Repost of the longer term Weekly chart series I do for the XSO thread each Saturday
-------------------------------------------------------------------------------------------------------- Update of the Weekly charts I review each Saturday, for a longer term view.
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.. Copper Price Futures (HG) continued to accelerate higher with reasonable spread and volume. I expect the bulk of the supply within the structure to the left will hold a positive nature, or will have already been removed, so there is only a small chance of a secondary test to the 2.9515 line. This leaves price in a decent position to continue pushing higher next week. Glencore London (GLEN-LON) my proxy chart for commodities generally. Glencore spent the early part of the week consolidating the previous weeks gains (which is the overlapping part of the two bars), then as the supply drawn out was quite low (check the volume), price continued to accelerate higher. I expect price will continue to grind higher next week. Lithium ETF (LIT) has been moving through a longer term zone of potential resistance. This week saw a quite narrow spread, but still pretty good volume. This suggests that there is still some supply to absorb at this level, and demand may be getting a little ahead of itself. This has been the 'hot' sector for a while now, and so it might just try to ram itself through, however there 'is' supply present, and so a secondary test of that zone would not surprise at all. Rare Earth ETF (REMX) spent the week consolidating the previous weeks gains, supply was still pretty strong (check the volume), so some further consolidation may be the highest probability in the coming week. Uranium ETF (URA) dropped below the sideways range two weeks ago, and this week dropped lower again, although this time with a quite narrow spread and much reduced volume. So it does not appear the ETF was actively sold off this week, but price may just drift lower (or sideways at best) until some increased demand can be found. Uranium Price Futures (XUX) saw very quiet trading again this week, with very little price movement. The trading remains inside the narrow trading range it has been in since mid June.
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.. Gold Price Futures (GC)
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.. Silver Price Futures (SI)
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.. S&P500 Price Futures (ES)
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.. S&P ASX200 Cash (XJO)
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.. Light Crude Price Futures (CL)
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.. US Dollar Index Futures (DX)
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.. Aussie Dollar vs USD Futures (6A)
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.. US Dollar Bitcoin - Coinbase (BTC/USD)
