Commodities did not make any major moves this week. But the setup in the US Dollar is particularly interesting.
This is the first push above the base. Over the next week it will be very important to watch for the follow through.
Gold was particularly weak this week, but the gold stocks moved higher today even when Gold pulled back. Keep your antenna watching the action in Gold. Notice the volume soars on up days and goes very quiet on down days. That is a bullish scenario. Gold moved down 0.5 % today.
Below is the Gold miner ETF GDX. It closed higher by 0.4%. This subtle distinction is important.
There are lots of commodities charts in the Video.
Greg Schnell, CMT, MFTA
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis.
Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter.
He is also the author of Stock Charts for Dummies (Wiley, 2018).