XME

Since mid-June, price has formed sequential lower highs and lower lows under declining 9 and 20 EMAs within a Stage 4 decline. The medium-term bias is bearish, while short-term timing is neutral as price is pulling back into the 9/20 EMA area without clear rejection. Defer execution and consider trimming into strength upon a confirmed rejection near the EMA 20 / pivot zone at approximately 103–104.

• ↑Global infrastructure projects and energy transition initiatives boost metals demand.
• ↑XME traded between $116.92 and $118.85, showing price resilience.
• ↓Recent ETF outflows raise investor sentiment concerns.