Weekly Chart Updates-
Glencore London - Weekly
Had been bumping up against the supply line of the uptrending channel for some time now, so this sideways movement as price consolidates since the last breakout will also serve the purpose of clearing some room above. The downside of a sideways movement like this is it leaves price vulnerable to an unexpected or ongoing supply event. This vulnerability will remain until price can successfully accelerate away from the danger point. So far, support has held firm throughout that longer term green shaded zone that price broke through in mid January, however the weak upbar two weeks ago suggests that demand maybe becoming tenuous at this point in time.
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Lithium ETF - Weekly
Price broke out to a new level recently and pulled back a little this week on much reduced volume, and perhaps more importantly remained above the low of the previous bar. The reduced volume suggests that the selling pressure drawn out was not too serious, but the price action infers that price may come back and test the breakout.
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Uranium Futures/Uranium ETF - Weekly
The Uranium futures price has been stationary for two weeks now, with little trading at all, and the ETF saw price attempt to move higher, but eventually close poorly back near the weeks low. Not much happening here at the minute.
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Rare Earth ETF - Weekly
Price has pulled back after failing to reach the supply line of the channel on the previous push higher (green circle).
More recently it appeared that supply was being absorbed at the channel lows, however price dipped a little below the demand line this week (albeit on a narrow spread bar, and below average volume). This leaves the ETF vulnerable to a possible shakeout if demand still remains strong, or a price breakdown if supply becomes overwhelming.
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Copper Futures - Weekly
Price broke out back in November last year (arrowed), and since then has been attempting to consolidate those gains. Demand has not been particularly strong during the consolidation period. And when price made a decent challenge to the highs of the recent range in mid February, increased supply was drawn out (arrowed). This week price dipped below the most recent low, but was able to muster enough demand to close back above it....however it does look a bit vulnerable if ongoing pressure were to be applied in the coming period.
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Gold Futures - Weekly ($30- wave chart, volume numbers in 10,000's)
After pushing up strongly on 822 (8.22 million contracts), and then pulling back a little and only drawing out 233. Price has easily closed above the most recent high this week (arrowed), and suggests that a challenge to the two blue lines above is a high probability. There is some chance the breakout maybe tested first, but with the momentum that appears to have been generated now, the highest probability would be for a continuing acceleration higher.
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(20min delay)