Metals Are Still BullishJun 29, 2023

Metals are still bullish, as we see corrective structures within uptrend from technical point of view and from Elliott wave perspective.

Metals have slowed down recently due to higher US yields and recovery on the USDollar, but these are just temporary corrective pullbacks before the bullish trend resumes.

If we take a look at Copper daily chart, we can see a big sideways consolidation within uptrend, which we see it as a larger bullish triangle pattern that can be slowly coming to an end, maybe later this year, before we will see a rally back to the highs.

Metals Are Still Bullish Copper Daily Chart
Copper Daily Chart

Another interesting metal is Palladium. Palladium has been one of the weakest metal in the past year, but now that most of precious metals are approaching support, even Palladium can be finishing final subwave 5 of (C) of a higher degree (A)-(B)-(C) correction.

Metals Are Still Bullish Palladium Daily Chart
Palladium Daily Chart

Another indication that metals are still bullish and supportive is XME (Metals & Mining ETF) chart, which can be in the middle of a larger bullish triangle pattern, where we are tracking wave D. Wave D should be made by three waves A-B-C, so rally into wave C of D may easily cause a rebound on metals.

Metals Are Still Bullish XME Daily Chart
XME Daily Chart

If you want to see GOLD chart, we shared it already few days back as a free chart on our page. CLICK HERE

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DXY In An Intraday Corrective Recovery. Check our free chart HERE.


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