Commodities - Update #14
Copper $HG
Bullish break about to confirm on today's daily close. Ideal entry at around $4.4 although a market buy is also looking well. Stop placed at today's daily low.
Gold $XAU
From a macro perspective, October's monthly chart, closed quite well showing signs of trend continuation to the upside.
Bullish price action should be good as long as it remains above $2,700 although the weekly chart closed last week with a doji candle at the highs showing signs of weakness and lots of sellers at that point. Not only that but Gold has a Time at Mode bullish trend that was set to expire today so might as well take most profits here.
Any retrace towards mid to low $2,600's is a buy.
Silver $XAG
Long entry at mid $32's perfectly hit. Tight stops placed at the most recent lows. Anticipating a bullish swing from here. This is a risky trade as there is no clear bullish confirmation yet but it is a macro level that must hold for a long scalp/swing trade worth the RR.
Weekly chart on the other hand had a horrible weekly close. Price closed the week with a bearish engulfing bar signaling possible downtrend continuation. The trade above is simply a dead cat bounce, nothing usually nukes one way or the other...
Corn $ZC
Trade running well so far, stop has been re-adjusted at today's daily low.
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.
