmly in force with the past month’s strong recovery considered to have been corrective action only. Preliminary technical studies now suggest this short term upward cycle to now be complete with prices vulnerable to renewed bouts of weakness in the days ahead.  

While local support should be encountered at initially 1,830/40 a clear and sustained break beneath here would signal acceleration towards the area of the March lows in and around 1,760/70 where better demand should then be uncovered. Resistance remains in place at 1,970/80 then 2,050/70

Trading strategy: Continuing to re-establish shorts on bounces looking for a retest of the 1,770 area. 

 

Lead

Medium to longer term bearish patterns remain  rmly intact and while shorter term trends are currently rather flat with a period of correction and reconsolidation being experienced, this market is looking vulnerable to renewed bouts of weakness in the days ahead. Believe the historically important 1,550/60 region could come under fresh examination in the days ahead, which if decisively breached would trigger acceleration towards the 1,500 and even 1,450 areas prior to better demand being stimulated. However, until achieved further choppy two-way activity is likely with resistance now at 1,670/80 then 1,750/60. 

Trading strategy: Continuing to utilise corrective rebounds to probe the short side.  

 

Nickel

While the overall bearish outlook remains  rmly in force with little evidence of any bottom to this major downward cycle as yet, shorter term trends have turned up with a period of corrective action currently being experienced. However, strong overhead resistances waiting at initially 12,900/13,000 then 13,400/13,500 should cap gains and unless this upper boundary can be decisively breached this market appears increasingly vulnerable to renewed bouts of weakness in the days and weeks ahead. Nearby support should now be anticipated at initially 11,400/11,500 the again towards 10,800/10,900

Trading strategy: Monitoring the current corrective bounce for opportunity to re-establish shorts.

Tin

While overall technical studies remain decisively bearish with little evidence of a bottom to this major downward cycle as yet, prices look to have uncovered good support on approach to the historically important 13,000/13,100 area with much needed corrective action currently being experienced. However, in the absence of any signi cant basing activity, recovery attempts are likely to prove unsustainable at this stage with strong resistance anticipated at initially 15,500/15,600 then again towards the 17,000/17,100 region with prices remaining vulnerable to renewed bouts of weakness. Support now at 14,000/14,100.

Trading strategy: With pro ts on shorts secured monitoring current correction ahead of re-establishing.

 

Gold

Medium to longer term bullish patterns remain  rmly in force and while prevailing high levels of volatility suggest deep corrective action is likely to be an ongoing characteristic, prices are expected to trend closer to the 1,800.0 region in the weeks ahead. Interim resistance should again be encountered in and around the 1,745.0/50.0 area near term pullbacks should now uncover good support starting in the 1,640.0/45.0 zone. Only a clear and sustained break beneath here would trigger more serious near term falls and set up a fresh challenge of the more important 1,600.0/05. Levels where better demand should be stimulated. 

Trading strategy: Would once again look to probe the long side on corrective dips looking for 1,800.0 region. 

 

Silver

While the overall technical outlook remains clearly bearish with lower targets still readable in the weeks ahead, interim objectives in and around the 11.20/40 area have been ful lled with sharp corrective action currently being experienced. However, this appears poorly based and hence unlikely to prove sustainable at this stage with strong overhead resistances waiting at initially 16.00/20 then on approach to the 16.80/17.00 zone. Unless this upper boundary can be regained prices remain vulnerable to renewed bouts of weakness with support now waiting at initially 14.50/70 then 13.70/90.

Trading strategy: Monitoring current sharp corrective bounce for opportunity to re-establish shorts. 

 

 

Cliff Green Consultancy 2020

The data shown and the views expressed on this sheet are for information purposes only and do not constitute recommendations to trade. Cliff  Green Consultancy does not accept any liability for loss or damage suff ered through any actions taken or not taken as a result of reading any infor-mation provided herein.

 

Monday, 27th April, 2020 Tel: + 44 (0)7710369208    |    Web: www.cliffgreenconsultancy.com    |    Email: cliff_green@hotmail.com

 

 

 

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