Commodities - Update #16
Corn $ZC - MACRO BULL
Straight forward MACRO LONG to new ALL TIME HIGH. Easy 2x upside to previous all time high within a year and 5-10x upside within the next couple of years. There is a huge fair value gap or unbalanced zone to the upside (yellow) to be filled. The 3 month chart has finally started to show signs of reversal as price retraced to a key high volume zone (gray) and printed a bullish hammer candle.
+1.2% profit taken from entry.
Weekly timeframe is lacking strength and looking like it wants to retest the low $400's. Rather exit this trade and wait for a further retrace or jump in upon a break of previous highs.
Natural Gas $NG1! - MACRO BULL
All eyes on NG!!! Macro chart's about to confirm a bullish trend as chart is making lower highs and higher highs. Ideally we want a strong close above $3.6. Any retrace towards $2.5 should be a buy opportunity. HUGE FVG to the upside
Gold, Silver and Copper updates were posted on our private channels as all three printed daily doji's and/or bullish hammer candles at key turn around points. Now lets dive in into each individual ticker.
Gold $XAU
+6% profit as price perfectly pumped from entry.
Now we are standing at the perfect re entry point. If we get stopped out we'll look for a re entry as there is macro bullish confirmation on this trade.
Weekly chart closed with a bullish engulfing and expansive candle signaling more upside to come. Lots of confluence on this trade.
Silver $XAG
Not the expected run. Currently at break even and giving it a last chance to pump as price is showing some strength in lower timeframes. Tight stop re-adjusted at the most recent low. Silver usually lags behind gold which is currently bullish so might as well try holding this trade for longer.
Copper $HG
Same here, not the expected price action but still giving it a chance. Lower timeframe showing some strength at these level. Must react soon.
Stop remains at previous low.
Previous report HERE:
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