Forex Monthly Trading Thread and setup ideas, page-342

Hi SGB, here is the repost of the weekly charts from the XSO thread...
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Update of the regular weekly charts -
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Copper Price Futures (HG) - initially price pulled back early in the week, but found enough support to recover the lost ground, and continues to bang up against the potential resistance line @2.9515. Price appears intent on maintaining a challenge to that line.
Glencore London (GLEN-LON) - which I use as a proxy chart for commodities overall. Price recovered most of the ground lost in the previous week, and although it did not close above the previous high, the decent spread on about average volume does not suggest a lack of demand.
Lithium ETF (LIT) - All the ETF's saw increased selling two weeks back in response to the rhetoric surrounding the Korean Peninsular. Two weeks back price did not break below the previous bar's low on quite high and sustained volume, which in itself suggests potential strength, or at least strong support. However this week price just floated up a little on still above average volume this week. So there is still some supply coming in, which seems to be absorbed so far. Whenever supply is present, if it cannot be easily (and cheaply) absorbed, price will usually pull back or shakeout to flush it out, either as a single bar, or over a few bars.
Rare Earth ETF (REMX) - Supply is still present on this chart as well, and price spent the week absorbing supply at the lows of the previous bar. The fact that price did not breakdown at all on the above average volume, suggests that support remains intact.
Uranium ETF (URA) - saw price break lower two weeks ago, and this week only saw tentative support come in.
Uranium Price Futures (XUX) - floated higher by five cents this week, and remains above the little minor line @20.50, I still feel like the uranium price is in a promising position to attempt a rally, but may need a catalyst of some sort to do so.

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Gold Price Futures (GC) - Gold moved up early in the week and almost tagged the breakdown line above @1310.7, then pulled back below the previous close, and finished the week almost unchanged. This movement suggests indecision. Price really only moved against the direction of equities, which suggests there is no serious underlying support or demand in the market, and that means price may not be defended at important junctures. It is currently a traders market.

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Silver Price Futures (SI) - Silver has been trading weaker than Gold, and is just being dragged around by the Gold price. That scenario continued this week, where price dipped lower than Gold, and rose less.

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S&P 500 Futures (ES) - pulled back for a second week, although the amount of ground lost reduced substantially. What was concerning here (for those who are long), was the fact that price attempted to rise, but failed to maintain the rally, and lost all of the gains & closed lower. This greatly increases the chance that price will come back and test the strength of the previous breakout below @2401.00 (blue line below).

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S&P ASX200 Cash (XJO) - Price has been trading sideways in a relatively tight trading range for many weeks now. The mid bar close this week, offers no obvious sign of the future direction.


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Crude Oil Futures (CL) - Crude has been attempting to consolidate the recent gains over the past three weeks. Price dipped lower this week, but recovered almost all of the lost ground by weeks end. This price action suggests an attempt to move higher could be made this week.

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US Dollar Futures (DX) - Price is trading at the lows of the broad trading range it has been in since mid 2015. There continues to be some support come in at this level, however the close below mid bar this week, on increased and above average volume, suggests the support is tenuous at best.

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Aussie Dollar Currency Futures (vs USD - 6A) - After finally breaking above the long term axis line @0.7663 and continuing up to tag the next line above. The next two weeks saw trading that suggested price may come back and test the strength of that breakout. Price dipped lower and recovered this week, which now reduces the chance that price will do this.

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