Verdict – Short-term neutral, be aware of reversal after Chinese New Year.
DCE iron ore rebounded during the last few minutes due to long positions escaping during the last chance before a week long Chinese New Year holiday. The previous week rebound of iron ore was inline with metals rebound after a positive prediction of global commodity market believing the pandemic recovering. However market will also take risk if the sentiments ended somewhere during this week or early next week. Hourly MACD expanded. Hourly KD also created gold cross above overbought area. Technical signals were indicating the market was neutral after price-in the last few minutes rebound when DCE reopen.
The first support is 1041.0, the first resistance is 1084.5
