Commodities - Weekly Update #5

Gold (XAU) 

Macro = bullish / short term = bullish

Daily chart is about to confirm a retrace on today’s close. 

Our first long entry has just been hit, this should be a short percentage of your total position size you’re planning on building. The plan is to build a position all the way to $2,400’s. The $2,400’s level must act as support. If we lose that level then we might be in for a bigger retrace but so far the bullish trend is intact. 

Silver (XAG)

Macro = bullish / short term = bullish

Short term bullish trend has just been confirmed. 

Any retrace at around $28 is a long entry. 

Targeting $31’s at first. 

Soybean (ZS) 

Macro = bearish / short term = bullish

Swing trade ON. Market long now.

Stop tight at previous low of $955.

Target $1018’s.

Wheat (ZW)

Macro = bullish / short term = bullish

$520’s accumulation level is still ON. 

This trade is looking better and better. Huge RR.

First long target @ $590's.

Corn (ZC) 

Macro = neutral / short term = bearish

NO TRADE. Nothing to do here, still looking weak. 

Sugar (SB) 

Macro = bullish / short term = bearish

NO TRADE. Price action’s looking weak, rather stay away for now. 

Previous gold report here: 

Gold (XAU) - Rockin’ Higher

Edition #2 Macro = bullish / short term = bullish 🚀 🚀 🚀 From a macro perspective, the bullish trend has just been confirmed. With the current worldwide uncertainty regarding monetary policies, the wars going on and the political conflicts people tend to swift towards safe havens like gold since their store of value does not

Zelf TradeLuis Ricardo Guizado

Previous commodities weekly update here:

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

Zelf TradeLuis Ricardo Guizado

Disclaimer

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