Hey guys, Lawton here with Verified
Investing back with another ProShares
video. In this video, we're going to
talk about commodities. Before I get
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With that being said, let's hop into it
and let me go ahead and share my charts.
We can go ahead and share start out with
everyone's favorite gold.
Now gold appeared to have broken out of
a beautiful inverse head and shoulders
pattern. And this measured move of this
head and shoulders pattern would take it
to a right around the $5,100 level.
But the key thing is what do we know
about these patterns?
Well, we generally know that price
after we break out of an inverse head
and shoulders or just a regular head and
shoulders pattern, sometimes you get a
retrace. And that's exactly what we did.
We pushed up, had a great push up
actually about a 6% push up, but retrace
back to the down sloping trend line and
now are kind of chilling around there.
Now it's important to see if we can get
another leg or we actually start to take
a tumble. For now, I'll give you guys a
couple key levels that I'm watching here
on gold moving forward. The very first
level that I'm watching for support of
course is right here. Since the retrace,
this is the lowest price has been. And
actually it's lower than this candle
right where we closed on this breakout
candle just around $4,300.
Additionally, should we continue to
fall, I'll be looking for more support
down here all around the $4,200
level, all in and around here.
These previous pivots.
Now, let's say the opposite happens and
we start to rip. Well, the first key
level that we're going to have to beat
is $4,700.
Basically, you see all of this
resistance here, all of this chop in and
around $4,700.
If we can get there to this pivot, I
expect a pullback. If we can push
through, then you're looking at levels
like
this pivot higher on 49 and then
ultimately $5,000, that huge
psychological number.
So, these are a couple key levels that
I'm going to be watching here on gold.
Now, silver,
uh little bit of a different story,
right? We had that same inverse head and
shoulders breaking out of this down
sloping parallel channel.
And look at this, absolutely ripped, hit
that measured move, and continued
higher. Now, where did it stop? Just
near this key resistance level at this
pivot high here at 71.5,
basically getting to these pre- previous
pivots just here just around $71.
And
something to watch.
Let's say gold continues lower.
Well, what is one formation that I see
here on silver that's not available on
gold? Well, I see a beautiful head and
shoulders starting to form, actually a
bearish pattern here on silver.
Now, the reason we don't have it on gold
is because the left shoulder is here is
lower than the right shoulder, but on
silver, it is valid because the left
shoulder is lower than the right.
And on the gold, excuse me, the right
shoulder is lower than the left.
And just to find out really quickly what
would be that measured move, let's say
we get a break down from this pattern,
measured move would be a move down 12%
just around $56.
Now, on silver similar to gold, a couple
levels that we're going to be watching.
First off, of course, around the pivot
high around 71.5, 71.50 should provide
some resistance on silver. Should we
break up and out from there, we might be
looking closer at $72 region on silver.
Now, for support on silver, first off
this trend line, you expect potentially
a bounce off of this down up sloping
trend line,
but should it break, I'll be looking
around 60 bucks as a key level of
support
followed by the $55 region.
Next up, we're going to talk a little
bit about platinum.
All right.
Platinum's a bit different, right? Chart
has some similarities in that we had a
kind of an inverse head and shoulders
pattern here, right? The right shoulder
isn't the greatest. We had a nice move
up, a retrace,
and we're pushing back up, but something
that's certainly apparent is this
beautiful
head and shoulders pattern here on
silver. Should we come down and finish
forming this right shoulder, you could
be looking at a move down
around 12% here on platinum. Ultimately
finding support all within this range
between 1,600 to basically 1,650.
This would be kind of my range of
support there on platinum. Let's say
platinum pushes higher,
where are we going to find resistance?
First off,
you know, just like the other two stocks
or commodities, rather,
the pivot high. Recent highs are around
1,910. Then we're looking closer to that
$2,000 level for resistance there.
You might have a little bit here on
1980.
Basically, anywhere in this range
between, you know, 1940 to $2,000, you
should expect some resistance on
platinum.
But ultimately, I believe its price
action is going to be predicated on the
movements of gold.
>> [cough]
>> Now, moving on to US oil. US oil has
been looking very bullish lately, and
this is why.
You have two beautiful inverse head and
shoulders patterns as drawn on the
chart. You had this one first, right?
This one first that finally broke out
with that measured move. Now, where's
that measured move? That measured move
would be move up above 115
on US
oil from taken from
this
to this armpit to this armpit to the
rest of the shoulder. Now, you have an
additional one here, right? An
additional one that was more recently
broken with a separate measured move up
to around
118. But what I'm ultimately looking at
here, right? Regardless of how many
inverse head and shoulders patterns I
see on it, it tells me that, hey,
this thing could continue to push
significantly higher.
Now, if it pushes up higher, I'll give
you a couple levels of resistance, but
it will ultimately wouldn't surprise me
to see oil above
100 bucks.
Right? Over 100 bucks.
Ultimately, the first level of
resistance, $97, will be a key level to
watch there on US oil, followed by the
$100 level, of course, nice
psychological level, then we're going to
be looking at about 105 as tensions
in Iran continue to
um
continue on.
And a end in the conflict is seems less
and less likely to come quickly.
Right? Uh
this certainly
makes me believe that US oil has the
potential
to continue to push higher. Right?
But the question is where will it find
resistance? And those are my levels.
Moving on to natural gas. Now gas is
interesting here because you actually
look like you may have broken down.
Now you were trading in kind of a really
nice up-sloping parallel channel, right?
Which generally, right? The break of
this is bearish, right? But something to
remember is that you can continue to
trade in and around this channel
for a long period of time.
So for me, I'm going to be watching the
lower part of this parallel should it
actually ultimately break. I'd look for
support around
264
on $2.64 there
for a potential support there on natural
gas.
Let's say it continues higher. Well,
you're going to have a ton of resistance
here around 330. So these This is kind
of the range that you're looking on
as far as support and resistance is
concerned.
And finally, let's go ahead and end off
on uranium. URAI I haven't covered
uranium in quite a bit.
Um
but I have a couple of key levels on
here that I want to highlight. First
off, recent pivot high. Key resistance,
psychological number of 50 bucks.
If we push up and into there, I
definitely anticipate some level of
resistance, but the key level that I'm
watching, nice gap fill here on $53.42.
Now let's say this ends up turning
around, do you have a potential head and
shoulders action? Well, you actually do.
And even though there are, you know, all
these kind of gaps in the chart,
it still would create a potentially
small little head and shoulders pattern.
Not a perfect one, right? But
one where you can see a measured move.
Let's say it breaks over here. The
measured move would take it basically to
the previous lows, recent lows, about
15% lower down closer sub 38 closer to
$37. So, this is going to be a key head
and shoulders pattern to watch here on
URA um
moving forward. All right?
With that being said, that's all I have
for you today. Thank you guys so much
for watching. If you stayed to the end
of the video, please comment down below
and let me know what you like to see
next. I hope you guys have a great rest
of your Tuesday, and I'll go ahead and
see you guys next time. Bye-bye.