Commodities Update: Technical Analysis – Platinum, Oil, Gold, and Silver Market Moves

Commodities shift and flow every day, driven by charts and investor sentiment. Watching those patterns tells a story not just about today, but also about what might come next. This Commodities Update: Technical Analysis looks closely at moves across the dollar, bond yields, precious metals, energy sectors, mining stocks, and main equity indices. By bringing technical analysis front and center, we can make sense of the data. Chart patterns, support and resistance, and momentum are tools to help spot opportunity or risk in commodities, whether you track gold, oil, uranium, or mining ETFs. The content here aims to blend simple explanations with actionable insight—whether you’re a beginner or seasoned trader. Below you’ll find a breakdown of current technical signals shaping commodities right now. We’ll look at the backbone assets and patterns most relevant for traders and investors.

Overview: What This Commodities Update Covers

This update walks through key technical setups and market opinions on leading commodities and related assets. You’ll find thoughts on chart patterns, momentum signals, and what current moves could mean for your portfolio.

Here are the primary topics and assets discussed:

• US Dollar Index (DXY)
• Bond Yields (2-year, 10-year, 30-year)
• Gold, Silver, Platinum, and Palladium
• Oil and Natural Gas
• Mining Stocks (GDX, GDXJ, SILJ)
• Energy Sector ETFs (XOP, OIH)
• Uranium Market (URA, URM, URJ)
• Nickel, Copper, Lithium, Iron Ore, Aluminum
• Emerging Market ETFs and US Equity Indices
• Cryptocurrencies: Bitcoin, Ethereum, MicroStrategy

The Dollar Index (DXY) and Its Bond Yield Connection

The US Dollar Index (DXY) sits at the heart of commodities pricing and feels the push and pull of interest rates. When bond yields rise, it’s common to see the dollar strengthen as well. Right now, the dollar appears to be on the edge—poised for a potential turn upward.

Two key technical patterns show up on the DXY chart:

• Falling wedge: This is a chart pattern where price action squeezes downward between two sloping lines. It’s often seen as a bullish setup that signals a possible reversal to higher prices.
• Double bottom: Picture a “W” shape on the chart, where price bounces twice off a support level before trending up. This too hints at a shift from downward to upward momentum.

Recognizing these chart signals helps anticipate when trend changes could happen.

DXY Pattern Analysis: Watching for a Breakout

On the DXY chart, there’s a visible downtrend line that price is beginning to test. If the dollar breaks above this line, especially out of a falling wedge pattern, it could mean a move higher is underway. These setups don’t guarantee immediate change, but they stack the odds. Support levels (the horizontal price floors where buying often steps in) matter here. If support holds, it becomes the launchpad for an upward breakout. If you’re visual, sketching a rough diagram of a falling wedge overlaid on recent dollar price action can help cement the idea. Watching to see if this pattern confirms could reveal the start of a new dollar uptrend.

Bond Yields Power Higher: Key Moves in 2-year, 10-year, and 30-year

Bond yields surged today, with technical signals pointing toward more upside ahead. Each main yield broke through previous downtrend barriers, suggesting fresh bullish momentum.

Key yield moves and signals:

• 2-year yield: up 3%, breaking its downtrend line.
• 10-year yield: up 2.62%, now challenging resistance after leaving its own trendline behind.
• 30-year yield: up 1.74%, showing a similar pattern to the shorter-term yields.

When you see several timeframes breaking out together, that often adds weight to any technical signal. Markets may be preparing for rates to keep climbing.

Inflation Expectations and the Ripple Effect on Commodities

Interest rates don’t just exist in a vacuum. When yields move higher, it often sends a message: markets are bracing for more inflation, or at least the expectation of it. Asset classes that respond to inflation, like oil and platinum, tend to move alongside those expectations. When traders and investors expect rising prices, they often start to scoop up commodities seen as inflation hedges. Oil, in particular, tends to respond quickly to these rate and inflation cues, as does platinum—both being considered inflation-sensitive assets.

