Copper charts (HG1!)ATM to me, copper charts are indicating a...

Copper charts (HG1!)

ATM to me, copper charts are indicating a retest of EMA43 which based on current trend is ~ $4.6. There is selling pressure after RSI entered the overbought indicator on 21/5. I don't see this as being overly out of the ordinary but seems that it could be tied with recent US/China/Russia/Mid East events and returning fears of inflation and higher interest rates. Copper is crucial to the world and is in limited supply compared to needs, IE, just a blip on the short term radar.

HGO charts
I've added some notes but otherwise the chart is unchanged


Charts reflect support of long term trend at ~8.2. EMA43 is currently 7.7 EMA100 is 7.4. Institutional selling pressure was last at 7.8. I think this is the point institutions/larger holders started accumulating - the games.

My interpretation is that supports at 8.2, 7.7 and 7.4 need to hold otherwise 7.2 and 7.0 become possibilities. Based on buying pressure yesterday at 8.3, I think buyers could be drying up and those supports will become crucial to price action in coming days.