COPPER

Copper price is in strong near-term uptrend from 2.0845 base (20/24 Oct lows) which penetrated into thick daily cloud (spanned between 2.1216 and 2.1692). Today’s fresh bullish action that came after yesterday’s hesitation, shaped in long-legged Doji candle, signals further upside of three-day ascend from 2.0845. Initial bullish acceleration that left long bullish candle on Tuesday (the biggest daily gains after 14 Sep) continues to underpin the action that broke above important daily Kijun-sen barrier at 2.1513 and cracked 2.1571 (Fibo 61.8% of 2.020/2.0845, 10/20 Oct downleg). Daily close above the latter will confirm strong bullish stance for attempts above daily cloud top at 2.1692.
Daily MA’s turned into full bullish setup and support scenario.
However, hesitation ahead of daily cloud top pivot could be expected as Slow Stochastic entered overbought territory and Momentum is signaling possible stall just ahead of the midline.
Broken Kijun-sen line now acts as initial support at 2.1513, ahead of broken 200SMA at 2.1428, which should contain extended corrective dips.
Res: 2.1645; 2.1692; 2.1743; 2.1790
Sup: 2.1513; 2.1428; 2.1378; 2.1295

GOLD
Spot Gold lost traction after repeated rejection at $1276 (25/26 Oct recovery peaks) and slid back to $1265 (today’s low) which lies just above strong $1260 base. Bounce from daily low was underpinned by persisting strong bullish momentum and daily Tenkan-sen that started to head north and currently laying at $1263.
Fresh recovery attempts attack again 200 SMA at $1271, which marks very important barrier that resisted several attacks, as the price was so far unable to sustain break above it.
However, directionless near-term mode could be expected while the price holds within $1260/75 congestion, with sustained break of either boundary needed to establish fresh near-term direction.
Wave principles still support recovery rally stall under $1280 barrier, where the fourth corrective wave from $1241 low should ideally end. This scenario is also supported by rising wedge pattern, formed on daily chart, on recovery from $1241 low (bearish continuation pattern) and strong dollar on expectations of US rate hike.
On the other side, sustained break above $1276 tops and extension above $1280 (Fibo 38.2% of $1343//$1241 descend) would signal fresh extension of recovery leg from $1241 (07 Oct low).

Res: 1276; 1280; 1287; 1292
Sup: 1267; 1265; 1260; 1256

WTI Crude Oil
Oil remains at the back foot and cracks strong support at $49.14 (Fibo 38.2% of $44.18/$52.21 rally / 10 Oct higher low) on extension of Tuesday’s strong fall that left long bearish candle that signals strong downside pressure.
Daily indicators are partially in negative setup and close below $49.14 pivot will signal further downside. Next good support lies at $48.20 (daily Kijun-sen / 50% retracement) loss of which will generate another strong bearish signal.
On the other side, oversold Slow Stochastic suggests that near-term fall might be running of steam, however, near-term price action will remain biased lower while psychological $50 barrier stays intact.
The upper pivot lies at $50.58 (daily Tenkan-sen line) and only firm break here would sideline bearish threats.
Res: 49.49; 50.00; 50.58; 51.00
Sup: 48.40; 48.20; 47.90; 47.25
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