Bond Market Review: TLT ETF and Yield Curve Signals

The TLT ETF, tracking long-dated US Treasuries, currently sits in a sideways congestion area with no sharp reversal visible yet. The prevailing trend remains downward, underscored by repeated lower lows and hints of an inverted flag pattern (a bearish setup where price consolidates before a new drop). More important for the big picture is the spread between 2- and 10-year Treasury yields, commonly called the yield curve. If this curve “reinverts”—where the short-term yield rises above the long-term yield—it’s usually a warning of a slowdown ahead. Fiscal stimulus has softened the market blow from recent slowdowns, but the road forward shows more lagged economic data. The market tends to price what’s coming rather than what has already happened. So, even if the current data looks bad, traders are already watching for what might change next.

Market is pricing forward, not backward.

TYX/TNX Ratio: What It Means for Gold

The ratio comparing 30-year (TYX) to 10-year (TNX) Treasury yields flashes a new technical setup: a rising wedge pattern with several bearish engulfing candlesticks on the weekly charts. This alerts to a possible near-term reversal in the yield curve back to an inverted shape. A bearish engulfing candlestick is a two-candle pattern seen in charting. First, you get a small up day, then a larger down day that engulfs the previous day’s range. This often warns of further downside in the asset. If the curve reinverts, gold could lose one of its main tailwinds. But context counts: persistent or worsening inflation could allow gold and yields to both climb despite a shifting curve.

Bearish Engulfing Candlestick:
A two-bar pattern on a chart—smaller up candle followed by a larger down candle that fully covers the first. Signals possible trend reversal.

Gold Market Technicals: Resistance Holding, Sellers Active

Gold slid $42 after stalling out at a key resistance level. Momentum that had begun to build fizzled as sellers reclaimed the chart. Unable to break higher, gold now faces the possibility of a short-lived downward move before any fresh recovery gets underway. When a security fails to break above resistance and starts to fall, it’s telling you the current buying energy isn’t enough. Technical traders use trendlines to anticipate the next support zones, which, if breached, can lead to more selling—at least in the short run.

Key gold technical levels to watch:

• Resistance near recent highs (where price peaked and reversed)
• Support at recent swing lows
• Trendline from previous resilience points

For the time being, the gold market sits at a crossroads—waiting for a clear shift in momentum before bulls get another shot.

Silver Analysis: Testing Resistance and Looking for a Return Move

Silver rose by 0.85%, currently pressing up near resistance. Often, after breaking through a big level, price pulls back to retest that former resistance (now support). This move—called a return move—confirms the breakout was real and not just a quick spike.

So far, silver’s pullback comes with smaller daily candlesticks, which often hints at healthy consolidation rather than a bearish reversal. What you want to see for confirmation of a bullish move ahead is a strong upward candlestick at the support—known as a bullish engulfing candle.

When consolidation looks orderly, it’s the market taking a breath before a possible run higher.

Platinum’s Technical Strength and What It Signals

Platinum shined with a 3.26% gain, sporting a strong breakout. The price pattern resembles a fractal from previous bull markets. In other words, the chart today echoes the same squeeze seen at the start of prior multi-year rallies.

• Fractals: These are repeating patterns visible on charts at different scales—today’s breakout mimics an old one.
• Squeeze: A period of tight price compression before a burst in price.
• Commodity fly zone: When an asset like platinum consistently outperforms gold, it can point to broader strength across commodity markets as a whole—essentially a period when commodities “take off together.”

If platinum keeps outpacing gold, it marks a key shift—often signaling that commodities as a group are ready to move higher together.

Palladium: Double Bottom Breakout and Bullish Energy

Palladium flashed a strong 5.16% gain. It’s moved above its recent downtrend and built a sturdy support base. The technical picture shows a double bottom pattern—often seen as a bullish reversal signal.

A double bottom looks like a stretched “W” where price drops, bounces, falls again, then springs upward, forming two distinct lows at about the same level. This shape tells traders that sellers may be exhausted, and buyers are starting to regain control.

