USO: checking minor intra-day timeframes the 18month poc migrated to 14.27 in mid-October. The poc we have been monitoring at 12.79 has been broken today. Acceptance (time) below this level would increase the chances that the major Support at 11.41 will be tested.
GLD in weak chart position
GLD: this week the 11 month controlling price migrated to 116. Price below that level is weak location. There is minor Support at 114.38, the 1/2R off August low.
GLD Gold ETF in strong position
GLD Gold ETF (GLD) in strong position. The major poc has migrated bck up to 121.00 and currently chart prints above this level in a strong price location.
Gold at resistance
Cash Gold has today reached Resistance at 1286.67, the maj poc. Price printing time above this level would put Gold in a strong price location.
Gold has broken Support – 8th December
Gold has broken Support – 8th December
Charts at week end 24th November 2017
Dollar
S&P and Oil correlation
Copper prices at six year low
In the webcasts recently I’ve talked about copper testing the July low. That happened this week. The long-term chart, as we know, does not look positive.
Copper chart in very weak position
Chart below shows long term Copper futures. Chart is currently in a very weak position.