Weekly futures charts of Doctor Copper, Stodgy old man Gold and his wild little bro, Silver.
Copper is still perched at absolutely critical support. Yesterday’s hype rally aside, the cyclical world is under stress and if Copper drops much more it’s probably going to come under a lot more stress.
Gold is now stabbing the first resistance zone. It makes sense technically that the rally has been so strong because there has been ZERO resistance from the 1378 breakout. Now there is. Deal with it.
Aside from the overbought technicals, Gold is counter-cyclical and in line with the message of Copper above. Now, does Cu break down and Au break through in a big blaze of counter-cyclical glory? Do the respective support and resistance hold? Or does some other thing come about that is outside of my simple parameters here?
Silver is the precious metal/commodity transvestite. The green boxes show an excellent series of higher lows and higher highs. Don’t let the precious metals perma-haters on Twitter concern you. Something technical is going on here that looks at least as good as 2016, but Ag too is at a resistance level; although I think firmer resistance is at 18.70.
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