Adding a visual sketch or chart overlay here can help new traders spot the pattern on their own charts.

Gold and Silver Mining Stocks: Current Pullbacks and Common Patterns

ETFs tracking gold and silver miners, like GDX, GDXJ, and SILJ, cooled off after strong advances. The sector dropped back slightly (GDX down 2.88%, GDXJ down 2.43%), but the move appears to be typical after a rally.

After a breakout, price typically acts in one of three ways:

1. Return move: Price pulls back to test the breakout area as support.
2. Consolidation: Price moves sideways, trading in a range as buyers and sellers regroup.
3. Impulse wave: Price continues higher in sudden, vertical bursts (stair-step pattern).

Current pullbacks come with occasional gaps—spaces on the chart left as price jumps or drops from one day to the next. These gaps often fill during periods of sideways chop.

If mining ETFs can base on support, they could soon build for a new run higher.

Crude Oil Breakout: Higher Despite Rig Count Drop

Oil climbed 2% on the day, even as rig counts fall—a sign that the market has already priced in old data. According to the technical charts, oil has broken above the neckline of a shoulder-head-shoulder pattern, launching a new bullish phase.

A shoulder-head-shoulder (SHS) pattern is a classic chart shape: two peaks (shoulders) with a higher central peak (head) and a flat or slanted baseline (neckline). If price breaks above the neckline, it signals the trend is turning up.

Small down days along the way are signs of healthy profit-taking. Large, aggressive down days, on the other hand, could warn of reversal risk. As long as oil delivers steady gains, with only mild pullbacks, the chart remains bullish.

A diagram of the SHS pattern can help visualize how these setups function.

Natural Gas: Testing a Long-Term Resistance Break

Natural gas gained 2.83%, pushing hard against a resistance channel that stretches all the way back to 2009. Even as supply has grown, prices haven’t climbed enough, suggesting there’s room to break out if demand firms up.

Old channels can act as glass ceilings—once shattered, they open the door for a run much higher. As new supply comes on, watching if price can finally break this major level will tell a lot about the path for the next few months.

Energy Sector ETFs: XOP and OIH Show Accumulation

Both the XOP and OIH energy sector ETFs delivered modest gains (XOP +2.43%, OIH +2.5%) and flash the classic signs of accumulation. This shows up when:

• Big green candlesticks (strong up days) dominate,
• Red candlesticks (down days) are small and controlled.

Accumulation is the process where buyers steadily enter positions, gradually pushing the price higher. In contrast, distribution is where sellers offload shares into strength, often marked by big red bars and volatile down days.

Accumulation = steady buying.
Distribution = steady selling.

These signals suggest the energy space has more room to run once big buyers join the crowd.

Newcastle Coal Futures: Big Drop, Potential Bottom Forming

Coal has plunged, down about 64%, but not everyone is running away. The chart forms an inverted shoulder-head-shoulder pattern, a setup that can flip a downtrend into an uptrend if resistance finally gives in.

Resistance (where sellers usually overcome buyers and halt the rally) acts as the last test. If the price pushes through with volume and closes above that level, a new bullish phase may begin—even for beaten-down assets like coal.

Uranium Market Chart: Consolidation Sets Up for Breakout

Uranium’s story is one of patience. The Sprott Physical Uranium Trust is bumping up against a key trendline, consolidating just below resistance. Uranium futures also move sideways, building a tight coil.

ETFs like URA, URM, and URJ follow a stair-step bullish pattern, marked by big green up days, followed by smaller red consolidations. This is a positive structure, suggesting each pullback is met by new buying.

Key uranium ETFs and their technical status:

• URA: Testing resistance; breakout could open the door for large gains.
• URM: Minor pullbacks, but remains in a bullish setup.
• URJ: Small dips, strong up moves; still bullish.

If these patterns continue, uranium may be gearing up for a strong run.

