Commodities - Weekly Update #2
July's monthly close
Gold (XAU)
Perfect monthly close with a bullish expansive bar closing above previous all time high signaling bullish strength.
https://www.tradingview.com/x/ROyhzkRU/
On our last weekly update we posted this setup long on $2,360 and we had a nice 4% long swing from entry. Previous report click HERE.
https://www.tradingview.com/x/Q9UWxLza/
A retrace towards $2,380 could still be in play but honestly no interest in getting this steep retrace. Would rather see price trending higher first and taking the highs of $2,485 first, before a retrace. Only time will tell, so far we are bullish MACRO and SHORT TERM.
https://www.tradingview.com/x/SVf675pH/
Silver (XAG)
Nothing interesting in the monthly close. From a macro perspective silver is bullish but SHORT TERM it looks like a retrace’s incoming. WATCH OUT…
https://www.tradingview.com/x/bCNNT3M5/
Break above $29.7 for a scalp swing long target $31’s.
Or short entry at market price to target $26.5
https://www.tradingview.com/x/2ivXSfsg/
Corn (ZC)
There is a monthly bearish trend that is set to expire in November this year.
July’s monthly chart, closed with a bearish full body candle showing bears are in control. Not much to do here from a macro perspective. $340’s should be on the way.
https://www.tradingview.com/x/XSrme2zp/
On our last update we posted a long setup which unfortunately was invalidated. Everything was starting to align for a short term bounce but price action didn’t go along and we got stopped out.
We could still see a bounce $400+ but for now this is a NO TRADE.
https://www.tradingview.com/x/46A0p6sO/
Sugar (SB)
We broke the bullish market structure on a higher time frame. Price is making higher highs and we are currently at the best risk rewards area. Previous low of $17.20 must remain untapped for bullish continuation. If we do break $17 then most likely we’ll be expecting a retrace towards the $14 price range but for now it looks great MACRO.
https://www.tradingview.com/x/X3AjR7To/
Below link for complete sugar report entries and short term predictions.
https://www.zelf.trade/sugar-sb/?ref=zelf-trade-newsletter
Soybean (ZS)
Horrible monthly close showing more blood to come.
Free fall to $880 - $850’s on its way.
https://www.tradingview.com/x/Cb1UKBQZ/
Wheat (ZW)
Bearish monthly close BUT…. THERE’S HOPE.
https://www.tradingview.com/x/WTnaNZnh/
On the daily timeframe price seems to have found a temporary bottom at $520’s after taking liquidity off the previous low. For now it’ll be too risky to jump in long but if price’s able to trade back above $555 its GAME ON.
https://www.tradingview.com/x/sF96USw6/
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.
