Metals Weak and Crude Strong - Commodity Round up for last week

Metals including Gold, Silver and Copper have given emphatic sell signals last week on their weekly charts. Here is a brief round up:

Gold - Has formed a Big Bearish Engulfing pattern that has closed near its weekly low and on the verge of breaching a 7 week range. A close below the range would also mean a breakdown from a small 1-2-3 top pattern.

Silver - Looks a much more ominous pattern compared to Gold. There was a breakout buy during the week from a 1-2-3 bottom pattern that failed spectacularly with the price crashing to form a bearish engulfing pattern. This is a textbook case of a buy failure, with a high probability of the price crashing to test the low of $64 made in Feb and revisited in March of this year.

Platinum - Price Action last week is more or less similar to Silver with high probability of a downside correction to retest the previous pivot low made in March of this year.

Copper - After a strong rally lasting 7 weeks, price has formed a bearish reverse hammer on the weekly chart forming a double top with the previous pivot high. The implication is undoubtedly bearish

WTI Crude - Has formed a bullish engulfing pattern within a 10 week wide range that looks likely to break out of a 1-2-3 bottom pattern that is forming within the wide range. If the breakout does happen, a retest of the $119 level that formed in early March should be on the cards.

Overall, the charts are unambiguously pointing to a metals crash coinciding with a crude rally. Even the US equity charts that have rallied to all time highs in the face of war, have showed signs of capitulation last Friday.

The charts have spoken. Lets see what the market actually does next week!

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