Nickel and Copper: Base Building and Support Watch

Nickel rallied 4%, moving sideways as sellers are gradually squeezed out. This type of slow churn is classic base building where price grinds, sellers leave, and stronger hands wait for a push higher. Copper dropped 2.19% but continued to hover above its main support pattern. As long as price doesn’t fall decisively below support, technical bias stays positive. COPX, the copper mining ETF, also sits atop key levels meaning a breakdown hasn’t arrived. If you spot large bullish candlesticks leading from these bases, odds favor an eventual move up.

Lithium and Rare Metals: Holding Firm, Watching for Breakouts

Lithium rose slightly, forming a bullish pattern with very little selling pressure in sight. RMX, covering rare metals, shows a bit more selling and some gaps, but there are hints of a double bottom which could launch a reversal with the right catalyst. The crux for both lies in how they handle resistance ahead. A strong close above recent highs could foreshadow bigger moves.

Iron Ore and Aluminum: Diverging Trends

Iron ore continues to trade sideways, chopping within a tight range. Though it hasn’t broken up yet, the expectation remains that it’ll eventually climb out of this chop. Aluminum, by contrast, looks weak. An inverted flag pattern—a downward consolidation often breaking lower—dominates the chart. Several red candlesticks reveal continuous distribution.

Baltic Dry Index: Shipping Cost Surge and Macro View

The Baltic Dry Index has broken out, flashing a positive trend for shipping rates worldwide. This matters because shipping is the bloodstream of the commodities world—when freight rates jump, it often signals stronger demand for goods and raw materials across the globe. A rising index helps confirm macroeconomic trends toward increased commodity flows.

Emerging Markets ETFs: Strength Despite Strong Dollar

Emerging market ETFs defied a stronger dollar today, closing with conviction. MOO, tracking agribusiness stocks, pulled back for a retest but bounced upward—a bullish sign. KRE, focusing on regional banks, shows a chart pattern known as a Livermore accumulation cylinder alongside an inverted shoulder-head-shoulder pattern. Both favor a strong move higher. The XHB homebuilder ETF dipped slightly and could be aiming for a double bottom—a sign of stabilization after weakness. These patterns combined speak to resilience and potential upside in the face of currency headwinds.

U.S. Equity Indices: Russell 2000, S&P 500, Nasdaq

Major US benchmarks continued their climb. The Russell 2000 led upward, with the S&P 500 up 1% and the Nasdaq up 1.2%. None show classic reversals on their daily charts.

• SMCI squeezes into a double bottom, hinting at further strength.
• Nvidia may be forming a rising wedge pattern, which sometimes warns of coming pressure if it breaks to the downside.

Key technical highlights:

• Russell 2000: Upward momentum intact.
• S&P 500: Steady, in breakout territory.
• Nasdaq: Up, though rising wedge patterns demand caution.
• SMCI: Double bottom support.
• Nvidia: Watch for wedge break risks.

Cryptocurrency Market: Bitcoin, Ethereum, MicroStrategy

Bitcoin rebounded 3.9% but faces overhead resistance after a sharp down day. The prior uptrend broke, now price must reclaim old support to confirm any new run. Ethereum also rose (up 3.2%) but sits below the main pattern support, lacking strength seen in Bitcoin. MicroStrategy inched up 1.5% but looks weak—recent moves are often met with selling pressure. Typical bullish markets form “stair-step” up patterns steady gains, shallow pullbacks. This isn’t evident in current crypto charts, which remain choppy.

Commodities Market Technical Analysis Overview

Today’s analysis focuses on how key commodities and related assets performed, digging deep into daily technical moves for clues about what could come next. The review covers major crosscurrents—currency strength, interest rate swings, momentum in precious and industrial metals, and the energy sector’s dance with supply and demand.

