Copper futures 2017-11-05

Up until the middle of next last month, I had been treating the rise in copper as a deep wave four but I am promoting the alternate to primary, an initial impulse up from the early 2016 low. That does not mean that I changed my mind about this advance ending, but that I have thrown in the towel on expecting a new low on a turn lower.

Gold futures 2017-10-31

I have been putting off a bigger picture gold post as I have been reevaluating the big picture EW counts. Let me start with the two scenarios I had been using and move on from there.

Copper futures 2017-08-12

I just can’t get excited about this move up in copper as being the start of a major break higher. Instead, I still see this as the calm before the storm. Primary count is this being a wave (iv). I’ve marked the zone of overlap where wave (iv) would be invalidated. I can tolerate a brief spike into that zone but not a close.

Copper futures 2017-06-24

I'm skeptical that copper has found a lasting low but has yet to drop impulsively from resistance tested earlier this year. Prices have fallen from the channel and other resistance from February but have yet to drop down under 2.50 for long which certainly makes it...

Copper futures 2017-05-29

The copper bounce up from early 2016 has stalled out at the top of a channel and leaking lower for the past few months. I am working under the assumption that February 2017 is the end of a correction and now in the early stages of a decline to what will eventually be...

Copper futures 2017-05-14

The 2016 bounce in copper ran into resistance from various channeling techniques early this year and has been drifting lower since. I remain skeptical that a significant low has be set in copper, this may be the early stages of a move down over the next couple years...

Gold futures 2017-04-17

The form would be improved with a consolidation and another push higher but anyone nursing a long gold position should be managing their position. I'm starting to get worried about gold now as this could be setting up an intermediate type high. Overall thinking it...

Gold futures 2017-02-11

Note: Fixed typo on weekly alternate chart Gold has been performed well from the low late last year but should be due for a stall or retrace that should span three to five weeks. I am including charts, both monthly and weekly, that cover the two scenarios in gold that...

GLD should rally for several months

It was late August when we suggested that See It Market readers should watch for a pullback in gold prices. In subsequent months, shares in the SPDR Gold Trust (NYSEARCA:GLD) retraced more than 75% of the gains they had made since 2015.