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Good afternoon everyone and welcome to
my procharts video commodities edition.
My name is Jake Sweeney, protrader here
over here at Verified Investing. Hope
you guys are having a good Tuesday so
far and some good trading. So today
guys, I'm going to dive into oil, so
precious metals, nat gas, finish off
with copper, see what the levels are
giving us. Just today though, just to
give you some context, um doing this
video at 12:30 and
the yields, the US 10-year just hit a
new 52- week high and the US 30-year
continuing to push to new highs, putting
pressure on the overall market. Let's
see how these commodities are
responding. Thanks again for joining me,
guys. Let's get diving into the charts.
All right. So, we're going to check out
oil first.
So, on the week last Tuesday, we fell
below this 93 level on oil and then came
down to this 8861 level. And since then,
for the past week, we've been just kind
of trading in this range. We've been
pushing up to piercing this uh level
going up to 969
uh 96 as well here on these two top
these wicks but then coming back in same
on this day too and now today now I'm
putting in relative lower highs compared
to here and this one much lower today
only coming up to about
9481 and now trending lower uh towards
the 80s. So, where are we at on the
levels wise for support-wise? Should we
come down? I'm looking at this 8861
level that we've bounced off cleanly the
past week. I would us expect to test
this level. Should we continue down?
Overall though, what I'm looking at is
this parallel channel that's kind of
widening uh for this point. Uh but if we
come down to this lower boundary here,
if we break this 8861 level, this would
bring oil to about 86.94 today or 8740
tomorrow. If you guys are seeing what
I'm seeing, this could also be kind of a
we have an ups sloping head and
shoulders pattern. This could be the
other shoulder developing uh which would
be which could mean further downside for
oil. But that is the support horizontal
I'm watching and then this trend line
watching uh for support. Should price
push back up and the war to continue to
escalate. I would expect there to be res
resistance here at the 618 right around
the 9945 or $100 handle for oil. But
then also this downs sloping trend line
from the 11948 high. 1, two, three, and
a fourth hit in this realm would be
about 105 104 should we push back up
there. But those are the levels I'm
watching on oil.
All right. Sorry about that. For gold
yesterday, let's scope in and magnifying
this. Yesterday we saw a huge sell in
gold where we closed here on Friday and
we dropped over 4% to the downside on
gold. Now with that as we're seeing
today, what what's price action telling
me today? Well, price action is telling
me we were able to try and push up and
this level at 4,161
flipped to support here when we
capitulated above it. Now we're down
below it and getting lower lower. This
wick is telling me that sellers are
driving this price down and trying to
trying to struggle to reclaim that
level. Where is it going to find support
at? Well, I take this trend line from
this April 23rd pivot and go through the
lows here and hitting some of the tails
here of this price action.
So, should we trend lower, still keeping
gold above 4,000, but to about 4,50
to 60, this would be the next level of
support is this trend line here.
For gold resistance, you want to see, as
I said, this 4,161 level taken. And then
kind of two resistance levels that we
have to focus on is this downs sloping
one right here that was capping price
all of last week for gold before we saw
that huge sell-off. Um but if we can get
back up to this trend line, this trend
line is favorable to break as this now
has ample hits upwards of six to seven
hits on this trend line. It could break
to the upside putting this trend line in
action.
But I'm not focused on that trend line
today. Focus on this one. And then last
one for gold is this one, this huge one
from this low pivot from April 8th,
2025, hitting this low here and then
switching from polarity rejecting price
here and then here as we as we broke
below it, we retraced a couple times and
then that uh excuse me sharp selloff.
So, should we get back up right where
this X marks the spot, this 4,37
level, uh, this will be the trend line
resistance for gold. All right, guys,
let's keep it moving. Going on to silver
as well. Also saw a huge sell day.
Trying to get a recovery bounce today as
well. Um, but this support levels
looking like it's going to come into
play uh from this low pivot
October 28th, 2025
right through here for these lows as
well and I cut through price action here
too. You may ask, well, price broke
below it and we retraced to it. We did
not confirm and we reclaim that trend
line. So whenever I may cut through
price like that, it's because the price
is retracing to it or reclaiming it to
it. So I deem that even strengthening
that trend line. So looking for a
support here bounce as well. Should we
trend lower uh this 544680
pivot top level uh right here? Buyers
stepped in just before before he kissed
that level. Uh but if price plunged down
to this 54 level definitely uh is my
swing long level on silver.
Then for resistance if we can push back
up we got to reclaim this 64 level
and then the 64 low pivot right here.
And that's kind of what price is sitting
on today is this low pivot here. Um
trying to push above it but getting shut
down.
And then we have this downs sloping
trend line again here guys. We have a
push up retrace and then no
confirmation. We close back in
strengthens my trend line. Third fourth
hit. That'll be the next uh resistance
to take down this trend line above um
dynamically. This would be about 60
about 67 price an ounce for silver.
Looking at UNNG not gas. Last week we
saw a huge move on NAT gas but has since
then giving it back up today. Sarbath uh
we we were up 13% and then now selling
in giving up a lot of those gains but
we're still putting in relative higher
lows from this low trend line from this
low pivot here
um down at 955
from this level. Yes. right here too.
Again, we broke below it, but we
reclaimed it. So now 2 3 4. If we
treaded a little lower about to 1037,
this would be the fifth test of support
for UNNG. If we broke this one, I'm
looking at this down sloping trend line
that we broke out of to now act as
support somewhere around 10 to94
for resistance. Well, as you see here,
we're wicking into this 1090 level here.
So that'll be the first level to reclaim
and then to get above this pivot top
cleanly at this consolidation shelf at
1172
and then this down sloping trend line 1
2 three that halt price coming up next
into the 12 level form guess. So be
patient on your boil contracts.
Identif continue to watch this trend
line here to hold. All right, guys.
We're going to finish the video today
with copper. Um just last week on the
22nd had a new 52- week high coming up
to 4152 trying to get out of this
ascending trend line, but on the next
day sold off below and is since seeing
more selling on copper. Um, we're
looking at this uh candle high here at
3955. You can see we got price has
bounced a lot off this level. So, I'm
looking for this to hold intraday on a
swing basis.
I had this nice long-term trend line
here. As you see, price is kind of just
traveling along this trend line right
here too. We broke below but reclaimed
and I was still coming up. Now, this is
from the July 20 uh excuse me, July
31st, 2025 pivot low. So, we break this
3955 level. I could see us planting
another higher low here
uh on a greater scale. For resistance
wise, we got to reclaim this 4021 level
and then try and tackle this trend line
again to push to new highs for copper.
All right, guys. Thank you guys so much
for staying for the end of the video
today so you guys can get my levels and
key trend lines to watch on all the
commodities. And if you guys haven't
checked out verified investing before, I
would welcome you to check out some of
our technical analysis and daily charts
for free, giving out free levels on
trades that on certain trade setups that
we would uh put our money behind. Thanks
again, guys. Leave a comment below if
anything stuck with you today and happy
trading for the rest of the week, guys.
Uh stay patient, don't chase. Take care.