Commodities - Weekly Recap #1

Gold (XAU) - Moon when??

• As we mentioned on our edition #1 gold report, price broke above previous highs with a bullish expansive bar showing bulls were in control but a retrace to $2,400 - $2,360 (where we currently are right now) was still in play.
• In theory this might be the ideal long entry as price corrections are COMPLETELY NORMAL, and we’re retesting the 50% swing of this bullish impulse.
• Price DOES NEED to stay above $2,350. As long as it sweeps below and reclaims this level as support we are all good. If we are unable to fight this level then be prepared for a further retrace to the lower band of the trading range. 

Gold Edition #1 report HERE: https://zelftrade.ghost.io/ghost/#/site

Silver (XAG)

• Price broke above previous highs and by the hand with gold, silver has now retraced back below previous highs... NO BUENO. 

• On a lower timeframe we would’ve ideally wanted the lows of $28.5 to stay intact but price swept below breaking the bullish structure. 
• WHAT NOW ??
• Price needs to reclaim support above $28.5 quickly and then break above $32 in order for the bull trend to continue. 
• If we are unable to reclaim this level then most likely we’ll see a further retrace towards the $26 price range. 

Corn (ZC1) 

🚀 Bullish Trade ON🚀

• Yes, it looks horrible, but where’s the price right now ? At a key macro support and resistance level. This certainly does not mean it has to bounce from here but hey, might be worth the RR. Let's dive into it…

• When we zoom in, price has just taken the liquidity off the previous lows, it managed to bounce back above that level and has now done a bullish market structure break. 
• Any retrace toward $395 is a buy. As long as price does not break below $389 corn’s price action is showing a great risk reward setup. 

Sugar (SB)

🚀 Bullish Trade ON🚀

• From a monthly timeframe sugar is BULLISH nonetheless it looks like it might be holding on thin air right now. It has retraced quite a bit and is currently at a massive support and resistance level. 
• Previous lows of $17.2 must be defended at all costs. A sweep below and reclaim above that area acting as support will be ideal.
• If this area does not hold, then $15 price target’s in. 

• On a lower timeframe we might be at the best risk reward level. Price already took liquidity off the most recent lows and has managed to print a good bullish expansive candle.
• Anyone wanting to jump in for an aggressive scalp/swing, wait for a retrace towards the most recent lows, the closest to $18 as possible and first target at around $10.3.

Uranium (UX) 

Macro bullish/ short term bearish 

• Everybody loves talking about gold and silver but what about this hidden gem? From a macro perspective this might be a great long play. 
• Now short term, it looks like a retrace is on its way. 
• It could perfectly hit $50 price range and remain extremely bullish. 
• For now we see no point in trying to trade this but we’ll definitely keep monitoring it and posting any important update regarding price action. 

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.