Commodities - Update 18
Metals taking a beating and Natural Gas about to sky rocket!
Natural Gas $NG1! - MACRO BULL
Last week we had a BULLISH weekly close as price closed the weekly candle with a strong engulfing and range expansion bar above the highs of $3.65 making a new higher high. Ideally I want a retrace toward $2.5 but might be just too good of a retrace to actually happen as chart keeps showing lots of strength but if it does... we'll buy the dip.
From a weekly standpoint any retrace toward low $3's is a buy.
There's is a HUGE fair value gap/ unbalanced zone or wtvr you want to call it (yellow box) that WILL GET FILLED.
Corn $ZC1! - MACRO BULL
✅ Price is still at +7% from entry and looking quite well. As long as it holds above our "must remain above" level we are all good. Any retrace toward that level is a buy opportunity.
Next macro key level to look at remains at $476. A strong macro close above this high will finally confirm a macro bullish flip and more than likely confirm that the bottom is in and better confluence in this trade for 2025.
Gold $XAU - Not catching falling knives
Small profit taken at +4% as stated before and the rest stopped out at break even. Price is not looking good as it kept making lower lows on the daily chart signaling weakness in price action. Price also got a clear rejection of $2,700 resistance level. Unless we get a strong close above this key level I'd rather standby and wait for a further retrace.
Silver $XAG - Bears in control
+9% small profit taken at previous report resistance level and rest sold at small profit from entry. Similar to gold, price just printed a bearish close last week and has made a new lower low signaling more blood to come. Standby for now, rather wait for a reclaim above $32.5 or a further retrace before jumping back in.
Copper $HG
Unbalanced zone perfectly filled but price was unable o hold. Small profit taken at +6% profit and the rest at pretty much break even. With gold and silver current bearish trends it is likely Copper will follow so not trying to play with fire right now.
"All fiat currencies ultimately go to zero." - Voltaire
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Previous Report HERE:
Luis Ricardo Guizado
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