COPPER_ HGU18  #copperfutures

Weekly – Six weeks down and now one week up. Trade pressures are down and trending. Volumes have changed from bearish to neutral.

Daily – Long. The trade above 2.76 triggers the retracement trade up. Trade pressures are up into the neutral zone. Volumes have turned bullish.

The next target up is 2.89. This is a retracement trade, so take the profit at that first target.

Set the stops at the pivot low of 2.67.

[7-29-18: Raise stops to break even at 2.76.]

[8-1-18: stopped out at the breakeven.]

 

GOLD_ GCZ18  #goldfutures

Weekly – In the second leg down. Trade pressures are down and trending. Volumes have changed back from bullish to bearish.

Daily – Flat. The August contract will expire. Close the trade with a small loss. Trade pressures are down. Volumes are mixed neutral to bullish.

The retracement trade didn’t work. Watch the December contract for a new entry.

 

SILVER_ SIU18  #silverfutures

Weekly – Eight weeks down. Trade pressures are down. Volumes are bearish.

Daily – Flat. Trading in a congestion around the retracement long entry. Trade pressures are down. Volumes are bearish.

As with gold, any new long trade is a retracement trade inside the longer cycle move down.

The next target down is 14.81.