Hello everybody, Drew Dosek here with
Verified Investing. Today we've got to
jump into some pro charts with
commodities. We're talking about oil,
gold, silver, copper, as well as nack
gas. So let's jump into these charts as
they have contained a lot of volatility
recently. Let's get you on the right
side of your upcoming trade. All right,
first up with US oil. We've had a very
nice decline ever since we reached a
near-term high here on September 15th.
You can see what we've been trading
within ever since this low pivot here in
July 2nd. We've really been bouncing up
and down on within this parallel
channel. Most recently tagging the top
here on September 15th and then over the
last three trading days, notice how we
closed in underneath the 50% area on
September 18th. This accelerated the
selling on September 21st and then right
now we're catching uh support right in
this region. You can see where
yesterday's price action went down to
close. It's right on top of these
consolidation pivots. And if I extend
the price action further back, you can
see back on July 23rd and 24th, those
are pivots. And we also had a shelf
right here. So, it makes sense right
here in this range, we likely should be
seeing a little bit of a pop and uh
price defending this area. I anticipate
this to occur over the next couple days
and if uh once we get past that time
frame much like what happened on these
three days uh it will then come down to
what's going on in the Middle East. Do
we have any progress with any sort of
peace? If so, then the next area of
support down at the bottom of this
parallel at 8632. Notice how that also
aligns with previous pivot spots on the
chart. Aside from that, we could be
coming down much further if we have any
sort of good resolution in the Middle
East. first um uh potential for a big
bounce would actually come on this
declining trend line. And the reason for
that, guys, if I delete this parallel
channel, you can see what's happened
with this declining trend line. That's a
breakout scenario that has not yet
retested where it has broken out. This
declining trend line also is the
neckline of a head and shoulders pattern
that has a targeted measured move up
here at $116. So, while price remains
above this declining trend line,
probabilities favor US oil to actually
rocket back up, hit this uh measured
move at $1164.
What can negate that is if price gets
down underneath this neckline right
around $82. Which is why I anticipate if
price continues down lower, we likely
should get a bounce off of that area,
giving us an opportunity to hit that
measured move target with this trend
line that you see here on the chart. All
right, guys. Next up into Nack Gas. NAC
Gas has been really trading and I'll
back the chart out to give you some
proper uh technical analysis, but we've
really been struggling with NAK. You can
see that once we've broken the lower
range of this parallel channel in
February of this year, price has had a
really difficult time to get back up
into that parallel. One of which we
traded freely for several years before.
Now, this uh parallel goes all the way
back to February of 2024. So, you can
see what's happening most uh recently
with price. We've come up from our lows,
established ourselves back on top of
this horizontal trend line. And you can
see with price getting above, retested,
broke out some more, retested again. So
that's the level to watch on the
downside at $2.90
today. Looks like NAC gas is putting in
a potential breakout candle from this
consolidation. Put a daily close above
this high at $38.15.
And that should release uh more buying
pressure for NAC gas allowing price to
push up into this low range is the next
test just under $3.15.
But I see the destination I I see that
being more of a speed bump with uh the
ultimate destination should this
breakout confirm today. Um I see price
coming up here to $323.
This is a great push higher on NAC gas.
something that it's been working to do
literally since the beginning of August
when we put in this nice V-shaped
recovery and have since put in very very
nice consolidation
um in between that time frame. Look at
that other V-shaped recovery on that
chart. So, great move on NAC gas. I
anticipate it to continue to move up
higher. Next up, we've got gold and
following that we've got silver. Now,
you notice yesterday as well as today
gold and silver have somewhat been under
pressure. Now, we're not down that much,
only down.3%. Um however the reason for
the pressure with the 10-year yields
declining is because US oil has also
been declining too. That decline in US
oil alleviates some of the buyers that
are rushing into these precious metals
for fears of inflation. So with um oil
coming down that actually takes some
buyers off the table for gold and
silver. So you can see why there's been
slightly um a little basically moving
sideways to down um over the last couple
days when yields have come down on the
charts. So we see today most importantly
gold is trying to hold the bottom of
this parallel channel. This parallel
channel dates all the way back here to
April of 2025. We've breached it for
about a month to uh to a month and a
half and have since fought to get back
up on inside that parallel channel. We
can see we breached it down here too
with these two days on September 16th
and 15th, but we rapidly regained uh
that parallel channel. That's what we're
fighting for today. You can see even
current price is trying to navigate
right there. Let's get on the 10-minute
chart. So you can see rejected,
rejected, rejected. Now we're making
another attempt get a close over $4,334.
That sets gold up to still remain
somewhat bullish to neutral off of this
decline that we've seen. But it's doing
its best to maintain that parallel. And
that's the line in the sand for today.
Should this parallel get broken, next
support's not far away. Basically, the
low pivot from September 16th, which is
found on this inclining trend line right
around $4,241.
Next up, we've got silver. Now, notice
this on silver. Silver's got a couple
conflicting patterns that are going on
on the chart. We've got a head and
shoulders pattern that tried to break
down and it ended up negating it. So,
you can see price action today actually
catching a little bit of support very
close to that inclining trend line
staying more in a bullish consolidation
uh pattern for the last two to three
days on silver. So, we failed with a
breakdown with the head and shoulders.
But if you look here, here's a left
shoulder. Here's a head. And then do we
have a right shoulder that's developing
here? And I know I got a lot of trend
lines, so just follow me with this. So
basically that would look the neckline
would look something like that. So get
price above this trend line, $6929.
And then guys, we could be in store for
a nice move on silver that could put
price roughly somewhere around $85,
which would make sense. Guys, look at
what I've got on the screen. There's a
reason why I keep these trend lines on
my chart. Notice how this longerterm
trend line from August uh lows here on
August 25th or pardon me of 2025
connected from pivot to pivot to pivot
connected over here to this pivot that
isolated a location for a bounce. And
then when price plunged through that
area, I still kept this trend line
because what does price like to do when
it breaks major trend lines? It likes to
come back up and retest that trend line.
If we do end up getting above this key
level, right in the $6960
range, get above that neckline,
probabilities will increase for price
action coming up and attacking this
inclining trend line. We've got a lot of
work for silver to do through these
resistance levels, this declining trend
line, too. But at least that will put
probabilities on the side of silver for
a bigger move in the near to uh mid
future for the chart of silver. So,
we'll be watching that real close. Uh
lastly, guys, we got copper. Now look at
what copper is doing. Let's rewind the
time, go back on a larger time frame
pattern to show you. Price action on
copper has largely been contained in
this parallel back here since October of
2023. I could extend it all out further
down here to July of 22. Um, but you you
get the drift. This has been in this
parallel for quite some time now.
noticed recently here in August 6th,
here on uh September 10th, and then what
appears to be potentially as early as
tomorrow, we continue to attack the top
end of this parallel channel. The more
times that we hit that door, guys, the
more weak it becomes, and the more um
probabilities increase for us to break
to go higher. That level is $6.92
on the chart of copper. I anticipate
that to be breaking out sooner rather
than later if it continues to pound on
that level. Uh support though as you can
see down here at $5.99.
Quite a ways away, but that will likely
be the 50% area of the parallel should
and when price curl over. However, I'm
anticipating a breakout sooner rather
than later considering the way that this
price action is stacking up over the
last couple months on top of that
parallel channel. All right, guys.
Thanks so much for tuning in and
watching today. procharts commodio uh
commodities uh video for you guys
breaking down those key charts and key
commodities moving in the marketplace.
Uh guys, stick around, make yourself
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you. Thank you again for watching. My
name is Drew with Verified Investing.
Have a fantastic rest of your day.