Assets and topics in this update:

• US Dollar Index (DXY)
• Treasury Yields: 2-year, 10-year, 30-year
• Gold, Silver, Platinum, Palladium
• Crude Oil, Natural Gas
• Energy ETFs: XOP, OIH
• Coal, Uranium, Nickel, Copper, Lithium, Iron Ore, Aluminum
• Mining ETFs: GDX, GDXJ, SILJ, COPX
• Baltic Dry Index, Emerging Markets, Agribusiness ETFs (MOO)
• U.S. Equity Indices: Russell 2000, S&P 500, Nasdaq, SMCI, Nvidia
• Cryptocurrencies: Bitcoin, Ethereum, MicroStrategy

The Dollar Index (DXY) and Bond Yields: Strong Correlation, Watch for a Turn

In commodity markets, the US Dollar Index (DXY) is key. When yields across US treasuries rise, DXY often moves up too. At present, a potential turn upward is forming on the DXY, highlighted by two major chart patterns:

• Falling wedge – Where prices compress between two downward-sloping lines. It’s seen as a possible bullish reversal setup.
• Double bottom – A “W”-shaped price pattern signaling strong support and an attempt to reverse a decline.

Spotting these early can help you anticipate when sentiment and momentum may shift to favor the dollar.

DXY Chart Patterns: Breaking the Downtrend?

A close look at DXY’s chart shows it’s testing a long-standing downtrend line. The price action is wedged into a falling wedge, suggesting a bullish bias if price breaks northward. This pattern carries weight in technical circles: a break above the downtrend hints at an upcoming rally. Support levels—the “floor” under price action—offer an anchor for any move higher. If DXY holds those spots and pushes above resistance, it could trigger a sustained run. Charting these patterns visually reinforces the significance of the setup.

Key Yields Soar: 2-Year, 10-Year, 30-Year Push Higher

Bond yields popped sharply today, giving fresh technical signals. Each broke through its respective downtrend, a noteworthy event for traders and investors alike.

Yield stats and moves:

• 2-year yield: Up 3% – Broke above downtrend resistance.
• 10-year yield: Up 2.62% – Cleared resistance, turning technical bias bullish.
• 30-year yield: Up 1.74% – Mirrored the strength seen further down the curve.

A synchronized breakout in yields across timeframes usually amplifies the market signal. Traders now eye further rate increases as a likely scenario.

Rising Yields: What They Mean for Commodities and Inflation

Higher bond yields ripple quickly through the commodity world. Markets tend to interpret rising rates as a sign of future inflation. Because many commodities serve as inflation hedges, their prices often rise alongside yields—especially assets like oil and platinum, which are particularly sensitive to inflation expectations. As rate hikes and inflation signals pile up, money often flows into real assets in search of shelter and upside.

Bonds on the Backfoot: TLT ETF and Yield Curve Signal Risk

The TLT (a major US Treasury ETF) still grinds sideways but leans lower overall, sitting within tight congestion. The inverted flag pattern—a slow, bearish drift—dominates, threatening further weakness if support gives way. One critical signal is the yield curve: the difference between yields on the 2-year and 10-year treasuries. Renewed “reinversion” (short-term yields above long-term yields) can foreshadow economic slowdown. Fiscal measures and rising rates have muted slowdown effects so far, but lagging economic data often tricks traders into underestimating what’s coming.

Markets are always forward-looking.

Eyes should stay on where the curve and TLT go next, as both influence commodity and equity sentiment.

TYX/TNX Yield Ratio: Gold’s Tailwind at Stake

The TYX/TNX (30-year vs. 10-year treasury) ratio chart reveals a rising wedge capped off by several bearish engulfing candlesticks on the weekly chart. This technical warning points to a possible reinversion of the yield curve—usually not a great sign for gold. Yet, extreme inflation or a crisis in the bond market could lift both yields and gold together. Short-term, though, these patterns suggest a cooling in gold’s tailwind.

Bearish engulfing candlestick:
A large downward candle that entirely covers the prior day’s up candle, signaling potential reversal to the downside.

Gold: Selling Pressure and Key Levels

Gold recently fell $42 after failing to break above resistance. Technicals now suggest more short-term selling may follow before any significant bounce. Failed breakouts and aggressive selling near resistance warn that buyers lack conviction right now.

