Zinc LME Outlook: 2970-2990 target met, bounced back from our support/buy zone

18 Sept 2017

Quite precisely Zinc prices bounced back from our critical support zone of 2970-2990 levels( marked in yellow in previous chart).The prices made a low of 2975 and from there immediately bounced to 3070 levels and now currently trades at 3063.As shared earlier the outlook will remain bullish till the time 2970-2990 mark is holding.

Whats Now?

As seen on the chart, short term bottom has been formed at 2975 and now fresh buying will revive between 3020-3050 for the target of 3120-3140 levels.Overall the trend looks consolidating between 2975-3140.We do not expect it to break 3140 or 2975 either at the moment and it will look to consolidate between the two ahead of the FOMC meeting scheduled for Wednesday.