With the way the market traded last week, you would have assumed that Putin had surrendered, peace had broken out, and love was in the air. None of those things happened, even though it seemed like it, so I still believe commodities demand special attention in this environment.

The broad DBC fund broke above its long ascending channel, and even when it got beaten down, it seemed to respect the upper trendline of its channel as a support zone.

The largest component of DBC, oil, lost a fifth of its value in just a couple of days, but even at the worst point all it did was tag the midline of its own channel before starting to gather strength.

Of course, the commodity I’m more interested in is gold. Gold had a totally awful week, but I wanted to point out two important things regarding this GLD chart:

1. I believe we have hammered out an extremely robust bullish base;
2. Take a look at the absolutely massive increase in volume; that agrees nicely with the premise that we’re commencing a hearty push away from this base.