COPPER

Copper price pulled back from today’s fresh three-month high at 2.2350, following six straight days of gains on strong recovery rally from 2.0850 (24 Oct low). Correction was signaled by strongly overbought Slow Stochastic that turned lower and daily RSI that reversed at the border of overbought territory.
Strong bullish setup of daily studies sees the move as correction, ahead of fresh attempts higher, as recent rally cracked trendline resistance (bear-trendline connecting 2.3253 and 2.2720 highs of March / July), en-route to 2.2469 (Fibo 138.2% projection of the upleg from 2.0850.
Corrective dips are approaching strong support at 2.2000 zone (former high / Fibo 23.6% of 2.0845/2.2350 rally), loss of which could extend pullback to 2.1777 (Fibo 38.2% retracement), where solid support lies.
Res: 2.2180; 2.2240; 2.2282; 2.2350
Sup: 2.2060; 2.2020; 2.1980; 2.1810

GOLD
Spot Gold extended strong bullish acceleration driven by risk aversion for the second day and came close to strong resistances: psychological $1300 barrier (reinforced by falling 55SMA) and $1304 (Fibo 61.8% of $1343/$1241 fall).
The rally broke above $1292 barrier (50% retracement) following yesterday’s close above $1280 (Fibo 38.2% of $1343/$1241) that generated strong bullish signal.
Firm bullish sentiment keeps focus at the upside, with today’s close above $1292 to confirm strong bullish stance for attack at $1300/04 pivots.
Hesitation on approach to these barriers could be anticipated as Slow Stochastic is breaking into oversold territory.
Broken $1292 barrier marks initial support, followed by session low at $1287 and broken daily Kijun-sen line at $1284.
Res: 1297; 1300; 1304; 1307
Sup: 1292; 1287; 1284; 1280

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