IN spite of Bullish COT Reports - Copper Still seems to be working to kick out the last bear.
While Weekly Momentum is up and Daily Down, Looks like it still has one or two legs down before it moves up.
3 to 3.1 Area Looks interesting. Watch Out for it.
Have Patience and keep a Watch on Daily Momentum
Gold is Giving Contradicting Signals at The Moment :
Bullish Case :
1. COT Reports are Bullish
2. Weekly Momentum is Still Bullish
Bearish Case :
1. Decline on Daily Chart Looks 5 Wave
2. Daily Momentum is Still Bearish
What to do then?
1. On Weekly Charts 1650-1675 Area is Very Crucial- It has horizontal solid Support Line, My Channel Bottom and 200 week MA...
Gold is Approaching Critical Area of ABC wave Correction AND Channel Support. This is around 1640-1670 Zone. With COT Reports Turning Bullish, it can be very interesting area for Longs in Next 2-4 Weeks
Commentary On Chart
Silver With Declining Weekly Volumes / Bullish COT Reports / Sweet Channel and Horizontal Support ALL nicely lining up now. It is ready for TURNING UP ON WEEKLY charts.
But as Always COT Reports and Weekly Charts Takes Time to Turn. I am taking that as 2-4 Weeks Time. Keep an Eye on Daily/240 Mins Momentum Turning UP.