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The Gold & Commodities category is a sub-section of Market Analysis that includes charts and commentary associated with precious & industrial metals such as gold, silver, and copper as well as various hard & soft commodities such as oil, gas, wheat, corn, etc…

Market Outlook May 30, 2016: Equities, Gold/Mining Sector, Crude Oil

Both the QQQ (Nasdaq 100 ETF) and SPY (S&P 500 ETF) closed at downtrend line resistance on Friday & both face significant resistance levels just overhead, should they try to pop above the downtrend lines for a stop-raid sometime this week. While the SPY is just shy of testing the April 20th reaction high, a [...]

Market Overview 5-27-16

A look at gold & the mining sector via GLD & GDX as well as the US equity markets (via QQQ, SPY & IWM), the US Dollar & crude oil (via USO).

$WTIC (Crude Oil) Bearish Rising Wedge Pattern

As a follow-up to the recent USO / UTWI trade idea, here's the daily chart of $WTIC (Crude Oil spot price) showing the same bearish rising wedge pattern, along with some key support & resistance levels. Should my call for a drop in crude prices play out as expected, that would almost certainly bring down [...]

USO UWTI Trade Setup & Entry

USO looks poised for a breakdown below this bearish rising wedge pattern & a move down to the 10.70ish level. This 2nd, consecutive negative divergence will be confirmed via a bearish crossover on the MACD which I expect to happen soon. USO 60-minute May 26th As a breakdown below the wedge either today [...]

GDX NUGT Second Price Target Hit, Trade Update + Market Comments

I've studied the charts inside & out today, looking for something relevant to share but other than the fact that the broad markets followed through on yesterday's breakouts (which so far, helps to confirm yesterday's breakouts), I can't find anything that has changed in the technicals since the market update video that was posted last [...]

Market Recap 5-24-16

Discussed in following order are: GLD, SLV, GDX, USO, SPY, QQQ, SMH & $SOXX (semi-conductor index) with some brief additional commentary & trading notes at the end.

GDX Bearish Pennant Breakdown Likely

As posted in the trading room earlier today, there just weren't any significant technical developments in the equity market worth noting today with prices nearly flat on unusually low volume. However, GDX (gold miners ETF) has set up in a pattern which is certainly worth monitoring, this bear flag/pennant continuation pattern that has formed on [...]

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