Copper Firms in Setup Zone, Base Metals Turn Up and Uranium Overshoots

Rising short-term rates are pushing the US Dollar higher, which is weighing on precious metals. Oil also moved into a downtrend with a break below the April lows. Industrial metals are holding up relatively well and copper is setting up bullish. Elsewhere, the Agriculture ETF is holding its breakout as it weathers a volatility storm. $USD $UST2Y, $IEF, $UST10Y, $CPER, $DBB, $DBA

The Dollar is ripping higher with a 4+ percent gain since early May. Rising short-term rates are propping up the Dollar, which is weighing on commodities. Gold and copper fell sharpy the last three weeks. Gold was already in a downtrend, but copper remains in a long-term uptrend. The Copper and Base Metals ETFs are also nearing Bullish Setup Zones. Elsewhere, the Copper Miners ETF broke the May lows, the 7-10Yr TBond ETF broke out to a 25-day high, the DB Agriculture ETF has breakout working. $USD $GLD $CPER $DBB $IEF $DBA

Bonds, precious metals and uranium are trending lower, while industrial metals and agriculture are trending higher. As a consequence, long and short term rates are trending higher, with the latter weighing on gold. Gold, silver and precious metals are in downtrends. Coppers and Base Metals are holding up relatively well with short-term setups working. The Copper Miners ETF remains with a triangle breakout and the DB Agriculture ETF surged off a key retracement. $IEF $UST10Y $GLD $SLV $UST2Y $CPER $DBB $COPX $SRUUF $DBA

Precious metals were hit hard this week with gold, silver and platinum breaking their 200-day SMAs. All three are now in downtrends. Today’s report will cover these breakdowns and show why the macro backdrop is negative for precious metals. The 2-yr Treasury Yield is rising and above the Fed Funds Target Rate, which points to a hawkish Fed. We will chart the macro shifts since 2021 and lay out the bear case for gold, and possibly stocks. $GLD $SLV $$FEDTGT $UST2Y $GDX $COPX $URA $SRUUF

Gold continues to test a Bullish Setup Zone as Silver consolidates at a make-or-break area. The Gold Miners ETF has a triangle breakdown working. Industrial metals remain strong with physical uranium setting up bullish. The Copper Miners ETF is holding its triangle breakout as the Uranium Miners ETF bounces off support. Agriculture was hit hard, but the DB Agriculture ETF is still in an uptrend and at the top of a Bullish Setup Zone. $GLD $SLV $GDX $CPER $DBB $USL $DBA $URA $SRUUF

May is proving to be a volatile month for the asset class ETFs. There were big price swings in bonds, oil, copper, and agriculture. Headlines drive short-term swings, but the bigger trends remain intact. Bonds are trending lower, oil is holding its breakout, copper remains in an uptrend and agriculture is setting up with a bullish pullback. $IEF $TLT $USL $GLD $CPER $DBB $SRUUF $COPX $URA $DBA $IBIT

May is proving to be a very volatile month for the asset class ETFs, but most of the trends remain in place. The Copper and Uranium Miners ETFs surged and fell back with sharp declines as both tests support. $GLD $SLV $IEF $TLT $CPER $DBB $SRUUF $COPX $URA $DBA $IBIT

Bonds are trending lower and commodities highs. Oil is holding its breakout, gold and silver turned up last week and copper surged to a new high. There are setups working in Palladium ($PALL) and Uranium ($SRUUF). $IEF $TLT $USL, $GLD $SLV $GDX $SIL $CPER $DBB $DBA $IBIT

The asset class ETFs paint a picture that favors inflation. Bonds are in downtrends, inflation protected bonds are in uptrends and commodities are in uptrends. Today’s report will $IEF $TLT $USL $GLD $SLV $GDX $SIL $CPER $DBB $SRUUF $DBA $IBIT

Inflationary pressures remain as the Agriculture and Oil ETFs hit new highs. Bonds, which broke down in March, reversed their short-term upswings with sharp declines the last few days. $IEF $TLT $USL $GLD $GDX $SLV $CPER $DBB $SRUUF $DBA $IBIT

Bonds rebounded in April, but remain with their March breakdowns. These rebounds look like bear market bounces. In contrast, energy, industrial metals and …

$IEF, $TLT, $USL, $GLD, $GDX, $CPER, $DBB, $SRUUF, $DBA $IBIT

Volatility is the order of the day since March 2nd (27 trading days). The US Oil Fund was up 70% on April 6th and is currently up 52%. The Gold SPDR was down … $IEF, $TLT, $USL, $GLD, $GDX, $CPER, $DBB, $SRUUF, $DBA $IBIT

Oil and ag are the only asset class ETFs that are working since the war with Iran began. Of the 21 asset class ETFs, the only gainers are … ETFs covered: $IEF, $TLT, $STIP, $DBA, $WEAT, $CORN, $CANE, $GLD, $GDX, $CPER, $DBB, $SRUUF, $IBIT

March is turning into one ugly month with 16 of the 20 asset class ETFs moving lower. Surging oil prices, rising interest rates, inflationary pressures and geopolitics are … $DBA, $CANE, $WEAT, $CORN, $GLD, $GDX, $IEF, $TLT, $CPER, $DBB, $SRUUF, $IBIT

Month-to-date performance is ugly for our 20 asset class ETFs. Oil, the energy-heavy DB Commodity ETF, Bitcoin and Agriculture are the only winners this month. … $IEF, $TLT, $STIP, $GLD, $SLV, $DBA, $CPER, $DBB, $SRUUF, $IBIT

Among our asset class ETFs, Energy, Bitcoin, Base Metals, Agriculture and QQQ are the only gainers this month, which is since the war with Iran began. Precious Metals, Bonds, Small-caps and Miners are down … $IEF, $GLD, $SLV, $GDX, $SIL, $CPER, $DBB, $SRUUF, $URA, $COPX, $XME, $IBIT

The TBond ETF is testing its breakout zone. Gold and Copper Miners ETFs formed triangles after new highs. Oil futures are in backwardation. Symbols: $IEF, $GLD, $SLV, $GDX, $SIL, $CPER, $DBB, $SRUUF, $URA, $COPX, $XME, $WTIC, $USO, $USL, $IBIT

The Treasury bond ETFs got big breakouts in mid February and these breakouts are holding. Copper and Base Metals are also active with small wedge breakouts. Symbols covered: $IEF, $GLD, $SLV, $GDX, $SIL, $CPER, $DBB, $SRUUF, $URA, $IBIT

Precious and industrial metals continue to lead in 2026. Gold has a bullish consolidation working as silver hits a key retracement. Copper, base metals and uranium are also setting up. $IEF, $GLD, $SLV, $GDX, $SIL, $CPER, $COPX $DBB, $SRUUF, $URA, $IBIT

Precious and industrial metals continue to lead in 2026, but gold and silver turned very volatile the last few weeks. Meanwhile, copper and base metals are simply consolidating. Symbols covered: $IEF, $GLD, $SLV, $GDX, $SIL, $CPER, $DBB, $COPX, $SRUUF, $URA and $IBIT.