Category: Metals

Metals

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COPPER_ HGU24

Weekly – Still in the December 2023 uptrend but now testing support. Trade pressures are down just below the neutral zone. Volumes are bearish.

Daily – Flat. The move up has failed  Trade pressures are down. Volumes remain bearish.

Decisive break below 4.49 sends price to the 4.26 downside target. The expected oversold levels have declined to 4.25.

A close above 4.32 would signal higher.  The expected overbought levels have declined to 4.70.

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are up.  Volumes are bearish.

Daily – Flat. Crashed down thru the short entry price at 2445, as the US Dollar breaks the downtrend and turns up.  Trade pressures are down.  Volumes are now bearish.

The next target down is 2381. The expected oversold level has risen to 2384.

The next target up is 2467. The expected overbought level has risen to 2495.

 

SILVER_ SIU24

Weekly – Still in the December 2023 uptrend, but turning down.  Trade pressures are down.  Volumes are bearish.

Daily –Flat. Breaks down below the trendline support at 30.53.  Trade pressures down.  Volumes are now neutral.

The next target down is 28.36. Oversold levels are 28.36.

A close above 29.83 would signal higher.  Overbought levels are 30.85.

Metals

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COPPER_ HGU24

Weekly – Still in the December 2023 uptrend. Trade pressures are rising just above the neutral zone. Volumes are neutral.

Daily – Flat. In the new move up from from 4.58.  Trade pressures are down. Volumes are bullish.

Move up not confirmed by the daily. looking for dips to test the LML at 4.42.  The expected oversold levels have risen to 4.35.

A second close above 4.58 would signal higher.  The expected overbought levels have risen to 4.73.

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are now up.  Volumes are bullish.

Daily – Flat. testing the top of the bull flag at 2420.  Trade pressures are up.  Volumes remain bullish.

The next target up is 2467. The expected overbought level has risen to 2432.

A close below 2389 would signal lower. The expected oversold level has risen to 2337.

 

SILVER_ SIU24

Weekly – Still in the December 2023 uptrend.  Trade pressures remain in the neutral zone.  Volumes remain  bullish.

Daily –Flat. In a correction down to 30.62. Trade pressures are up, but declining.  Volumes are now bearish.

Possible lower high. The next target down is 29.85. Oversold levels are 29.61.

A close above 31.30 would signal higher.  Overbought levels are 33.12.

Metals

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COPPER_ HGU24

Weekly – Still in the December 2023 uptrend. Trade pressures are rising to the neutral zone. Volumes are bullish.

Daily – Long. In the move up from from 4.40.  Trade pressures are up. Volumes are bullish.

Got the long entry at 4.40. The next target up is 4.71. The expected overbought levels have risen to 4.64.

Need a close below 4.41 for a new short entry. The expected oversold levels have risen to 4.34.

[7-1-24: Long the HGU24 at 4.40. Set the SL at 4.38.]

[7-2-24: Raise the SL to 4.40.]

[7-5-24: Raise the SL to 4.60.]

[7-8-24: Stopped out overnight at the 4.60 level.]

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are down, but rising.  Volumes are bullish.

Daily – Flat. Broke out to the upside after a move above the January Median Line at 2350.  Trade pressures are up.  Volumes are bullish.

Rallied to the 2390 level into the weekend. The next target up is 2414. The expected overbought level has risen to 2380, so some conflict here.

A close below 2380 would signal lower. The expected oversold level has risen to 2313.

 

SILVER_ SIU24

Weekly – Still in the December 2023 uptrend.  Trade pressures remain in the neutral zone.  Volumes are  bullish.

Daily –Long. In the move up from the 29.51 break on 7/1. Trade pressures are up  Volumes are bullish.

The next target up is 33.37.  Overbought levels are 33.17.

A close below 30.90 would signal lower.  Oversold levels are 29.61.

 

Metals

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COPPER_ HGU24

Weekly – Still in the December 2023 uptrend. Trade pressures remain down. Volumes remain bearish.

Daily – Flat. Still in the move down from 4.53.  Trade pressures are down, but turning up. Volumes are bearish to neutral.

The next target down is 4.26. The expected oversold levels have declined to 4.30.

Need a close above 4.41 for a new long entry. The expected overbought levels have declined to 4.58.

