Image Source: Pixabay

Metals have slowed down recently due to higher US yields and recovery on the US Dollar, but these are just temporary corrective pullbacks before the bullish trend resumes.

If we take a look at the Copper daily chart, we can see a big sideways consolidation within uptrend, which we see it as a larger bullish triangle pattern that can be slowly coming to an end, maybe later this year, before we will see a rally back to the highs.

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Another interesting metal is Palladium. Palladium has been one of the weakest metal in the past year, but now that most of precious metals are approaching support, even Palladium can be finishing final subwave 5 of (C) of a higher degree (A)-(B)-(C) correction.

(Click on image to enlarge)

Another indication that metals are still bullish and supportive is XME (Metals & Mining ETF) chart, which can be in the middle of a larger bullish triangle pattern, where we are tracking wave D. Wave D should be made by three waves A-B-C, so rally into wave C of D may easily cause a rebound on metals.

(Click on image to enlarge)

If you want to see our GOLD chart, we shared it already a few days back here on TalkMarkets. CLICK HERE

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