Gold’s rally isn’t over, says UBS — what’s behind its $5,400 target?
Copper
Last time I wrote that I've decided to maintain the bullet point as Neutral till a clearer picture emerges.'. Well, that happened during this past month.
Those of you who read my Weekly Technicals and especially those who have read or listened to my Daily Morning Squawks will know that for about the last week and a half I have been shouting out about a huge pattern. Yes...in June we had a very rare Monthly Key Reversal Down...a very rare and huge pattern and one that will I suggest dictate the markets for a little while yet.
As a result of this, all MAs have turned down, we've also had a number of Daily Key Reversals during the month and finally...we have the opportunity to have a possible Bearish Bow Tie Formation on the MAs.
The Crossover was today so we could reasonably expect the kick in to be around the 24-31 of July...watch out for that. The Bow Tie currently looks Bearish and I would not be surprised if i t stayed that way upon kick in. Below the market we have, apart f r om congestion and lows (...none of which matches the Bearish overhand of pressure from Dec 2017-to-date) one key support...the 5 0% Fib of the May - Dec 2017 move at 6404. However, this move down may have further legs on it and even make longer term implications. So...with all this said, I've no problem in moving the bullet point above onto fully Bearish.
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