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

Our Expert CSL Stock Forecast and Contextual Trends to Capitalize on ASX Market Movements: CSL LIMITED Elliott Wave Technical Analysis

Our Expert CSL Stock Forecast and Contextual Trends to Capitalize on ASX Market Movements: CSL LIMITED Elliott Wave Technical Analysis

Get the latest Elliott Wave analysis for ASX: CSL Limited. Our detailed technical analysis covers st...

Read More >
Vanguard ASX Index Elliott Wave analysis and technical insights for ASX: V300AEQ ETF UNITS Our Report Covers Market Trends

Vanguard ASX Index Elliott Wave analysis and technical insights for ASX: V300AEQ ETF UNITS Our Report Covers Market Trends

Get comprehensive Elliott Wave analysis and technical insights for ASX: V300AEQ ETF UNITS – VAS. Ou...

Read More >
Wheat Commodity Elliott Wave Technical Analysis: Key Market Movements and Predictions for Wheat Prices

Wheat Commodity Elliott Wave Technical Analysis: Key Market Movements and Predictions for Wheat Prices

This article delves into the Wheat Elliott Wave Analysis, providing insights into price forecasts an...

Read More >
British Pound / Japanese Yen Forex Elliott Wave Technical Analysis: Shows Impulsive Bullish Structure Suggesting More Gains

British Pound / Japanese Yen Forex Elliott Wave Technical Analysis: Shows Impulsive Bullish Structure Suggesting More Gains

This analysis highlights GBPJPY’s current bullish phase within Elliott Wave structure, forecasting ...

Read More >
NASDAQ 100 Elliott Wave Trend Analysis: AAPL, AMZN, NVDA, TSLA, GOOGL, META, NFLX, MSFT 2024 Forecast

NASDAQ 100 Elliott Wave Trend Analysis: AAPL, AMZN, NVDA, TSLA, GOOGL, META, NFLX, MSFT 2024 Forecast

Summary: This video provides an Elliott Wave analysis and trading strategies for stocks in the NASD...

Read More >
Wheat Price Analysis: Wheat Commodity Elliott Wave Forecast, Current Market Trends, and Trading Strategies

Wheat Price Analysis: Wheat Commodity Elliott Wave Forecast, Current Market Trends, and Trading Strategies

Get an in-depth wheat price analysis with Elliott Wave forecasting. Understand the current market tr...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

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

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

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

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • 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