Bullish Signals in Gold, Silver, Metals and BTC, bearish on Crude - What lies ahead?

The last week saw major price action creating a "trap effect" for the bears on metals and BTC on their respective daily charts. Crude gave a sell signal after reaching a new intermediate high during the week.

Here is a brief technical roundup on commodities based on price action during the last week on their daily charts.

Gold and Silver - H&S breakdown failure last Thursday. Price broke below the neckline last Wednesday but formed a Bullish Engulfing on Thursday to close above the neckline. Followed up by another strong green candle on Friday. Strongly Bullish.

Copper - Breakdown from a Triple Top pattern on Monday followed by a Bullish Harami on Tuesday. Followed by a 1-2-3 Bottom breakout by a big green candle last Thursday signifying the failure of the Triple Top. Followed up by another strong green candle on Friday. Super bullish.

BTC - Seems to be following copper lagging by a day. Breakdown from a complicated H&S pattern last Tuesday followed by a Bullish Harami on Wednesday. Followed by a 1-2-3 Bottom breakout by an long green candle last Friday signifying the failure of the H&S. Sits right near the high of the head. A convincing break and close above the head could trigger the next bullish wave.

Crude - A Double Top breakdown on Friday that looks like a Bearish Harami on the weekly chart. Bearishness ahead.

The bullish sentiment is on the back of an overdose of negative news on every conceivable macro front - high inflation, rate hike, record high treasury yields, high deficit, continuing war and crude above $100. Even the indices have been staging a decent recovery from the lows for the last 2 days generating a buy on Nasdaq and S&P.

When negative news all around fails to deter price from rising, it is time to sit up and take notice. Interesting week ahead! Let time tell what happens next.

Please scroll below to subscribe to this website for regular updates on global financial and commodity markets.