Commodities may see a short-term cooldown heading into the holidays.
Platinum and Silver are starting to show risk-off behavior, which is reasonable after the strong acceleration we’ve seen in recent weeks.
Gold is at a critical area.
It has swept the prior all-time high and now needs to hold above it. Failure to do so would confirm bearish divergences across multiple timeframes and increase the probability of a corrective move.
If that correction plays out, I still expect crypto markets to benefit.
A pullback in commodities and a subsequent push in risk assets could align with the Nasdaq breaking into new all-time highs.
