A member has asked for an updated chart  on Silver. My thoughts at the moment are that there could be some hesitation at the old gap (khaki box), and that would be a good place to look for any reversal pattern. Be aware that Kumo is thin at that point but there may just be a retrace to test the lower Kumo base, then perhaps another move north. I personally like silver for the long term.

Some of our members trade Oil, so here’s a updated chart with a few thoughts.

IMO its possible oil could [The forex alerts and charts are protected for Trader Membership members only. Join us to see all content]

Updating the chart.

The south bound move on the Purple Trace ran out of steam after a profitable move lower of around maximum $US39.  Daily action has now retraced higher into the thick  bearish Kumo, and just above where  I have placed a yellow box there

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In the light of the Chilean earthquake, and its possible after effects on copper prices, a member has asked for my thoughts on the copper chart. Copper is not something I have looked at for some time, but you can see on the chart there was an ideal opportunity to go long (first 2 yellow spots) using the Ichimoku signals. Currently the up-trend line has been broken and the price action is now testing from the underside. Old support often becomes new resistance, so perhaps pay attention to the yellow box (4H chart) area which contains the trend-line, a Chikou resistance and the round figure (350) near a recent high. Perhaps this pattern could turn into a 123 reversal. (See education on 123).

For Ichimoku learning.

Notice the candles giving a  Piercing Pattern/Tweezer bottom against the bullish Kumo (3rd Yellow spot). This also came just on the old Chikou resistance (green slatted line).  A great signal for entering or adding.

Oil reversed in the Khaki Triangle as expected previously. (Quote 28th Jan “Still watching for a reversal pattern in the khaki area which could give a retrace towards the KS/Kumo”). There were 2 bites at the cherry on TL ‘pops’. Currently the price has met Chikou and Kumo resistance, so it could be heavy going with a block of old consolidation in the 78-82 zone.

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The price action still appears to be performing to the original thought and todays candle, although not complete for another 2 hours, is looking like it could finish as a Dark Cloud Cover or better. Potential Chikou support is shown below as green slatted line.

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Gold performed nicely to the northbound purple trace. Now we will have to see if the yellow metal will provide a reversal pattern at the overhead Kumo.

For our metals traders here is what seems the potential track for gold.

Updating the Oil chart for a some of our members who follow

We think oil could at some point reverse higher to 85-100 in the medium/ longer term but whether it has to first pay a visit to that lower trend line for the third time is hard to tell. The original Khaki Triangle worked out well (see previous chart). See #29 for full thread

For our  members interested in the oil chart

I think this chart shows how powerful Ichimoku is when used with commodities. (Please compare previous chart).