COPPER_ HGK16

Weekly – Has moved up to touch the downtrend resistance line and has closed above the 25×5 moving average. Trade pressures are up but extended. Volumes remain bullish.

Daily – Flat. Have reached the 2.32 extended target; That price level with the weekly at the downtrend line should generate some consolidation and perhaps a pullback.

Trade pressures are still trending up with a downward bias. Volumes remain bullish.

2.27 is a trigger for a new move down.

 

GOLD_ GCK16

Weekly – In the uptrend. After two weeks of neutral volume perhaps indicating some distribution, bullish volumes returned for the next three weeks. Trade pressures are up and extended. The next weekly target up is 1319.

Daily – Flat. Still in the uptrend and still watching the 1253 level for a downside trigger. Price has pulled back above the trigger giving another chance to take a short. Trade pressures are down but rising. Volumes have been neutral to bearish.

Until the 1197 downside resistance is taken out Gold is still in an uptrend, so any short is a counter trend move. Watch for a spike up to indicate some exhaustion and then consider the short.

 

SILVER_ SIK16

Weekly – Trading side ways. Trade pressures are up but declining. Volumes remain bullish.

Daily – Flat. Trade pressures are down. Volume are mixed bearish and bullish.

Congestion and high volatility. Stay away.