Copper Gains Foothold in Major Uptrend - Precious Metals to Surge Higher - Energy Triggers new Buy signal
In This Edition: The June edition of the Elliott Wave Commodities Outlook identified an important low forming across all commodity sectors, Base Metals, Precious Metals & Energy.
These lows were ending counter-trend declines that either began almost a year earlier, from the June ’16 peaks in the case of energy contracts, or from this year’s February highs, as was the case for Base Metals such as copper. Fast-forward 2-months and there’s been some excellent gains – crude Oil has traded higher by +18.4% per cent and Copper by +16.2% per cent. Precious metals took a while longer to complete their corresponding corrections that began later, from the April highs but we can now report these have also ended early-July with gains of +5.3% per cent.
This month’s report updates their progress and highlights each’s potential for August. Base metals are forecast onwards and upwards, Gold and Silver have resumed larger uptrends that began from last December’s lows whilst Crude/Brent Oil are within a couple of months of finalising a sideways triangle pattern that began last year – ominous stuff! There are some differing expectations as we look further ahead even though there is a uniform bullish outlook for the medium-term, over the next several years.