Gold, Silver, Copper, Oil, Uranium – Commodity Piece

Spot Commodities Run Down

A lot of Commodities that we regularly cover (Gold, Silver, Copper, Oil, Uranium) are nearing a turning point. So, we’ve decided to cover all of these 5 commodities (either spot or futures) in this article. In the follow-up Commodity Pieces, we’ll cover the different miners (senior and junior) for a lot of these assets (some from previous articles and some new ones), in order to maximize profits. Let’s first take a look at the technicals for the 5 commodities and then move onto our proprietary Cycles Forecast. If you would like to include intermarket analysis for these assets in your process, please refer to our recent intermarket article that can be found here. Now, it’s time for a commodities run down!

Gold Technicals

Gold has been in slight correction mode since the past couple of weeks (for those that bought our Cycles Forecast or are Founding Members would’ve seen this correction coming). During Gold bull markets (like during the 2000s and early 2010s), a visit to the 9 and 21 EMA on a weekly chart are relatively common and are good buying opportunities. While the 55 EMA on a weekly chart gets tagged relatively much less, it provides an exceptional buying opportunity.

Currently, Gold is nearing its 9 EMA on the weekly chart, which also coincides with the $2270 support level. This would be a good level to add. In the event of further downside, the 21 EMA on the weekly chart coinciding with the $2173 support level is the next level of buying interest. We don’t think the current pullback would go lower than that, but IF it does, then the 55 EMA on the weekly chart would be the area of interest. The upside target in the near-term is the $2575 level, which is the inverted head and shoulders pattern target.

Silver Technicals

Silver has holding up pretty well during its pullback (as anticipated by our Cycles Forecast). It has already tagged the 9 EMA on the weekly time frame, but is still maintain the $26.44 support level. In the event of a deeper pullback, look for the $25.17 level of support, which also coincides with the 21 EMA on the weekly time frame. This would also be a retest of the breakout from the converging triangle. We do believe that Silver is gearing up for another leg up soon, and our next upside target is the $35 region.

On the daily time frame, Silver has just recently tagged the 55 EMA. If this holds, it would be extremely bullish, but the $25.17 level highlighted would definitely be a level we’d be very interested to add more Silver.

Copper Technicals

Copper has been extremely strong in the past few weeks, and our bullishness on Copper has handsomely paid off! You can find our last Copper article here. Now that Copper has sliced right through resistance 1 at $4.29 (which should now be potential support), and has also made a short-lived move above the mid-point of resistance 1 and resistance 2, the technical picture is looking a little over-extended. While we’re not ruling out another impulsive move the resistance 2 (around $4.77), our Cycles Forecast (as shown later in the article) is nearing a consolidation/pullback phase for this metal. A retest of the resistance 1 as support (around $4.29) would be extremely healthy and as far as that level holds, the picture for Copper is still very bullish for the coming months.

In the next section for our paid members, we’ll take a look at the technical for spot Oil and Uranium. Then, we’ll dive right into our proprietary Cycles Forecast for Gold, Silver, Copper, Oil and Uranium so that our members are ready to make money on all these metals for the month of May. Here we go!