Weekend Charting 28th July - 30th July 2017, page-22

I do a wrap of a number of weekly charts for the XSO thread most weekends, for a bigger picture view of where price has been, and where it might be headed.
Here is a re-post for anyone interested......

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Copper Futures (HG) did indeed challenge the highs of the range & accelerated higher this week on increased volume. While price is a good chance to come back & test the strength of the breakout at some point in time, the momentum generated this week is likely to carry price up to the line above (@2.9515), in the near term.
Glencore London (GLEN-LON) has pushed further into the uptrending channel this week, closing above the highs of the previous two bars. After dropping out of the channel a few weeks back and looking vulnerable to breakdown (on the back of a bidding war for some NSW coal assets), price looks to have regained this position, which is no mean feat . I expect price to grind sideways to up over the next period of time.
Lithium ETF (LIT) now has two narrow spread upbars in a row, with this week closing in the middle on quite high volume. So supply of some sort has come in over the last two weeks. Now this price action could be the absorption of supply coming in from the left, but could also be some profit taking from positions opened below, so the response next week will be important. A dip lower to challenge the sellers is most likely early this week, and the subsequent price action will depend on how much supply is drawn out from that process.
Rare Earth ETF (REMX) has responded over the last five weeks to the strength (buying) in the background of the chart (arrowed), by accelerating up to now be challenging the previous highs. Momentum still appears to be strong on this push higher, as there is no sign of supply causing any serious difficulties so far, so another week of gains is quite likely.
Uranium ETF (URA) put in a little consolidation bar this week, effectively absorbing any supply drawn out from the little push higher over the past two weeks. When trading like this is seen, price is good chance to push higher in response, if the supply drawn out does not overwhelm demand.
Uranium futures (XUX) came back just a touch this week, after dipping lower and recovering the week prior. Price is currently in an attractive position, and appears poised to make a push higher. And if it does respond higher as expected, there doesn't appear to be much serious resistance overhead until that gap above around $22.00 -$22.40 .

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Gold Price Futures (GC) did indeed dip lower initially this week, and tested the line below, before pushing back and eventually closed above the previous bar. The Gold price has roughly moved sideways since late April and Early May in a fairly wide range. The last downwave however, with 4.49 million contracts (449), suggests price was being defended, leaving it in a decent position to push higher again this week.

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Silver Price Futures (SI) have two clear lower lows, and a lower high in place. Three weeks back price threatened to break down, but recovered adjacent to where previous support was found in late December 2016, in turn forming a spring of some sorts. This week saw spread narrow on reduced volume, suggesting demand may be a bit tenuous.

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S&P 500 Price Futures (ES) traded sideways this week and appeared to put in a consolidation type bar. The thrust higher has shortened recently, and price is just grinding higher in the face of very light selling pressure. The mid bar close this week on a narrower spread bar suggests 'some' increased supply may have been drawn out in the past week, which may cause price to come back a little next week, and challenge any sellers present to come out and show themselves.

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Crude Light (CL) is roughly moving sideways within a broad range. It currently has three lower lows in place, and two lower highs. This week price pushed higher with a wide spread on increased volume, which leaves it in a questionable position (was it 'full of supply' or was it absorbing supply), and will need to show its response early next week to give a more clear understanding of last weeks bar, as price could go either way in the near term.

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US Dollar Index (DX) continued lower this week, and is now at the lows of the broad trading range that has been in place since May 2015. This week spread narrowed on reasonable volume, which suggests that some support (buying) has come in at the trading range lows (as anticipated). I expect an initial response higher early next week, and the amount of supply drawn out if/when this occurs, will determine the subsequent price action for the remained of the week.

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Aussie Dollar Currency Futures (vs USD - (6A)) has finally broken above the long term axis line (@0.7663) which has been offering stiff resistance since April 2016. Spread narrowed a little last week, on slightly reduced- but still above average -volume, as it approached the next line above @0.8049 . There is a decent chance (~ 50/50) price will come back and test the strength of the breakout above the axis line @0.7663, before offering any serious challenge to the levels above. And the narrower spread this week at least suggests price may dip lower early in the week to challenge any sellers to come out......and subsequent trading will depend on the amount of supply drawn out.