#copperfutures #goldfutures #silverfutures
Weekly – In the down trend. Trade pressures are down but rising. Volumes are bullish for the second week.
Daily – Flat. In the move up from the 2.65 level. Trade pressures are up. Volumes are bearish.
The week saw a rally that spiked above the 2.77 target which then generated profit taking all the way back down to the 2.75 level. The next target up is the same 2.77.
A close below 2.71 would signal lower.
Weekly – Spiked above the 1442 previous high on the expectation of a higher rate cut and Iranian tensions. Trade pressures are up. Volumes are bearish.
Daily – Flat. As with copper, a spike up followed by profit taking. Trade pressures are up. Volumes are bearish.
In a retracement trade down while still in the longer cycle move up. The next target up is 1489.
The next target down is 1399.
Weekly – Almost a one dollar move in one week. Trade pressures are rising but still in the neutral zone. Volumes are bullish.
Daily – Long the break out above the 15.38 triggered the new long entry. Trade pressures are up. Volumes are bearish after the run through multiple targets. The 16.52 target stopped the move and profit taking set in.
The next target up is a retest of the 16.52
A close below 16.12 would signal lower.