Gold seems to continue to run. The upside resistance could be in the USD/oz 2160 to 2200 range - possibly an overshoot to 2300. I personally see prices heading towards 3000 by 2025, but that's another story.
What is copper doing after this endless back and forth?
I have added 2 charts. We are approaching USD/lb 3.90. I see resistance at 3.90 - then around 3.97. 4.00 is more psychological - the zone around 4.03 is more decisive. Above 4.10 we would see a clear buy signal. Where could this end? Depending on whether the breakout is rather violent (which I would almost think after such a long back and forth phase) or whether the movement is rather gentle - prices around 4.30-4.50 could be possible in the next 6-8 weeks or so.
The lower chart (gold vs. CU) could indicate that gold is about 1 to 2 weeks ahead of the copper price trend. If there is a correlation. I think it is worth keeping an eye on the development.
I can't imagine that a run by CU above the USD/lb 4.00 mark could be without any influence on HMX (and other explorers). Furthermore, some experts are of the opinion that 2024 offers a whole bundle of opportunities - especially for junior explorers and/or developers - less so for the "big boys". We shall see.
HMX Price at posting:
4.0¢ Sentiment: Buy Disclosure: Held