[7-1-24: Long the HGU24 at 4.40. Set the SL at 4.38.]

[7-2-24: Raise the SL to 4.40.]

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are down.  Volumes remain bearish.

Daily – Flat. After selling down to 2303, a decent rally to 2350.  Trade pressures vacillate in the neutral zone.  Volumes remain bearish to neutral.

Rallied to the 2350 level, then some profit taking into the weekend.  The expected oversold level has risen to 2304.

The next target up is 2381. The expected overbought level has declined to 2378.

Volatility is declining.

[6-30-24: Take profits ahead of the contract rollover. Sold at 2334 Sun nite session.]

 

SILVER_ SIU24

Weekly – Still in the December 2023 uptrend.  Trade pressures are down into the neutral zone.  Volumes are  bearish.

Daily –Flat. Failed another attempt to break out of the downward parallel channel at 29.86.  Trade pressures are up but have turned down.  Volumes have returned to bearish.

The next target down is 28.38.  Oversold levels are 29.08.

A close above 29.51 would signal higher.  Overbought levels are 30.58.

Metals

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COPPER_ HGN24

Weekly – Still in the December 2023 uptrend. Trade pressures are down. Volumes remain bearish.

Daily – Flat. In the move down from 4.53.  Trade pressures are up, but turning down. Volumes are bullish to neutral.

The next target down is 4.34. The expected oversold levels have declined to 4.38.

Need a close above 4.51 for a new long entry. The expected overbought levels have declined to 4.65.

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are now down.  Volumes remain bearish.

Daily – Flat. After selling down to 2310, a decent rally to 2340.  Trade pressures vacillate in the neutral zone.  Volumes remain bearish to neutral.

Rallied to the 2380 level. But closed the week with two down days. The expected oversold level has risen to 2303.

Need a close above 2362 to begin a new move up. The expected overbought level has declined to 2390.

[6-27-24; long from 2322 on 6/27 off the over sold level of 2303.]

[6-27-24: Raise SL to the 2330  level.]

 

SILVER_ SIN24

Weekly – Still in the December 2023 uptrend.  Trade pressures are down into the neutral zone.  Volumes are  bullish.

Daily –Flat. Failed attempt to break out of the downward parallel channel.  Trade pressures are up but have turned down.  Volumes have returned to bearish.

The next target down is 28.38.  Oversold levels are 28.05.

A close above 30.68 would signal higher.  Overbought levels are 30.41.

Metals

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COPPER_ HGN24

Weekly – Still in the December 2023 uptrend. Trade pressures are down. Volumes remain bearish.

Daily – Flat. In the move down from the third break lower below 4.6.  Trade pressures risen into the neutral zone. Volumes remain bearish.

The next target down is 4.36. The expected oversold levels have declined to 4.39.

Need a close above 4.52 for a new long entry. The expected overbought levels have declined to 4.72.

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are now down.  Volumes remain bearish.

Daily – Flat. After selling down to 2310, a decent rally to 2340.  Trade pressures vacillate in the neutral zone.  Volumes remain bearish to neutral.

Consolidating around the December 2023 Median line. The expected oversold level has declined to 2298.

The close above 2333 on the two hour chart did signal higher for a counter trend trade.  Tight stops. The expected overbought level has declined to 2398.

 

SILVER_ SIN24

Weekly – Still in the December 2023 uptrend.  Trade pressures are down into the neutral zone.  Volumes are now bullish.

Daily –Flat. In the downward parallel channel.  Trade pressures are down once again.  Volumes remain bearish.

The next target down is 28.38.  Oversold levels are 28.03.

A close above 29.96 would signal higher.  Overbought levels are 30.41.

Metals

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COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures declining into the neutral zone. Volumes are bearish.

Daily – Flat. In the move down from the third break lower below 4.6.  Trade pressures risen into the neutral zone. Volumes remain bearish.

The next target down is 4.40. The expected oversold levels have declined to 4.46.

Need a close above 4.51 for a new long entry. The expected overbought levels have declined to 4.97.

10yr interest rates rise sharply.

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are in the neutral zone.  Volumes remain bearish.

Daily – Flat. After a short rally the move down resumed at 2393.  Trade pressures turn back down and are in the neutral zone.  Volumes remain bearish.

