Commodities See a Sharp Correction 📉 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Chris Kimble.
The Bloomberg Commodity Index closed at new multi-month lows while on track for its third-longest weekly losing streak over the past twenty years.
This weakness comes after the index reached overbought momentum readings earlier this year but ultimately failed to break above the pivot highs established in 2014 and 2022.
Recent strength from the U.S. Dollar has also weighed heavily on the broader complex, with Gold, Silver, and Oil seeing significant downside action today.
The Takeaway: Commodities are providing the latest reminder that failed moves often lead to fast moves in the opposite direction.
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