As a Technical Stock Market Analyst summarizing the Commodities Market Trading Report, the analysis covers various assets, including Bitcoin, US Bond Yields, USD, DXY, US Gold XAU, GDX, Silver XAG, Gold Stocks, Iron Ore, Copper, Uranium, Crude Oil, and Natural Gas. Regarding Bitcoin, the current downtrend appears impulsive, suggesting an upcoming corrective rally followed by another decline, potentially reaching the range of 39-38K. The three-wave movement down is possibly an ABC corrective pattern, though confirmation is lacking, and any breach below this pattern might indicate a larger bearish trend, deviating from the typical Bitcoin narrative.

In the Forex market, the USD DXY is showing signs of initiating a higher rally as part of Wave c) of 2. Once this rally completes, it could pave the way for extended long trades in other currency pairs, which will be incorporated into the CommodityCheck portfolio as strategic trades. The Wave 2 development in the DXY also supports long trades in Spot Gold and Gold stocks, making them significant focal points for trading strategies.

Learn From The Experts Join Here

See Previous Commodity Market video

Related

Tesla Inc. (TSLA) Elliott Wave Forecast Reveals Tesla Price Turning Points on Charts with Key Support and Resistance Insights

Tesla Inc. (TSLA) Elliott Wave Forecast Reveals Tesla Price Turning Points on Charts with Key Support and Resistance Insights

This technical analysis applies Elliott Wave Theory to Tesla's daily and 1-hour charts, forecast...

Read More >
Natural Gas Commodity Elliott Wave Technical Analysis: Covering Critical Resistance Levels, Wave Patterns, and Expected Market Trends

Natural Gas Commodity Elliott Wave Technical Analysis: Covering Critical Resistance Levels, Wave Patterns, and Expected Market Trends

Discover the latest insights on natural gas price movements using Elliott Wave analysis. This articl...

Read More >
Texas Instruments Inc.(TXN:NASDAQ) Elliott Wave Technical Analysis 18 December 23

Texas Instruments Inc.(TXN:NASDAQ) Elliott Wave Technical Analysis 18 December 23

Texas Instruments Inc.(TXN: NASDAQ) Elliott Wave Technical Analysis with 4-Hour and 1-hour Chart dat...

Read More >
SP500 Elliott Wave Theory in Action

SP500 Elliott Wave Theory in Action

Elliott Wave Technical Analysis - I'm looking at two counts, one with a low in place for the who...

Read More >
Australian Dollar/U.S.Dollar (AUDUSD) Elliott Wave Technical Analysis 15 December 23

Australian Dollar/U.S.Dollar (AUDUSD) Elliott Wave Technical Analysis 15 December 23

AUDUSD Elliott Wave Analysis Trading Lounge Day Chart dated 15 December 23, provides a detailed anal...

Read More >
Elliott Wave Analysis: Key Commodity Market Opportunities Unveiled

Elliott Wave Analysis: Key Commodity Market Opportunities Unveiled

Our latest Elliott Wave analysis provides a deep dive into the commodity markets, highlighting signi...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on