At the the 2313 target. The expected oversold level has risen to 2323.

A close above 2344 would signal higher. The expected overbought level has declined to 2415.

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are just up.  Volumes remain bearish.

Daily –Flat. Moved up to the 32.53 lower high and turned down.  Trade pressures are up but turning down once again.  Volumes are bearish.

Thurs rallied and Friday sold off with the strong jobs announcement. The next target down remains 28.82.  Oversold levels are 28.91.

A close above 29.96 would signal higher.  Overbought levels are 31.36.

Metals

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COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures remain up, but declining. Volumes remain neutral.

Daily – Flat. Attempted a long in the move down, but stopped out for a loss.  Trade pressures are down. Volumes remain bearish.

At the 4.56 target. The expected oversold levels have declined to 4.55.

Need a close above 4.70 for a new long entry. The expected overbought levels have risen to 5.19.

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are up, but turning down and near the neutral zone.  Volumes remain bearish.

Daily – Flat. Stopped out at the 2374 SL for a small gain.  Trade pressures remain down.  Volumes remain bearish.

The next target down is the 2313 target. The expected oversold level has declined to 2310.

A close above 2375 would signal higher. The expected overbought level has declined to 2457.

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are just up.  Volumes have returned to bearish.

Daily –Flat. Moved up to the 32.53 lower high and turned down.  Trade pressures are down.  Volumes are bearish.

Thurs and Friday sold off after the lower high. The next target down is 28.82.  Oversold levels are 28.61.

A close above 31.32 would signal higher.  Overbought levels are 31.89.

 

Metals

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COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures remain up. Volumes are now neutral.

Daily – Flat. Now a 44 cent move down after the spike to 5.19 on Monday.  Trade pressures are down. Volumes are bearish.

The next target down is 4.56. The expected oversold levels have risen to 4.66.

Got the pullback to 4.80, Need a close above 4.84 for a new long entry. The expected overbought levels have risen to 5.18.

[5-28-24: Long from 4.84.]    [SL at 4.80 and stopped out 5-29-24 am for a loss.]

 

GOLD_ GCQ24

Weekly – In the December 2023 uptrend.  Trade pressures are up, but turning down.  Volumes are bearish.

Daily – Short. the break below the 2388 LML started the short trade.  Trade pressures are down.  Volumes are bearish.

The next target down is the 2290 target. The expected oversold level has risen to 2315.

A close above 2355 would signal higher. The expected overbought level has risen to 2546.

[5-29-24: Lower SL to 5388.]

[5-30-24: Lower SL to 2374.]

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are just up.  Volumes have returned to bearish.

Daily –Flat. Moved up to the 32.75 high and turned down.  Trade pressures are down.  Volumes are neutral.

Moved down thru supports just as easily. The next target down is 28.82.  Oversold levels are 29.76.

A close above 31.37 would signal higher.  Overbought levels are 31.60.

[5-28-24: Long from 31.40.]   [5-29-24: Raised SL to 31.88, then stopped out in the AM.]

Metals

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COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures remain up. Volumes remain bullish.

Daily – Flat. Big 30 cent move up after the break above 4.70 on Friday.  Trade pressures are up. Volumes are neutral.

The spike up took price to near the extended target of 5.17. Look for a pull back to 4.80 for a new long entry. The expected overbought levels have risen to 5.04.

A close below 4.92 would signal lower.  The expected oversold levels have risen to 4.55.

 

GOLD_ GCM24

Weekly – In the December 2023 uptrend.  Trade pressures are up, but turning down.  Volumes rare bullish.

Daily – Flat. Stopped out of the long trade for a gain.  Trade pressures remain up.  Volumes are bullish.

The next target up is the upper median line at 2494. The expected overbought level has risen to 2408.

A close below 2388 would signal lower. The expected oversold level has risen to 2311.

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are remain down into the neutral zone.  Volumes have turned bullish.

Daily –Flat. Moved up thru 30.00.  Trade pressures remain up.  Volumes remain bullish.

Moved thru all resistances easily. The next target up is 31.02.  Overbought levels are 28.55.

A close below 30.57 would signal lower.  Oversold levels are 26.89.