CFD Trading Commodities

US Gold CFD: 1660
Gold is unfolding down in a clear impulse wave. The price is moving into two series of waves fours and fives across the MediumLevel 1650, large levels like this can skew the price pattern and the wave count, the wave fours bring complicated sideways structures. Essentially the price will bounce around at ML65 but will continue to edge lower.
The US Dollar has touched on 80 and will stall there as Gold will appear to stall at 1650 however the better long trade will appear in the dollar over gold creating the trends

Oil WTI CFD: 99.87
The pattern being created at 100 since the 17 November is corrective, so we can expect the price to push higher. If support is found on 100 as a retested support then look to trade long off 100 building in through each level within Minor Group1 101|102|103.
Note of caution; there is a lower high within MG1, so the support on 100 is critical, no support would simply mean a retesting of supply and possible failure, finding support is key to moving through supply.
Support also offers strength for the Energy sector on the local market if you’re looking for long trades, but you also need a positive Index.

Copper CFD: 343
Selling pressure within base metals and while the copper price is under 350 the bias is weak. This of course places pressure on our AUDUSD and Materials Sector XMJ, the Shanghai market is making new lows, so we cannot look for strength in the Chinese market, it does appear the Euro is the catalyst of the global markets and we should pay closer attention to that market as a forward reading of others, including our own locals

SPI CFD Day Trading Strategies

Code: SPI CFD / ASX200 XJO
Date: 20 December
Chart: 4 hour Chart
Two basic points, the 4000 as MediumLevel Support and secondly the Trendline support.
EarlyBird Report Comments:
SPI CFD 4080
Technical Analysis
TradingLevels: If 4100 becomes the resistance then the price would work lower to 4000 where it would likely bounce up in three waves
Elliott Wave: The pattern on 4000 over the Oct Nov period is open for interpretation, however it is forming a triangle pattern and that means when its completed a move down will occur. So what does completed look like, well a triangle in Elliott theory is five swings abcde and so far we have the abcd the current low can be the wave d, so eventually we would see a wave e up, how far would the wave e go, the 4200 is the pivot within Minor Group1 so I could see it finding support on 4200 based off the current low the 61.8% would be the 4200.
Day Trading Strategies: Move stops down to last high above 4100 after the second retest of 4100. New trades need to work SG2 {4080|4072|4065} then the Midpoint, there is a daily trend line cutting through the 4030 – 4050 are double check this. Essentially one the market opens and settle being on the right side of 4072 is the starting line.