COPPER_ HGK18  #copperfutures

Weekly – The weekly uptrend lines are holding support. Trade pressures are down. Volumes have changed to neutral.

Daily – Flat. The spike down to the 2.93 low might be a “wash and rinse”. Trade pressures are down but showing divergence. Volumes have changed to neutral.

Still in the move down with the next target down at 2.81.

A close above 3.03 would signal a new move up. The 200 day is at 3.06, so would want to trade over that as confirmation.

[4-5-18: Closed over the 3.06 level Thursday 3-4-18 which provides the confirmation. Now, looking for price improvement near the 3.03 to enter the long trade. Copper is tracking the S&P 500. Hourly is moving down so look for a reversal. ]

[4-5-18: set the stop at the pivot low of 2.93.]

 

GOLD_ GCM18  #goldfutures

Weekly – Six out of the last eight weeks have attempted to break above the 1367 weekly level. Trade pressures are rising into the neutral zone. Volumes are neutral.

Daily – Flat. The new contract long entry is 1339. Trade pressures have turned down. Volumes have changed to bearish.

Pulling back from an attempt to start a new move up. 1309 is the pivot low. Need a second move up through the 1339 level to restart the move up.

A close below the 1309 pivot would void the move up and signal lower.

No clear trade here. Wait.

 

SILVER_ SIK18  #silverfutures

Weekly – Grinding to the right in a well defined channel. Trade pressures are down but steadily rising. Volumes are bearish.

Daily – Flat. In a pull back after an attempt at a new move up. Trade pressures are down into the neutral zone. Volumes are bearish.

A close below the 16.10 low pivot is bearish and sets up 15.88 as a down side target.

The pivot low is 16.10 and should be support for another attempt at a long entry thru the 16.58 level. the hourly is oversold.

The problem with silver is the daily trading range often exceeds the entry levels and the stops,; usually pass a trade if that happens.