Commodity Market Elliott Wave Analysis for Bitcoin, Bonds, Yields, USD/ DXY, Gold, Silver, Iron Ore, Copper, Uranium, Crude Oil, Natural Gas
Bitcoin: Anticipated target lies within the 58-60 range before an impending correction. The upward trajectory is displaying signs of softening, prompting short-term traders to elevate their stop-loss levels.
Bond Yields: The 10-year yields are poised to conclude wave v) of C of (B). This development is pivotal as it will uphold the strength of the Dollar DXY. Consequently, positions in gold or silver should be refrained from until yields and the Dollar reach their peaks.
China's Influence: An intriguing facet of the market landscape revolves around China. I've been meticulously observing a substantial Elliott Wave Triangle pattern dating back to 2008, which now seems to have reached its culmination. This event is forecasted to bolster base metal prices, particularly once the Dollar and yields reach their zeniths.
Crude Oil: Progressing steadily on its upward trajectory, crude oil is set for further ascension.
Natural Gas: The recent uptick in natural gas prices is construed as a corrective rally, indicative of an impending shorting opportunity in the near future.
Video chapters
00:00 Bitcoin (BTC)
07:41 US Dollar Index, DXY / TLT Bonds. US Gov Bonds 10 Yr Yields
12:58 Precious Metals: Spot Gold XAU /GDX ETF / US Spot Silver XAG
16:37 Base Metals: Iron Ore, Copper XCU/USD. Uranium URA ETF / China
24:07 Energy: Crude Oil WTIOIL / Natural Gas NG
27:57 End
Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817.
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended Content
Editors’ Picks
AUD/USD stays directed toward 0.6700 after strong Aussie data, weak China's PMI
AUD/USD holds higher ground toward 0.6700 in Asian trading on Wednesday. The pair finds fresh bullish impetus after the Australian Retail Sales data beat estimates with 0.6% YoY in May. Weak China's Caixin Services PMI data fails to deter Aussie buyers. Eyes turn to US data and Fed Minutes.
USD/JPY extends gains above 161.50 ahead of US data, Fed Minutes
USD/JPY trades on a stronger note above 161.50 after reaching a new high for this move near 161.75 during the early Asian trading hours on Wednesday. Market players remain focused on the possible Japanese FX intervention, which could cap the pair’s upside. US data and Fed Minutes awaited.
Gold price remains confined in a range below 50-day SMA, FOMC minutes in focus
Gold price continues with its struggle to gain any meaningful traction on Wednesday. Traders seem reluctant and prefer to wait for more cues about the Fed’s rate-cut path. Investors look to FOMC minutes for some impetus ahead of the NFP report on Friday.
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Meme coin generation platform Pump.fun outperformed the Ethereum blockchain in daily revenue on Tuesday after raking in $1.99 million. Following this achievement, a celebrity meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
Benefit of the doubt: US consumer confidence and elections
Despite widespread expectation for the US economy to be in recession in 2024, that fate has been avoided thanks to a resilient consumer. Yet it is difficult to square this undaunted spending with consumer confidence and sentiment readings that are lackluster at best.