- Copper broke strong resistance level 283.00
- Further gains are likely
Copper recently broke through the strong resistance level 283.00 (which has been steadily reversing the price from the middle of September, as can be seen below).
The breakout of the resistance level 283.00 coincided with the breakout of the 38.2% Fibonacci correction of the previous downward impulse from June.
Copper is expected to rise further and re-test the next resistance level 295.00 (former powerful support from last March).