#Copper breaks through Resistance on The Monthly Chart — Sept 1. Update
Copper set to break long-term downtrend with move through $3.00 resistance zone
• Copper is making another attempt at breaking through key resistance at the $3.00 level. A monthly close above this zone would break a trendline going back to the 2010 peak, confirming the end of the secular bear market that has been in place since then. The AUD/JPY and AUD/USD pairs are providing cross-asset confirmation for this strength in copper.
Gold and silver poised to resume bullish trend after corrective phase
• Gold and silver are both attempting to break out of short-term corrections from the early August peaks. Daily momentum and trend indicators are confirming that they have likely bottomed and are set to resume their rallies. Gold is facing key resistance in the $2,080-$2,100 zone and silver is facing key resistance around $30.
Breakout in CRB above 160 signals a strategic move into Commodities is well underway.
Evidence of commodity bull market continues to pile up with the CRB Index crossing above its 200-DMA
• The CRB Index is trading above its 200-day moving average for the first time since late January, when its breakdown foreshadowed the risk-off rotation that preceded the March crash. We view this crossover as a bullish indicator for risk assets that should support cyclical sector rotation.
• Crude oil (WTI) is holding above its 200-day moving average as it attempts to break through resistance in the $43 zone. We continue to watch for a sustained break through this level to target a recovery back to the $50 zone. Bullish price action and momentum in the CAD/USD pair continues to provide cross-asset confirmation for our bullish bias on the commodity, although note that the equities remain a lagging sector.
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