Copper rises on US-China trade talks, progress in Covid-19 treatment
Copper remains in green for the third consecutive day and pressures psychological $3.00 barrier, which was cracked on last week’s spike to $3.0275 (new 26-month high), but rally failed to register weekly close above $3.00 level.
Improved sentiment on US-China’s commitment to their trade deal and progress in the latest global development in treatment and prevention of Covid-19, keep metal’s price inflated.
Bullish daily techs, 10/200WMA golden cross and recent break above thick monthly cloud, support the advance, which needs clear break above $3.00 pivot to accelerate higher.
Res: 3.0000; 3.0028; 3.0275; 3.0438
Sup: 2.9101; 2.8485; 2.8000; 2.7690