Gold has been on an epic run over the last few months. Since it was able to breakout out of the 7+ year sideways consolidation back in early June. The price hasnt looked back. The last few weeks has seen Gold pull back off its 2019 highs as it consolidates the big moves. Recently the $1,488 support was tested however was able to hold just above it.
 
Last week Gold finished at close to the high's of the week as volatility returned to both stocks and bonds on Friday helping lift Gold back to $1,516. Looking ahead for the price action, the strong uptrend is looking bullish for the medium to long term for future price gains for the metal.
 
On a shorter time frame I'm expecting a further consolidation / sideways range for a few more weeks above $1,488 level of support, as the 52 weekly moving average (green line) can catch up some of the distance its made with the strong three month rally. Of course my expectations for further consolidation ahead is based on no global flare ups that could see another massive move in the price of Gold. For example if the Repo overnight funding market in the US worsens and the spreads start to spike again then its possible we could see Gold move back to the 2019 highs in the next few weeks.

Assuming there isn't any such events on the financial markets and Gold has had a chance to consolidate further in a sideways range of prices, then I would then expect to see a move some time in October towards $1,560 resistance.
 
On a longer term horizon for Gold for the remainder of the year I expect Gold to make new 2019 highs as it gets closer to its old record highs around $1900. Given the growing use of QE from Central Banks to tackle the slowing global economy I expect Gold to make new nominal highs and take out the old high in 2020. However for the short term we need to be more patient as we get much needed consolidation for the next leg higher.

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Crude Oil has broken out of its downtrend, jumping over 8% today after the Geo-political event over the weekend has effected a material amount of global supply of Oil. At this stage its unclear how long it will take to get supply back online.
 
So given this terrible event occurring does this mean we will see Oil retest its old highs over $100 USD a barrel? The short answer is it depends on what happens next. Will there be a retaliation for the attack and what will Oil producing countries do in the short term to deal with potential supply issues. 
 
So What Does The Charts Say?  
 
The charts are showing us that Crude Oil is clearly outside of its downtrend line sitting above its 10 & 52 day moving average indicating its now in a bullish stance. Currently its sitting just above $59.15 support after earlier breaching multiple resistance levels. If $59.15 support can hold today and for the remainder of the week, this would be quite bullish for Oil.

However if Geo political events settle down for the remainder of the week, its quite possible we see a move back down to $57.30 support. Given the quite large rejection tail today, it appears for now at least the market doesn’t see considerably higher prices. But this can change very quickly if events escalate globally.
 
If we were to see a move above $60.90 resistance, that can hold these levels, then its certainly possible we will begin to move closer $63 levels and higher. Its important to note that global demand for Oil is slowing so any moves higher will be short term in nature based on disruptions in current & potential future Oil supplies.
 
So at least for the next few weeks its likely to be quite volatile for Crude Oil markets as the market digest all the available information that comes online.

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Its been a long time since both Gold & Silver were receiving this much attention from traders and investors globally. Over the last few weeks we have witnessed a big shift on the longer term weekly charts that this current move is different from what we have seen over the last few years.
 
Gold finished the week at another 2019 high at $1,425, while also more importantly making a six year weekly high as well. The reason why I say that Gold has had a big shift is because we have recently seen on the weekly chart a break above a long six year sideways consolidation phase shown on the chart. It recently made a small retracement to retest the old resistance now support area of the consolidation phase, followed by a bounce higher off support.
 
In addition the 52 week moving average has now swung to the upside as the price action sits just above $1,415 support. Its possible we could see a move towards $1,480 resistance this week after we saw a retrace on Friday on the daily chart to a key support.
 
However its also important to note even though over the next several weeks & months that we could see the price at or above $1,564 resistance area based on the 52 weekly moving average range relative to price. I’m also expecting that we will encounter consolidation soon as well which could see either a pullback or sideways phase for a few weeks. Especially we hit $1,480 resistance before any consolidation.

Silver on the other hand has also had a big shift on the weekly chart even though its still lagging considerably relative to Gold’s recent price action. On the weekly chart Silver has had a big price move week breaching multiple resistance areas including the last previous weekly high area of $15.80-85, closing at just under the $16.20 resistance area after reaching a weekly high at the $16.60 which was also a key resistance.
 
Ideally this coming week it would be ideal to see another follow through of buying for the week and close above $16.20 resistance allowing it to consolidate the new higher high of this week. Given the past history of weekly potential price action moves away from the 52 week moving average, Silver has the ability over the coming weeks and months to move beyond $18.65 resistance.
 
