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 Seems the ‘Metals’ arena may be nearing a bigger move.

Earlier this week, we touched on the precious metal Silver, and now we will turn our attention to the industrial metal Copper.

Today’s chart is a long-term “monthly” chart of Copper, highlighting why we may be at an important juncture.

As you can see in the chart below, copper has produced a couple of double tops at each (1), as well as some considerable bounces off-price support (green line).

Right now, copper is testing resistance. It’s still in question whether the two longer wicks will produce a double top, or whether this is part of a bullish consolidation construct between $4 and $5.

If it’s a double top, copper could see a large decline. But if it’s bullish consolidation, ethnically copper could be headed to the 1.618 Fibonacci extensions up near $7.

This is shaping up to be another important metals situation. Which way will copper break? Stay tuned!