Still hostage to trade talk news Following a strong week of price gains last week, aluminium has moved into consolidation mode after finding technical resistance and after optimism over a “phase one” US-China trade deal faded. To unlock more gains, prices now need additional buying pressure to overcome the nearby technical resistance levels, but that would probably need trade deal optimism to return, which may only be a tweet away. Otherwise, aluminium’s focus could swing to retesting the October...
News flow regarding progress, or lack thereof, in US-China trade negotiations continues to determine the mood in the base metals and remains the main source of week-to-week volatility.
Aluminium: Consolidating after short-covering
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