A view on Gold, Copper, and WTI with new weekly pivot points. In risk-off markets commodities are weak. Also a key indicator of Dollar strength or weakness. Overall – nothing says down yet though price is at/ heading to key levels of resistance early in the month. Note that if this post does not include charts, please refer to the copy of this post that does.

Gold Daily

Paying attention to key levels of resistance due to Gold being significantly overbought. A move lower in Gold is a move higher in Dollar. MR1 is the next major level of resistance on this time frame with the monthly bullish target above that. Note that with price breaking above MM3 it is likely that price heads up to the monthly target.

Gold H4

Nothing says bearish on this time frame. The 21 is still in control and price has not made a lower low. The green zone I have highlighted is the line in the sand for Bulls. Note that price is going to open at WM3 on Monday. A left shoulder and head have setup. A move lower at WM3 would form the right shoulder though again - not bearish until we break below the green zone.

Copper Daily

Bears that sold at MM3 are targeting MM1 with support eyed at MPP on this time frame. Not bearish until we break below that green zone.

Copper H4

Price needs to stay above the two green zones I have highlighted on the chart for Copper to remain bullish.

WTI Daily

Price is at the bullish target for January in the first/ second week of Jan. If Bulls take profit here then price could head down to MPP/ MM2 by the end of Jan.

WRI H4

Nothing says bearish just yet. The 21 is still in control. MR2 is the aggressive target for the month of Jan. Price will be opening at WM3. A break below 61.00 would be key for Bears.

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