Key technical levels for gold:

• Immediate resistance near recent highs
• Primary support at last swing low
• Main trendline as a check on further drops

Short-term gold weakness is a reaction to recent price and sentiment, not a forecast of doom. If buyers step up at support, the market could quickly shift.

Silver: Resistance Test and Healthy Consolidation

Silver gained 0.85% today but faces a ceiling at established resistance. A typical next step: a return move where price pulls back to retest the breakout zone. These pullbacks aren’t necessarily bearish; they often mark the start of healthy consolidation before higher moves. Small candlestick pullbacks (tight daily trading ranges) indicate an orderly market rather than a panic-driven reversal. Watch for a bullish engulfing pattern at lower support for a sign that strong buyers are back.

Platinum: Breakout Power and Commodity Fly Zone

Platinum’s +3.26% rally is backed by a fractal pattern—today’s breakout closely matches setups seen at previous bull market beginnings. After clearing a squeeze, the price ran higher, echoing past explosive commodity moves.

• Fractals: Repeatable patterns on different timescales and across cycles.
• Squeeze: Tight price action signaling an upcoming burst.
• Commodity fly zone: When platinum or other industrial metals outperform gold, it hints that commodities as a whole may take off.

Platinum’s ability to lead gold underscores the potential for broader commodity rallies.

Palladium: Double Bottom and Bullish Reversal

Palladium jumped 5.16% and shattered its downtrend. The pattern that’s coalesced? A textbook double bottom. This formation suggests the asset is finding solid footing after weakness. Spotting this pattern, especially with price now above support, reinforces a bullish outlook. A simple “W-shaped” sketch on the chart can help confirm the read.

Gold and Silver Miners: Normal Pullbacks, Opportunity Ahead?

Mining ETFs like GDX, GDXJ, and SILJ slipped after recent strength, each sporting minor gaps and slight declines. After a rally, this is normal—markets don’t move in straight lines.

Three common paths post-breakout for mining and resource stocks:

1. Return move: Price slips back to test the breakout as support.
2. Consolidation: Price trades sideways, letting new buyers accumulate.
3. Impulse stair-step: Quick surges higher followed by brief pauses, advancing in stages.

Short-term selling doesn’t spell doom, especially if gaps fill quietly and price steadies.

Oil: Neckline Breakout Despite Falling Rig Counts

Crude oil advanced 2% even though U.S. rig counts dropped. Old data on rig counts had already been priced in, so traders focused on renewed upside. The technical chart shows a clear shoulder-head-shoulder breakout—with price punching through the neckline and confirming a bullish phase.

Small down days may arrive, but these are healthy signs of profit-taking. The key risk would be a string of large downward candles interrupting the momentum; until then, oil sits in the technical driver’s seat.

Including a quick diagram of a shoulder-head-shoulder pattern can help newer traders spot similar moves ahead.

Natural Gas: Breaking Through Long-Term Resistance

Natural gas climbed 2.83%, making a run at a resistance channel unbroken since 2009. A bounce here would be notable given ongoing new supply. Despite increased production, natural gas hasn’t yet reached a price height that would cap momentum, which points toward the possibility of a powerful move if the breakout holds.

Energy ETFs: XOP and OIH Under Quiet Accumulation

The XOP and OIH ETFs both rose (XOP +2.43%, OIH +2.5%), and their charts show obvious accumulation:

• Large green candles on up days
• Small, controlled red candles on down days

Accumulation happens when savvy investors quietly build positions, pushing price upward. In contrast, distribution is dominated by sellers offloading into demand. Accumulation is steady buying, while distribution is quiet selling pressure.

Newcastle Coal Futures: Bottoming Signs After Collapse

Coal plunged 64% but shows signs of stabilization with an inverted shoulder-head-shoulder pattern forming just below resistance. If coal pushes past this ceiling, it could flip sentiment and start a meaningful recovery from deeply oversold levels.

