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Nasdaq100 (NQ) is trying to halt the slide from the August peak of the Dead Cat bounce, attempting to form a higher September low versus the June low. Regardless of the short covering this week with the highly anticipated US FOMC statement, press conference and federal funds rate announcement on Thursday, and US flash services PMI and Fed Chair Powell’s comments on Friday, the bounce off downchannel support (on the daily chart) is unlikely to reach downchannel resistance before month end…
Silver (SI) is consolidating for a 2nd straight day, hesitating after bumping up against descending wedge resistance (on the weekly chart). Any break of upchannel support (on the 4hr chart) today will deepen SI’s profittaking…
Gold (GC) is trying to halt the slide from the August high but remains vulnerable to drifting back to the 2022 low (formed in July). Any break though above descending wedge resistance (on the 4hr chart) ahead of the weekend will dramatically increase odds for a weekly close above descending wedge resistance (on the weekly chart) sometime in September…
Silver (SI) is consolidating just above descending wedge resistance (on the weekly chart), making progress in its efforts to form a major bottom. Another weekly close above the psychologically key 20 whole figure level will dramatically increase the likelihood of a test sometime in August of the 38.2% Fib retrace of the March to July slide…
Wheat (ZW) is trying to halt the deep slide since the 2022 peak in May. With the near completion on a descending wedge (on the daily chart), and ZW testing the 2022 low, odds are elevated for a bullish resolution post-WASDE to the near complete weekly chart triangle…
Arabica Coffee (KC) gained another more than 2% yesterday, with the weekly Hammer lower shadow suggesting a refusal to slide back to the psychologically key 2 whole figure level. A weekly close above last week’s high will dramatically reduce the likelihood that KC is in the advanced stages of a Head & Shoulders (on the weekly chart)…
The GBPUSD has spent this week catching its breath just above descending wedge resistance (on the weekly chart). Volatility is about to surge following today’s 7am EST BoE monetary policy report/summary and rate announcement, the 730am EST comments from BoE governor Bailey, and Friday’s highly anticipated US Non-Farm Payrolls (NFP)…
Silver (SI) is consolidating just above descending wedge resistance (on the weekly chart), making progress in its efforts to form a major bottom. Another weekly close above the psychologically key 20 whole figure level will dramatically increase the likelihood of a test sometime in August of the 38.2% Fib retrace of the March to July slide…
Gold (GC) is tiring near upchannel support (on the weekly chart), putting at risk the rally extension since February. Any break of the daily chart triangle support will likely coincide with a test of the psychologically key 1900 whole figure level and the 50% Fib Retrace of August to March rally extension…
