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>> Hello everybody, Drew Nosik here with
Verified Investing. Today we've got pro
charts to go over for the commodity
sector. So we're going to take a look at
the big ones, the gold, silver, US oil
as well as nat gas. Those are the ones
moving, those are the ones getting a lot
of investors attention. So let's break
down these charts, show you where the
next key support and resistance levels
are located. Now first off, we're
starting with gold. On the daily time
frame, you can see here we've got an
inclining parallel channel. The price
has been contained within this parallel
channel back since April 2025 lows. And
we can see most recently in June, all
the way up until this one day in August,
on August 5th, we had price that was
really navigating underneath the
parallel. Then on August 5th, we broke
into the parallel. And guys, if you
don't watch Trading the Close, do
yourself a favor. Make sure to tune in
at 4:20 Monday through Thursday on
YouTube. We go live. I go through
breakout retrace plays. I This is
an ideal type of setup for illustrating
that sort of play. Because what we've
got going on now today, we've got the
10-year yield pushing up. When the
10-year yield has been pushing up, it's
actually been putting pressure on the
precious metals. But as we see here
today, gold is catching a bounce. Why is
that? Well, because guys, that's what
the charts said it was going to do. This
is technical analysis. You can see here
with this inclining trend line and with
the bottom rail of the parallel channel,
look at how nice that price came in
today. Again, I remind you, a parallel
dating back to April of 2025 provide the
precise location for the bounce that is
occurring here on gold. You see here we
do we did also have a fib retrace level
here at $4,333
enhancing this range, this support zone
if you will, to provide a bounce. Now
near term, if these yields continue to
push higher, I don't anticipate gold
extending itself that much
on this chart. If the yields start down
ticking, then we could start seeing gold
elevate a little with the next stop and
hurdle right here at $4,450.
A more significant resistance level,
more or less of a bigger speed bump,
would be at $4,575.
But, that's what we're seeing great
bounce here on the chart of gold. Bulls
on gold want to see everything they want
to do everything they can to maintain
price above this inclining parallel
channel cuz the next time we come down
and hit it, we likely can be due to
break it. That level's right around
$4,300 on the chart. Next up, we've got
silver. Silver doing a very much a
similar thing as gold bouncing right
here on this technical level of support
where this was the previous pivot high
in July. Price broke out from it,
confirmed, and then retraced, bounced,
retracing, testing this level again.
Notice, it's now hitting it couple
times, meaning the next time it hits,
it's actually more vulnerable for a
break. So, if you're bull on silver,
much like gold, you want to see price
extend away from this level and the
bottom of that parallel on gold. You
want to see price push higher, get back
up into this level of resistance at
$67.99. Notice how we put in temporary
bullish consolidation here that would
bode well for silver if we can get back
up here, put silver into bullish
consolidation in that previous range,
and then break above this August 28th
candle.
Next up into US oil. We see here US oil
also breakout, retrace, bounce play on
the charts. Now, this is the perfect
setup, a declining trend line from which
price breaks out and retraces. We see
that with gold, it was an inclining
trend line. So, we needed a lot of
investor support to get the separation
from that trend line in order to provide
the bounce today. The ones would have
higher probability of playing out occur
with these breakouts with declining
trend lines. You can see there was a
failed attempt here both on July 23rd
and 24th. We even attempted to break out
again on July 23rd. Then look at the
time in which we did finally break out.
We came up, hit this line, then put in
bullish consolidation,
also foreshadowing gaining momentum that
we were due for a breakout, and that's
exactly what occurred. And then you can
see this beautiful retrace. So, if
you're late to the party, you're late to
the dance, no concerns, guys. When you
see a breakout occur and you're like,
"Man, I wish I would have bought that
down here." or "I wish I would have
bought it here." cuz it's going higher
on the charts, wait for that retrace.
Retrace hit that trend line perfectly.
That provided the bounce play. I had
this all over our free articles and news
for this being the $80 zone being the
bounce location and the buy opportunity,
already generating about 12% profits on
that play in just a matter of a week.
So, that was a very nice call on that
chart. Next up, we've got nat gas also
pushing higher on the charts. This is
something else I cover in Trading the
Close every single day, and I've been
highlighting the fact look at the stair
steps that we've been putting on nat
gas. Now, we were threatening going
lower here with this daily close on
August 6th that closed beneath not only
the recent consolidation, but it closed
beneath the consolidation back here in
April. So, that was a big warning sign,
but you notice it didn't have any
follow-through conviction. Much like
what I'm talking about on uh the
breakouts that have occurred on the
charts I've already shown you. But you
see we didn't have a follow-through the
very next day, rocketed right back up,
and then said goodbye to that downward
pressure, put in bullish consolidation
with the stair step. Now, we pushed up
to the next level of resistance and done
so right above it, this key pivot that
occurred back uh on the charts here in
April 8th. That level at $2.90 has been
the support as we've seen price action
consolidate, pierce this level, and
finish every trading day since above.
So, this now daily candle push is
separating us from this consolidation.
However, the next resistance is located
right here at $3.06
followed by these low pivots right
around 312 on the chart. So, Nat Gas
still has some fighting to do to get
towards this near-term destination at
$3.25.
And once we get there, folks, then we
really could start seeing Nat Gas go
much higher on the chart. This is the
beginning of the bounce, one that I
think will take us through uh the next
several months getting cooler weather in
the northern hemisphere. All right,
guys.
That wraps up today's video on Pro
Charts Commodities. Thanks so much for
tuning in. We've got a lot of other
great free content here for you to
consume, digest, learn TA so that you
can take it with you on your next chart,
on your next trade. the probabilities
against you. What is the chart saying?
Listen to the technicals as they do pay
off far more often than they don't. All
right, guys. Thank you again for
watching. My name here is Ed Drosik at
Verified Investing. You guys have a
fantastic rest of your day and we'll see
you back here on the charts.