Uranium Market: Patience Pays Off in Consolidation

Uranium assets, including the Sprott Physical Uranium Trust, hug resistance, condensing into a consolidation range. The technicals across uranium futures, URA, URM, and URJ all flash stair-step advances—large green bars paired with smaller red consolidations.

Uranium ETF and futures update:

• URA: Breaking resistance, poised to fly on a strong close.
• URM: Minor pullbacks precede gains, structure remains bullish.
• URJ: Small corrective moves within longer-term uptrend.

A sustained breakout depends on these coiled patterns resolving upward with volume.

Nickel and Copper: Building Bases, Eyeing a Push Higher

Nickel added 4% today, working off lingering sellers with tight sideways action. This “grind” surprises many, but it often marks the start of new uptrends once buying returns. Copper dipped 2.19% but keeps clinging to support. Unless price decisively breaks key levels, the bullish view remains active. COPX trades sideways above core support, patiently awaiting a new trend.

Look for a surge—the presence of bullish engulfing candles at support would add confirmation.

Lithium and Rare Metals: Quiet Strength, Breakout Watch

Lithium advanced modestly, forming a constructive bullish pattern with almost no aggressive selling. RMX, despite some selling and price gaps, forms a possible double bottom—not yet confirmed but worth watching if momentum returns.

Breakouts through resistance in this space could trigger sharp upside, especially with sleepy markets shaking awake.

Iron Ore and Aluminum: Contrasting Technical Trends

Iron ore remains locked in sideways chop, a grinding pattern that could break up later this year. Aluminum looks decidedly weaker: an inverted flag pattern has formed, marked by harsh red candles. This is classic distribution, with sellers overwhelming each attempt at a rally.

Distribution shows up as clusters of big red candles, flagging more sellers than buyers over time.

Baltic Dry Index: Shipping Bull Run

The Baltic Dry Index, a proxy for global shipping costs, broke out with conviction. This rising trend signals increasing demand for shipping capacity—a bullish sign for global commodity flows and economic growth.

Emerging Markets: Strength in the Face of a Strong Dollar

Emerging market ETFs, like MOO and KRE, held up even as the dollar gained. MOO retested support and headed higher, while KRE built a Livermore accumulation cylinder alongside an inverted shoulder-head-shoulder—a strong, bullish combination.

XHB—focused on homebuilders—dipped, but patterns suggest a possible double bottom could emerge after today’s short-term weakness.

U.S. Market Indices: Small Cap and Tech Rally

Major indices pressed higher: Russell 2000 led the way, S&P 500 rose by 1%, and Nasdaq by 1.2%. No apparent reversal signals cropped up on the daily charts.

Index and stock technicals:

• Russell 2000: Momentum intact.
• S&P 500: Breakout territory.
• Nasdaq: Holding gains but rising wedge on Nvidia cautions of reversal risk.
• SMCI: Shaping double bottom.
• Nvidia: Watch for wedge breakdown.

Each presents a different technical pattern, but overall trends remain supportive of more gains if key levels hold.

Cryptocurrencies: Rebound Faces Resistance

Bitcoin jumped 3.9%, but fresh resistance lies immediately overhead after breaking its previous uptrend. Ethereum rose 3.2% but lags behind, trapped below former support. MicroStrategy eked out a 1.5% gain but shows more selling on approach to resistance.

Stair-stepping patterns—steady upward moves with shallow pullbacks—define healthy crypto chart action. Right now, both Bitcoin and Ethereum lack this clear formation, suggesting bulls need more time or stronger bids to flip the trend.

Conclusion: Chart Patterns Point Toward Opportunity—But Stay Alert

This Commodities Update: Technical Analysis spotlights the market’s most active patterns and momentum pivots. Platinum and oil flash clear upside, while gold and silver sort through resistance and short-term sellers. Uranium and energy sectors coil tighter for potential breakout. Miners and industrial metals grind through phases typical of new trend beginnings.