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Scrap Bare Bright Copper Idx (CUPAUSY1.CM)
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Scrap Bare Bright Copper Idx Futures Market News and Commentary

Dollar Edges Lower and Gold Soars on Weak U.S. Economic News

The dollar index (DXY00) on Friday fell by -0.25%.  The dollar retreated from a 1-1/2 week high Friday and posted moderate losses on weaker-than-expected U.S. economic news on Feb ISM manufacturing, Jan construction spending, and the University of Michigan U.S. Feb consumer sentiment.  A decline in T-note yields Friday also weighed on the dollar.

The U.S. Feb ISM manufacturing index unexpectedly fell -1.3 to 47.8, weaker than expectations of an increase to 49.5. 

U.S. Jan construction spending unexpectedly fell -0.2% m/m, weaker than expectations of +0.2% m/m and the biggest decline in 15 months.

The University of Michigan U.S. Feb consumer sentiment index was revised downward by -2.7 to 76.9, weaker than expectations of no change at 79.6.

Atlanta Fed President Bostic said the Fed needs to hold interest rates higher for longer, so inflation recedes further and it won't have to go back and raise rates again.

Fed Governor Waller said he would like to see... Read more

Price Performance

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Period Period Low Period High Performance
2.6256 +7.19%
on 08/08/22
2.8143 unch
on 09/06/22
+0.1887 (+7.19%)
since 08/05/22
2.5978 +8.33%
on 07/29/22
3.7426 -24.80%
on 06/16/22
-0.7493 (-21.03%)
since 06/06/22
2.5978 +8.33%
on 07/29/22
3.9528 -28.80%
on 03/10/22
-0.6658 (-19.13%)
since 09/03/21

Benchmark National Price Indexes

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 56% Sell with a Weakening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

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Key Turning Points

3rd Resistance Point 2.8143
2nd Resistance Point 2.8143
1st Resistance Point 2.8143
Last Price 2.8143
1st Support Level 2.8143
2nd Support Level 2.8143
3rd Support Level 2.8143

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52-Week High 3.9528
Fibonacci 61.8% 3.4352
Fibonacci 50% 3.2753
Fibonacci 38.2% 3.1154
Last Price 2.8143
52-Week Low 2.5978

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