Commodity Market Analysis & Forecast Update: Wednesday, February 21

Numbers on Monitor

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Commodity Market Elliott Wave Analysis for Bitcoin, Bonds, Yields, USD/ DXY, Gold, Silver, Iron Ore, Copper, Uranium, Crude Oil, Natural Gas, Corn, Wheat, Soybeans, Coffee, Cocoa.

Commodity Market Elliott Wave Analysis Update: Identifying the crucial turn in the USD is paramount in our analysis. However, the challenge lies in interpreting the upward movement of the USD DXY, as it can be construed in multiple ways. To gain clarity on the DXY, I examine the 10-year Yields, which indicate further upside potential. Concurrently, TLT Bonds suggest continued downside momentum. Consequently, Gold, Silver, and base metals remain susceptible to selling pressure. Additionally, the Crude oil market exhibits an upward trajectory, aligning closely with the movement of the USD DXY. Notably, Forex pairs, particularly the AUDUSD, demonstrate a direct correlation due to the interconnectedness of commodity dollars. In summary, the market pivot necessary for trading has yet to materialize and may not occur until mid-March 24.

Bitcoin: Wave iv) has concluded, and Wave v) appears poised towards 55k.

Dollar: Expectations point to an increase in both the Dollar and Yields, with Bonds likely to decline.

Gold and Silver: Currently experiencing a corrective rally.

Crude oil: Favorable for long positions in crude, while shorting gas remains advisable.

Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817
Stay ahead of market movements and make informed decisions with our comprehensive analysis.

Video Length: 00:26:04

Video Chapters
00:00 Bitcoin (BTC)
03:28 US Dollar Index, DXY / TLT Bonds. US Gov Bonds 10 Yr Yields
05:51 China
15:23 Precious Metals: Spot Gold XAU /GDX ETF / US Spot Silver XAG 
16:20 Base Metals: Iron Ore, Copper XCU/USD. Uranium URA ETF
19:59 Energy: Crude Oil WTIOIL / Natural Gas NG
22:22 Softs and Grains, Cocoa, Coffee, Wheat, Soybeans
25:31 End

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Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817

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