Silver (SI) is consolidating for a 2nd straight day, hesitating after bumping up against descending wedge resistance (on the weekly chart). Any break of upchannel support (on the 4hr chart) today will deepen SI’s profittaking…
Natural Gas (NG) is slowing in its slide from its 2022 high in August near the psychologically key 10 whole figure level, with a bit of short covering likely ahead of Thursday’s widely anticipated weekly storage. Nevertheless, NG appears vulnerable to deepening in its consolidation post-storage below the August low…
Gold (GC) is trying to halt the slide from the August high but remains vulnerable to drifting back to the 2022 low (formed in July). Any break though above descending wedge resistance (on the 4hr chart) ahead of the weekend will dramatically increase odds for a weekly close above descending wedge resistance (on the weekly chart) sometime in September…
Natural Gas (NG) reversed more than 5% lower yesterday after getting rejected at the psychologically key 10 whole figure level. NG is suddenly forming a weekly Gravestone after just having reached a fresh 2022 peak yesterday, and is vulnerable to more healthy profittaking ahead of and following Thursday’s widely anticipated weekly storage…
Silver (SI) is consolidating just above descending wedge resistance (on the weekly chart), making progress in its efforts to form a major bottom. Another weekly close above the psychologically key 20 whole figure level will dramatically increase the likelihood of a test sometime in August of the 38.2% Fib retrace of the March to July slide…
Silver (SI) is consolidating just above descending wedge resistance (on the weekly chart), making progress in its efforts to form a major bottom. Another weekly close above the psychologically key 20 whole figure level will dramatically increase the likelihood of a test sometime in August of the 38.2% Fib retrace of the March to July slide…
Gold (GC) is tiring near upchannel support (on the weekly chart), putting at risk the rally extension since February. Any break of the daily chart triangle support will likely coincide with a test of the psychologically key 1900 whole figure level and the 50% Fib Retrace of August to March rally extension…
Gold (GC) has bounced off upchannel support (on the weekly chart) and is in the advanced stages of completing the month plus consolidation from the 2022 high. Odds are high for more upward momentum today with GC trying to extend the upchannel (on the 4hr chart) and GC near the highest level in a month…
Gold (GC) is consolidating in today’s Asia morning, testing triangle support (on the 4hr chart). Significantly, GC is back below the 38.2% Fib retrace of the August to March rally extension, and is at risk of breaking below triangle support (on the daily chart) after today’s highly anticipated FOMC Minutes at 2pm EST…
Silver (SI) formed a daily Hammer yesterday, reversing much of yesterday’s initial sharp losses. Significantly, SI is trying to halt the strong profittaking from the March high, and is suddenly back to near the psychologically key 25 whole figure level…
