Looking at the weekly charts of base and precious metals, the candle for the last week suggests a rally in the coming weeks. The metals have perked up ever since the benign inflation report that came out last Thursday bolstering the case for a rate cut in September.
Consider this for the latest setup on the weekly charts of respective metals. Charts given below.
Copper - Strong Bullish Engulfing at support
Zinc - Strong Bullish Engulfing followed by a bullish narrow range candle
Silver - Strong Bullish Engulfing at support. Also a sell failure
Gold - Big Green candle breakout to all time high
Copper Weekly Chart - Strong Bullish Engulfing at support
Zinc Weekly Chart - Strong Bullish Engulfing that is also a sell failure
Silver Weekly Chart - Strong Bullish Engulfing that is also a sell failure
Gold Weekly Chart - Big Green breakout to all time high
Given the broad based nature of the strongly bullish signals (that also coincides with an equally strong bullish signal on DJIA last week), it seems quite likely that the metals are headed northwards for the next few weeks.
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