So far this week has been slow in regards to commodity ETFs. Gold continues to shine while silver refuses to make a move higher. Crude oil has a nice bull flag and we are waiting for a breakout and setup while natural gas continues to see selling pressure.
ETF Trading Tip: Waiting for these exchange traded funds to generate low-risk setups and watching our current positions mature is the boring part of trading. It's during these slow times when traders get bored and start taking more risk by entering positions that do not have clear entry and exit points. Not having clear entry and exit points will lead to traders holding on to losing trades and not taking profits on winning trades. Be sure that you enter positions in which you know where you should get out if the trade goes against you and where to take some money off the table if it rallies higher.
GLD ETF Trading – Daily ETF Chart
The gold ETF looks to be in rally mode which means when traders start to take profits we should see a sharp reversal down.
SLV ETF Trading – Daily ETF Chart
Silver has been under performing gold for several weeks now. I think this is because gold is the safe haven of choice for both traders and investors. That being said, silver generally leads gold so this is giving me a red flag. A larger correction in precious metal ETF prices could be just around the corner. But until we see a technical breakdown on the charts, we are staying long.
USO Fund Trading – Daily Fund Chart
The USO oil fund broke out a few weeks ago from the large pennant pattern. The price has been flagging for about 3 weeks now. It looks like we are getting close to a low risk setup so I am keeping a close eye on this fund.
UNF Fund Trading – Daily Fund Chart
Natural gas continues to under perform the rest of our commodities. This fund is starting to look like another good buy point but we need a few things to fall into place before that happens. Let's not jump the gun because this fund is still in a bear market. We are waiting for a setup.
ETF Trading Conclusion:
We continue to wait for trading opportunities to unfold. We focus on taking advantage of low risk setups and avoiding times the market when things are choppy and unclear.
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