Comex High Grade Copper Price Futures (HG) Technical Analysis – Trigger Point for Upside Breakout is $3.1685

Copper closed lower for a fourth session this week on Thursday, posting their lowest close since February 12, as the U.S. Dollar hit a six-week high and U.S. markets declined.

Early session pressure was also fueled by hawkish-sounding comments from new Federal Reserve Chair Jerome Powell. Copper was able to gain back most of its earlier losses after the dollar weakened in response to U.S. President Trump’s decision to impose tariffs on steel and aluminum.

May Comex High Grade Copper futures ended the session at $3.1230, down $0.0095 or -0.30%.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $3.0980 will signal a resumption of the downtrend. This could create the momentum needed to challenge the main bottom at $3.0465. A trade through this bottom will reaffirm the downtrend.

The main range is $2.9585 to $3.3335. Its retracement zone at $3.1460 to $3.1020 is currently being tested. Trader reaction to this zone will determine the longer-term direction of the market. On Thursday, traders successfully tested the lower or Fibonacci level of this range, putting in a low at $3.0980.

The short-term range is $3.0465 to $3.2905. Its retracement zone is $3.1685 to $3.1395. Overcoming this zone will help give copper a slight upside bias.

Daily Swing Chart Technical Forecast

Based on Thursday’s close at $3.1230 and the price action, the direction of the copper market on Friday is likely to be determined by trader reaction to the Fib level at $3.1020.

A sustained move over $3.1020 will indicate the presence of buyers. This may generate the upside momentum needed to challenge a resistance cluster at $3.1395 to $3.1460. Sellers could come in on the first test of this area.

Taking out $3.1460 will indicate the buying is getting stronger. This could trigger a further rally into $3.1685. This is a possible trigger point for an acceleration to the upside.

A sustained move under $3.1020 will signal the presence of sellers. This could trigger an acceleration into $3.0465. A failure at this price will trigger an even further decline into $2.9585.