First up is Gold (GLD). An earlier update had pointed to the breakout from the bull flag but what I had mentioned was the dual reveral head-and-shoulder patterns from which the bull flag consolidation emerged from.
Whatever your aspirations are for gold it would appear $84.75 support is critical. I have a YourCall for a push to $118.69 with a stop at $84.49.
Oil has emerged from its slump although the contango'd(?) ETF, USO, has only started to show signs of life. A push to $40.27 is a possibility. I have set a YourCall with a target of $39.99 and a stop at $26.89. In reality, when oil hits $70 a barrel it will probably be time to take some profits with USO at whatever price it's trading at.
The base metal ETF, DBB, broke resistance and a triple bottom in March and is shaping a possible cup-and-handle pattern with two resistance levels; one at $14.89 and a second at $15.75. The long term target is $23.50 but it will probably take longer than a year to get there, especially as the economy is showing no signs for a rapid rebound.
Add your opinion at Zignals.com.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts, and stock charts website