Commodities #4
Weekly Update #4
Gold (XAU)
Macro = bullish / short term = neutral
We are at a NO TRADE zone currently trading at resistance. For bullish momentum to continue, a break above the all time high of $2,484 is crucial.
Bearish scenario, if price breaks below $2,430’s then we’ll expect a bigger retrace sub $2,400’s, which could be an ideal long entry area.
Silver (XAG)
Macro = bullish / short term = bearish
Nothing has changed here, short term structure remains bearish. The $29 price range might be yet another ideal short entry. If we strongly break above $29.5 then our short idea will be invalidated as this impulse will signal a trend reversal towards bullish territory again.
Corn (ZC)
Macro = neutral / short term = bearish
No signs of life here. As previously said, “unless we flip above $393 there is no point in going long right now. On lower timeframe price wants to keep going down. Any retrace toward low $380's might be a good short entry.
Soybean (ZS)
Macro = bearish / short term = bearish
This one completely puked. Prices seem to have found a temporary bottom but there is no rush to jump in right now as there are no clear setups. Any pump towards $1,035’s is a short entry. Invalidation of trade idea and flip long upon a strong break above $1,043.
Wheat (ZW)
Macro = bullish / short term = neutral/bullish
Like previously mentioned, the price found a temporary bottom. Ideal long will be upon a break above $555 area although a there is an aggressive long trade idea, accumulation in the low $520’s expecting the previous lows remain intact and anticipating a bounce from there.
Sugar (SB)
Macro = bullish / short term = neutral/bullish
Similar to our Wheat trade idea and as previously stated on our last report, we are currently trading at our ideal long entry (aggressive entry anticipating a pump). Ideally we want a strong bullish reaction soon here. If we lose support at $17.6 is game over, trade invalidated.
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.
