Hello everybody, Drew Dosik here with
Verified Investing. Today we've got some
commodity charts to go over. I know
we've had a big move on gold, silver,
oil starting to come back in. So we're
going to break down each one of those
charts plus throw in nat gas as that's
looking like it's coiling, getting ready
for a potential breakout. So let's jump
into the charts, take a look at this
price action. First off, let's look at
US oil. You can see here US oil most
recently, as you see here on this price
action at the middle part of August,
notice how when we went up to attack
this declining trend line, we hit it 2
days in a row, then just faded with this
trend line before breaking out and
confirming with this extended move. Now
we have price on US oil coming back down
for my trademark breakout retrace bounce
play. So at $80.53,
you can anticipate price action catching
support on the chart of US oil and then
potentially bouncing to push up to the
next key resistance here at $96.44.
With the tensions going on over in the
Middle East, there's sanctions
that have been placed. There's also news
today saying that the straight has all
of its mines taken out and the US is
going to allow shipping. However,
with the technicals on the chart, this
is all foreshadowed as we should have
price come right back down to this
declining trend line and catch support
at $80.53
and then bounce on up potentially as
high as this next key resistance at
$96.44.
Next up into nat gas, you can see here
nat gas has been doing a great job ever
since here on Monday, August 10th when
price got back above this key level at
$2.75.
And when it did so, notice this
consolidation that's occurring since
then. All very nice bullish
consolidation following a V-shaped
recovery on that chart. We've got a key
threshold to get over at $2.90.
We've had price both on Wednesday, the
19th of August, and Monday, the 24th of
August, get very, very close to touching
and testing those ranges, but then you
can see price is simply rejected it.
Now, we have price uh navigating back up
to the high range of the consolidation
again today. I'm anticipating this
bullish consolidation to result in a
break above this $2.90 level into the
next key level of resistance just over
$3 at $3.04.
Next up into gold, guys. Gold has been
um uh the inflow of capital has seen a
ton of inflow of capital, mainly because
of the currency debasement trade with
percent, basically um artificially
saving the yield curve. And in doing so,
what that is what that what happens with
that is that folks fear that they're
going to have their fiat currencies,
thus the US dollar, devalued with this
sort of maneuvering to artificially
maintain and and lower that yield curve.
So, that's what's really kick-started
some interest in gold last week, pushing
gold up through these previous levels of
resistance, which are now support
isolated on your screen. And now we're
starting to settle out right on top of
$4,575.
If I zoom into the hourly time frame,
you can see this pivot that occurred
here on Monday. This Since that point,
this Monday pivot at 8:00 p.m., this is
all hourly bearish consolidation. So,
yes, we are consolidating up here, but
this is in a bearish manner for the near
term on the hourly time frame, implying
we're likely you're going to have price
come back down and test at least this
$4,576
dollar level of support before we push
up higher on the chart. So, be looking
for a near-term drop in gold. And if
this level breaks at support, we're
coming all the way back down here to
$4,300
on the chart. So, something to be
mindful for gold.
However, I just see what's going on now
where
the devaluing of our currency is
certainly
increasing the opportunities and
increasing my interest into the precious
metals far so before
I believe that they should have bottomed
near the $3,500 level, especially on
gold. But, we haven't gotten there yet.
Got to kick-start with our government
helping to push up the price of gold.
So, any sort of pullbacks in my opinion
are buying opportunities
for gold on the long haul. Next thing
Next chart up, silver. Now, silver, much
like on gold, has received an awful lot
of interest over the past couple weeks.
But, this was somewhat foreshadowed too
when silver started breaking out here on
August 5th from this declining trend
line and then put in beautiful bullish
consolidation here starting the week of
August 12th.
And in a sense, resulted in a breakout.
That's what should have happened with
that bullish momentum
gaining traction and then breaking out
going to the next resistance level at
67.99. And now that we have comfortably
traded on top of that, that is now the
near-term support. You can even see
price pierced that level today and
bounced right up. The more and more we
hit that level, the weaker it will
become as support. So, if you're bullish
on silver, you want to see price get
away from 67.99 and not come back and
hit it anytime soon. Go back up to the
72.07,
this other resistance level, and start
consolidating there. That would imply
we're going to go higher. Whenever you
end consolidate on top of a level of
support, it implies it could break to go
under. Now, notice back here, you could
see how this consolidation mainly took
place above the trend line. You see it
and it a comfortable space above except
for these 2 days in which price retrace
and bounced and moved up over. I would
rather prefer to see that sort of
consolidation on top of the support, not
with price continually hitting it
throughout the consolidation which would
then weaken the support. Hopefully, you
understand the differences there and
they're key minor nuances, but it really
does help stack probabilities in your
favor whenever you're trying to analyze
if there's more juice in the stock
and/or commodity to push up higher on
the charts or if it's starting to lose
steam. And one of the ways to do that is
what I just walked you through and how
price consolidates in and around support
and resistance levels.
All right, guys. That wraps up today's
pro charts videos on commodities, a hot
commodity no doubt about it over the
last couple weeks. So, great to go
through that. Looks like some of the
investment interest in silver and gold
is at least tapering for now, um but
could obviously be reignited. So, take
any sort of pullbacks as I've outlined
on the charts as some buying
opportunities to pick back up some of
these precious metals as I anticipate
eventually they will be going much much
much higher on the charts. It's just all
about your uh time horizon and how long
you want to hold your investment in
those precious metals. Thanks again for
watching. My name here is Drew with
Verified Investing. We got a lot of
these pro chart videos available for
you. So, sit around, make yourself
comfortable, enjoy the extra TA and
learn for your upcoming trades. All
right, guys. Thanks again for watching.
Have a fantastic day and we'll see you
on the charts next time. Take care,
folks.