bottom in copper today?
So we may have a bottom in copper today – copper spiked down to 2.877 on some pretty heavy volume and the rebound off that low has been pretty good, now trading around 2.94. Copper needs a close above 2.95 to really cement this rebound. However if it does, silver will likely follow. So far silver has echoed copper today, and as a result we may also see the low in silver too. The fact that silver touched 20.50 (a strong support level) and bounced off it also helps this thesis, plus there was one of those high volume downspikes, which always makes me happy when they get bought.
Of course the FOMC meeting minutes may trump these moves if something shocking develops, but as of right now I think there's a chance our three-day gold correction may be coming to a close. It will depend if traders hold their current positions into the close after that FOMC meeting press conference.
Remember those "copper miners in golden clothing"? They'll probably do well if copper puts in a bottom.