Gold and Silver Outperform

My pattern work shows that gold and silver are in powerful uptrends, while crude oil and copper could be in the latter stages of completing a multi-month top.  Indicative of a problem, perhaps due to China market weakness, for the industrial commodities?  For whatever reasons, these commodities are no longer part of a homogenous group, and instead either are attracting or repelling capital inflows based on their own perceived fundamentals. Technically, let's notice that the angle of the 50-day EMA's warns us that the near-term oil and copper trend is in the process of rolling over.  The ETFs in play here are the SPDR Gold Shares (NYSE: GLD), the iShares Silver Trust (NYSE:  SLV), and the U.S. Oil Fund ETF (NYSE: USO).

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