Weekly charts update -
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.. Copper Price Futures (HG) attempted to accelerate higher this week on increased, and above average volume, but eventually closed poorly. It appears supply has entered the market. Should there be clear downside follow through in response it will infer selling-profit taking has come in, which may lead to a secondary test of the 2.9515 level (or worse). However if there is no serious downside follow through in response, this weeks bar would suggest it was absorbing the supply encountered, and higher prices can still be expected. Glencore London (GLEN-LON) my proxy chart for commodities generally. This week increased volume drawn out, and price closed in the middle. This shows there was increased supply in the market for sure, and how this is dealt with in the near term will be important. At this stage price was maintained, so the supply was absorbed, but if it becomes overwhelming, damage may be done to price. Lithium ETF (LIT) spent the week consolidating (as it did the week prior), after the recent strong gains, and the serious high volume that came in as price negotiated its way through the longer term supply zone between 36.90 and 38.46 It was promising that volumes again remained low, and spread was relatively narrow, allowing some of the heat to come out of the market. Rare Earth ETF (REMX) similar to the Lithium ETF, spent the week consolidating (as it did the week prior), on reduced volume.
The response next week will determine if the period of consolidation is successful. Uranium ETF (URA) continued to drift lower on low volume and narrow spreads. It appears some holders of this ETF are losing confidence and patience, and moving on. The line marking the recent lows should hold increased some support, but will not be impenetrable. Uranium Price Futures (XUX) moved a little lower this week, but remains within the narrow sideways trading range it has been in for many weeks. there has been very quiet trading in uranium since the end of May this year.
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.. S&P500 Futures (ES)
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.. S&P ASX200 Cash (XJO)
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.. Gold price Futures (GC)
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.. Silver Price Futures (SI)
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.. Crude Light Futures (CL)
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.. US Dollar Index Futures (DX)
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.. Aussie Dollar Currency Futures vs USD (6A)
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.. Coinbase USD Bitcoin (BTCUSD)
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(20min delay)