Commodities - Weekly Update #3
Gold (XAU) - Bullish momentum continues.
The swing trade here has already been made. In our previous reports we’ve given the entry and target levels which perfectly hit a 5% swing trade and we’ve given the long re-entry at $2,380 (already hit). If you did jump in at this last dip we’d advise to place your stops at break even. We are currently in a NO TRADE ZONE. Previous report below:
Luis Ricardo Guizado
Bullish scenario, we break above all time high and price is able to maintain above $2,450 then LONG we go. Bearish scenario, we lose $2,380 and sub $2,300’s retrace will be on its way.
Silver (XAG) - Bearish
Perfect 9% short trade on this one. Kudos to anyone who jumped in. On our previous weekly report we said: “break above $29.7 for a scalp swing long target $31’s or short entry at market price to target $26.5”. Price was unable to break above $29.7 and the short idea has been perfectly hit now.
We are currently at a critical level trading under previous highs which means short term we are BEARISH and looking at low $25’s as the first interest level to long depending on price action once and if we hit that level. On the other hand if we break above $29,7 we’ll flip bullish and LONG WE GO but for now there is no rush in taking a position.
Corn (ZC) - Bearish
No signs of life here, bearish structure remains the same looking at a macro retrace towards the low $300’s. Short term is also bearish and unless we flip above $393 there is no point in going long right now. Ideal short entry as close as possible to $390 to target low $340’s at first.
Soybean (ZS) - Bearish
Macro and short term bearish, any pump towards $1,038 is a short entry. Invalidation and trade flip long upon break above $1,043 upon this level acting as support.
Wheat (ZW) - Neutral
Temporary support has been found.
We need to trade back above $555 and its GAME ON.
Sugar (SB)
Higher timeframe remains extremely bullish.
Short term there is an aggressive long play with entries as close to $18 as possible and targeting $19’s at first. If price action flips bullish above this level then it’ll be game on for high $20’s.
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.
