Commodities - Keep on Giving (Weekly Update #8)
Gold (XAU)
Macro = bullish / short term = neutral
Today’s daily chart close is crucial. We are currently at resistance from previous highs and need a strong price move above $2,530 for bulls to regain control. Must hold level above $2,500's.
Silver (XAG)
Macro = bullish / short term = neutral
Yes we are in profit from our entry but price needs to move quickly. We need a strong break above resistance of $29,300 for this move to continue towards $30’s. Stop has been adjusted at break even. $28.4 must hold.
Wheat (ZW)
Macro = bullish / short term = bullish
Took some profit already and leaving the rest run. Re-entry at $550's if price retraces from here.
Sugar (SB)
Macro = bullish / short term = neutral
We are closer to our long entry at $18. Price is showing some strenght in the daily chart, if we get an engulfing candle on today's close, bullish flip is in.
Soybean (ZS)
Macro = bearish / short term = bearish
6% take profit hit and completely out of the trade right now. Short term price structure is showing weakness. Patiently waiting for $980’s for re entry unless proven otherwise by a strong bullish flip above $1,020.
Corn (ZC)
Macro = neutral / short term = bearish
Nothing has changed here, still waiting for $390's retrace.
Previous report HERE:
Luis Ricardo Guizado
Disclaimer
Not financial or tax advice. Zelf Trade is not a financial institution. No content on this Newsletter is financial, accounting, legal or tax advice. Zelf Trade content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
