GG, AM, NEM, CRB, XME, COPX, GDX, XAU, Copper, Aluminium, Lead, Nickel, Gold, Silver, Energy Newmont Mining, Amer Barrick, GoldCorp, Copper, Lead, Zinc, Aluminium, Gold, Silver, Crude Oil, Brent Oil

COMMODITY OUTLOOK - Base Metals, Precious Metals Turn Lower for Next Several Months - Energy Sector Outperformance

In This Edition: This month’s report forecasts some important reversal-signatures in Base and Precious Metals. Some months ago, we highlighted the bearish divergences between the Metal Miners (XME) and the underlying Base Metals but have been waiting for Copper, Aluminium, Lead, Zinc and Nickel to realign by trading higher before completing five wave impulse patterns that began from last year’s grand ‘RE-SYNCHRONISATION’ lows. Recent gains have accomplished both pattern completion and upside levels with Copper leading the sector lower since, falling already by -8.6% per cent that confirms a multi-month correction has begun.

Gold and Silver pushed higher from July’s lows and although breaking above important resistance levels traded last April, prices have since broken lower again, especially Silver which had previously gained almost +20% per cent in July-September. We update the current 2-3 month outlook which now turns bearish again, but still within the multi-year uptrend established last year.

The one positive outlook comes from the Energy sector. Brent Oil is about to break above last year’s high of 58.37 whilst Crude/WTI Oil remains below its equivalent levels. This bearish divergence is expected to pull prices down over the next month or two, but it does confirm the larger bullish uptrend.

Includes Mining Stocks: Newmont Mining, GoldCorp., Amer Barrick.


27 pages

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