Copper future march delivery closed down 2.9 percent yesterday in New York at 3.2415 a lb. Today the market is weak also, moving down again consistently. The global economic slowdown is reducing demand of the industrial metal and particularly from US, which uses 15 percent of world output.

We believe in a further downwards movement, first support at 3.1050 but could possibly move down to close the small gap left open on 21st december (green and red lines) at 3.0000. 

Still very volatile the dow jones industrial index during today's session and first white candle after 6 black candles in a raw. The question is: has the fall ended? Or is it just a technical movement after one of the weakest weeks of the last 2 years?

It's hard to say, and we'd better wait a few sessions more to get a better view of the future. It doesn't happen every day to see the DJ industrial index 300 points down, minimum at 11.644,81 and then up to 12.270.  Highest volumes of the past two years. First Target is set at 12.550 that will be reached quickly, above this level the second target is set at the 38,2% of the Fibonacci retracement.

T1: 12.550

T2: 12.840

Last week, in this article, we analyzed the Gold Composite Future. After braking the resistance at 937 it found more space and hit a new record high at 954.05. It is now consolidating in area 935$, where the resistance is now supporting the future- We believe it still has space for its run and we expect it to trade higher hitting a new high.

Support 1: 935

Support 2: 920

Resistance: 954