Considering for Silver though its 52 week moving average has gone from sloping down to now flat, we could see a consolidation move coming soon as well allowing the 52 week moving average to swing to the upside and allow a breather before making its next big move higher. Given that we will have the FED FOMC meeting to decide rates at the end of the month of July, we could see a move higher for both Silver & Gold leading into the FED decision & sell the news / retrace after FOMC meeting.

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On Monday I discussed how Crude broke out above its resistance area & downtrend line. I said I would like to see consolidation and the 52 day MA turn back up before considering a long. Well since Monday, Oil has fallen sharply lower falling back inside the downtrend line, while also closing below $57.30 support and once again trading below the 52 day MA.
 
Given the 52 day MA is sloping down already and the setup we are witnessing this price action looks quite bearish at the moment. In the short term I'm looking for potentially a small retracement back to either 57.30 area, or a move back higher towards its downtrend line currently around $58.50.

However after the brief retracement process, I'm looking for Crude Oil to continue to roll over and head for $55.15 support as its first potential area to move towards.
 
Since on a macro level that global Manufacturing PMI's are rolling over at the moment, as well as supply rising from US Oil production its no surprise that Oil is weak at the moment. Since the last down move back a few weeks ago was around $50.60 level, its certainly possible we could reach this area over the next few weeks if we see follow through selling.

More importantly considering the 52 day MA is much lower now than 3 to 4 weeks ago, Crude Oil has the potential to move towards a lower area beyond the June lows.
 
However we are getting ahead of ourselves at the moment, especially considering how bullish US stocks are presently this could come to play on Oil & stocks this week and next since they are closely correlated.
 
Either higher stock prices can support Oil prices despite the bearishness or by forcing stocks to pullback lower in the short term. Its also important to note that on occasion the two assets classes have and can move in opposite directions for a while. But its certainty worth watching closely for the rest of this week.

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The US dollar index this week has taken a decent fall, as it well & truly confirms that the bullish uptrend is over, finishing the week at just above 96. The index has now made a series of lower highs and lower lows, whilst already breaching its uptrend from Sep 18 this week.
 
In the short term, I’m looking for a short term bounce soon as it retraces eventually to form another lower high, most likely at the 96.70 resistance, or as high as 97 given the strong move this week. In addition the US dollar index is now sitting on the lower bound of the downtrend channel.

After we see a retracement move, I’m looking to see the index to continue to make lower as it heads towards the strong support level of 95 over the medium term. If the move continues to make lower highs it will set up some strong moves ahead for Gold soon.

Gold has surprised many traders & investment banks, especially those that had recently held short positions again the yellow metal. Gold’s strong move this month has certainly got the markets attention now, but the bigger moves have not even started yet for Gold.
 
Over the next few weeks I’m expecting to see a retracement in line with a move higher in the short term for the US dollar index. Gold is in need of a consolidation on both the daily & weekly charts, with a likely move towards $1,350 level. Of course it all depends on whether Geopolitical tensions over Iran & US settle down this week.

Looking forward ahead for Gold, after we see one to few weeks of consolidation, I’m expecting big moves for Gold as its just broken out of 6+ year consolidation period on the weekly chart. At a conservative level I’m looking for Gold to at least retest its $1,900 highs made in 2001.

Given the intentions of the FED now and other central banks for the remainder of 2019 & 2020 towards monetary policy, its quite foreseeable that Gold moves beyond $2,000 USD over the longer term. I have added the next few resistance levels to watch over the medium term.

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Copper continues to remain under pressure as it sits close to the lows reached at the start of Jan 19. The price action is in a consolidation sideways pattern over the last two weeks, as Copper prices in a slowing weak global economy.
 
This contrasts with US stocks over the last two weeks that has seen a large bounce off its recent lows on the prospects that Powell & the FED are now looking cutting rates in 2019. The prospect of rate cuts is inflationary for hard assets, however Copper is not buying this premise at least for now.

Currently the price action for Copper is sitting between 26,680 resistance & 25,940 support. In addition the price is respecting its downtrend line as well. So moving forward we would need to see a clear breakout above both 26,680 & 27,135 resistance, before we see Copper following the bullishness of US stocks. Given the weakness its more likely we see the price move towards 25,940 soon.

Platinum's price action is showing a close resemblance to Copper's price action, as it also has not seen any recent bounce in the last two weeks of trading, while also hovering near its lows reached In Dec 18 & Feb 19.
 
Why this is relevant is because Platinum is utilized in multiple industrial applications in multiple industries within the manufacturing process. So just like Copper, the price action of Platinum at the beginning of the year saw a decent rally and new uptrend formed as the markets were pricing optimism on the global economy based on a trade deal being struck between the US & China.
 
