Quick Comments: As you know commodities are in a bull market and have had a phenomenal year. CRB +28%, Crude up +31%, XLE Energy stocks +45%, Soybeans +26%, Corn +32% etc. Gold however is only up a paltry 6.4%, though GDX Miners is up 24%.
As expected a month ago commodities have been in a consolidation with most of them in the process of forming abc like or coil patterns. Currently energy names appear to be in the process of breaking out of coil/flat patterns.
Precious Metals: Gold has been consolidating for over a month after a blow off top in early March, and currently has a tight coil formation. Gold mining ETF's (GDX, GDXJ, SILJ) are in tight coil patterns and I added a few individual names to monitor.