Mar. 18 at 8:59 PM
Breakdown in COMEX Copper joins Gold, Silver and Platinum in weakening as real yields turn back higher and Bund yields on the verge of a major multi-year breakout
@IBDinvestors Investors Business Daily @marketsurge charts of Freeport McMoran
$FCX fell also to the lowest levels of the year & likely show more near-term consolidation following its multi-year base breakout. Selloffs back to
$50 should spell oppty for FCX. IBD Chart access here: https://bit.ly/3zhabe3
Rates turning higher globally as Crude pushes back to 110-115 is something Equities will have to reckon with in the short run, but both precious and Base metals are already quite weak & many stocks gave advance warning signs in weakening ahead of the Commodities
Central banks have trimmed purchases of Gold & we've seen outflows of ETF's. Copper is likely to take a similar path in the near-term & could weaken back to
$4.80 in a giant ABC-type selloff before prices stabilize & can start pushing higher again. #IBDPartner