Now the deal has collapsed, the price action has collapsed along with the deal. Platinum is also in a consolidation pattern as it currently is respecting $800 support after hitting $820 resistance last week. Given that global economic macro data remains weak as global trade slows, it likely like copper we see lower prices in the short term.

So if we see a break of $800 support, look for a move towards $780. If we see a move above $820 in the coming weeks, followed by a close above the 52 day moving average price of $845 - $850, then this would indicate a shift in optimism for the global economy.

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Crude Oil last week experienced the worse selloff for 2019 as it fell around -7% for the week. The price action has now confirmed the end of its uptrend, as well as confirming that the bears are back in total control of Crude. The reasoning for this is that the closing price on Friday is now comfortably sitting below its most recent low and support level of $60.40, which it smashed late in the week. In addition, the price action is also now firmly below the long term 52 day moving average (MA).
 
If you take a look at the chart back in late October 2018, which I have circled, you will notice a similar pattern shown. You an also see what followed next for Crude Oil, after the pattern was shown, closing below support and trading under the 52 day MA. Its not clear whether the same crash in prices is evident from the price action so far, but what is clear based on the weight of evidence from the chart, that at least over the next few weeks we are likely to see lower prices ahead, after we see some consolidation from the big moves seen last week.

Looking ahead for this week, I’m expecting to see some much needed consolidation with a potential move this week back to its old support now resistance, around $$60.40. This is because the price action at the end of the week respected support of $57.40 twice, with a double tweezer. The consolidation will allow the oversold price action to regroup as well as the 10 MA catch up to the current price action.
 
Provided Crude Oil holds and doesn’t firmly close above the $60.40 either this week or next, I’m looking for Crude Oil to rollover again soon and move back to $57.40 support, with an eventual target of $55 a barrel once we break the $57.40 support level.
 
If this scenario does eventuate it will likely also bring down the major stock indices of the Nasdaq, Dow & S&P 500. Of course in the era we now live in with the markets, we must also be aware of the possibility of the shock interventions of global Central Banks, when the markets are tanking, to reverse downside moves.

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Crude Oil suffered its second weekly fall last week following Trump’s tweets on OPEC & Gas prices. So far the market appears to be paying attention to Trump’s attempt to lower Oil.

Looking closely at the weekly Crude Oil chart, we can see that prior to breaking its uptrend line this week, the price on the weekly chart moved all the way back to a previous support (now resistance) level of $64.30. Once it reached this level, it made a few failed attempts to close above resistance.

This week's follow through selling, saw the price action breach the uptrend line that began in late December ‘18 similar to when the S&P 500 market rally started. The last time Crude Oil breached its uptrend line back in Oct 18 (see circled area), we saw the price of Oil fall further. Potentially -33% lower.

However, this time the breaching of its uptrend line has so far had different movements relative to the breach last October ‘18. For one, the price action of Oil is still trading above its 10 week moving average. Back in Oct 18 when it closed below the uptrend line it also closed below its 10 week moving average.

Another interesting point is back in October ‘18, the S&P 500 weekly price action was following in very similar lock step to Oil prices, with the S&P 500 also breaching its uptrend line & closing below its 10 week moving average. However, this week the S&P 500 has made a new all time high price.

So going forward we have to be open minded that we could see further pull backs ahead for Oil, while at the same time also looking out for the possibility that this could be a pullback / consolidation, within a long term rally even though its broken its uptrend level.

To become more bearish with Oil, we have to see a breach of its current support that it has so far been respected at $61.45, as well as a close below the 10 week moving average this week. If that happens, our next level of support to look for is around $59.

Conversely, to become bullish on Oil, we need to see support of $61.45 held this week, with a clear break above its $64.30 resistance level. If we see this occur, this would be a very bullish signal & a likely move to $67.70 would occur shortly after.

So for now we have to wait and watch to see what unfolds to gain a better understanding on where we head next.

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Gold’s price action this week has provided a few big shifts with its sell off towards the end of the week. Gold has now confirmed its right hand shoulder of a Head & Shoulder pattern, while simultaneously breaking its uptrend line which commenced in Nov / Dec 18.

The price action has also formed a lower low & lower high, which I covered last week to members. The final confirmation for a Head & Shoulders formation, which is a breach of its neckline / support level, appears to be a high probability event going forward. Whether this occurs this coming trading week or the next, Gold is looking likely to breach its major support at $1,280 & head back to longer term uptrend line shown around $1,240 - $1,260.

When you consider that the market today is now pricing a 76% chance of a rate cut in 2019, the price action of Gold relative to the future Fed funds rate direction is at odds. However the market is always right & we have to respect the price action currently being shown by Gold.

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