Hello everyone, Lawton here with
Verified Investing back with another
ProTraders video. In today's video,
we're going to talk a little bit about
currencies. All right, but before I get
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With that being said, let's hop right
into the charts and start with
everybody's favorite commodity, gold.
Now, gold is an interesting chart,
right? Because on a larger time frame,
you could argue that hey, Lawton, this
looks like we could be headed higher.
And I would say, yeah, you could be
right.
There's potentially, right? A head and
shoulders pattern here that has formed,
but the right shoulder really needs to
move up.
And then maybe we have shoulder, head,
shoulder,
right? Or if you want to take it even
further, you could do something like
this.
Down here.
Something like this to make this a
shoulder,
one big head, and then a shoulder,
right? So, so overall, it looks like,
hey, it could be headed higher. But in
the near term, um
gold has kind of broken its up streak.
It was going steadily higher, ended up
breaking, came down, and is actually
trading in a
sort of down sloping parallel channel.
Let me see if I can do this.
Basically, a down-sloping parallel
channel, something like this.
Uh now, of course, if we do get above
this down-sloping trend line, we it does
favor a move higher closer to this
440 40 448 level to 4
uh $4,500 level. Apologies for my a
little bit of stuttering.
But, there should be some key resistance
in and around this area
on gold.
So, that's what I'm kind of watching
here on gold. Potentially looking for,
"Hey, can we break out of this
downtrend?" Remember, things in a
downtrend can continue to stay in a
downtrend for quite a while.
Um let's say we get a push up higher,
we're going to face resistance around
4,500 and maybe create a larger inverse
head and shoulders that could have this
the commodity go up
to, you know, new highs. Potentially,
right? Potentially speaking.
Next up on silver,
but silver, you're having kind of a
similar pattern, right? You had the
initial
I guess kind of shoulder here.
Excuse me.
Nice shoulder for inverse head and
shoulders pattern, but we need to see
just the same thing, a break and then a
move higher
um
to find that major move. Let's go ahead
and take the head to the neckline of
silver.
Boom. Major move would take us up to
just around 87 bucks an ounce, right?
And looking further on silver,
we are
trading in an additional nice downtrend
here,
right? Looking for a break above, but
something that we've also put in here on
silver is a normal head and shoulders
pattern. Right? A normal head and
shoulders pattern here.
With this
shoulder head shoulder. And this is why
it's important to understand what type
of time frame we're talking about. On
the larger time frame, I could say this
overall looks bullish if we can break
this neckline, but in the near term,
maybe silver could favor a move lower
with this head and shoulders pattern,
maybe some down move, sideways
consolidation favoring a move lower,
maybe a move 10% lower or so could be in
order.
But it's simply just you know, it simply
depends
on what on what the uh
the rest of the commodities do.
Moving on to oil, oil has a ripped and
is well above 100 bucks.
Um look at this. Speaking of inverse
head and shoulders patterns. Speaking
of being bullish, look at this. Great
move higher.
And break out of this inverse head and
shoulders pattern.
Taking a look at this, let's find the
measured move on oil. Would take it up
to around 118, basically to previous
all-time highs. Back uh
previous highs here around 120, 119.50.
Back from the start of the Iranian war,
right? But really nice pattern there,
nice breakout. We are running into
resistance here. You can see the
previous pivots and all this sideways
consolidation just around 105.70 to 106,
right? Key levels of resistance, but
we'll see if we can't, you know,
potentially catch a leg higher.
Platinum, a little bit different of a
pattern, right? Not quite that down
sloping neckline for that inverse head
and shoulders. Instead, the opposite, an
up sloping, which should provide
resistance.
on platinum. Now,
generally speaking,
these uh commodities will follow the
price, especially precious metals, will
follow the price action of
gold.
But, in some cases like this, they can
diverge a little bit here.
So, there will be resistance up here
around 1960,
around all around these pivots here,
1930.
So, this is a key level that I'm going
to be watching on platinum.
Right?
And we are potentially looking to break
not a quite a head and shoulders pattern
just cuz this shoulder, right shoulder,
would be above the head, but still a
nice upsloping trend line. So, if this
breaks to to the downside, maybe you
look for a retrace and a move lower. So,
that's what I'm saying where how it's
kind of decoupling a bit from
the rest of the metals.
And same can be said for palladium,
right? Palladium and platinum, kind of
similar patterns, right? You have the
clear head and shoulders pattern here.
Um and this is kind of like, let's see,
with the silver. Yeah, similar to
silver, head and shoulders pattern
followed by a potentially bear flag down
move followed by sideways consolidation.
So, here on palladium, head and
shoulders pattern followed by down move,
sideways consolidation, potentially bear
flag. Let's say this breaks,
right? So, let's get let's say we get a
clear break of this 1275 region,
we could be looking for price to move
down closer to this $1200
on palladium.
Final one I want to talk about is
natural gas. Natural gas was trading in
this beautiful
upsloping parallel channel.
>> [snorts]
>> Um
>> [clears throat]
>> ultimately did break that retrace
retrace back into it and now testing
this up sloping parallel channel again
which does favor a move lower.
I will be curious to see if natural gas,
you know, what it ultimately ends up
doing. But you will find support at this
gap fill here around
uh 293
or so. Right, should find some levels of
support.
Let's say this thing continues to fall
maybe 12 uh 275
could find additional levels for a
bounce there on natural gas. All right.
With that being said, that's all I have
for you today. Thank you guys so much
for tuning in and watching. All right,
we really appreciate all of you guys and
thank you so much for being members of
the Verified Investing Community. With
that being said, that's all I have for
you today. I hope you have a great and
wonderful rest of your day
and hope to see you next time on the Pro
Charts. Have a good one. Take it easy.
Bye, guys.