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…
Wheat (ZW) is pushing higher to start the week, appearing poised to complete a 5 week plus Bull Flag consolidation (or daily chart triangle). Interestingly, the correction from the March high was halted near the 50% Fib retrace of the war surge, just below the psychologically key 1000 whole figure level…
Gold (GC) has bounced off upchannel support (on the weekly chart) and is in the advanced stages of completing the month plus consolidation from the 2022 high. Odds are high for more upward momentum today with GC trying to extend the upchannel (on the 4hr chart) and GC near the highest level in a month…
Raw Sugar (SB) gained more than 1% yesterday, briefly breaking above the psychologically key 0.20 whole figure level. Significantly, SB is extending its rally from triangle resistance (on the daily chart), arguably completing a massive Bull Flag consolidation since September…
Gold (GC) is consolidating in today’s Asia morning, testing triangle support (on the 4hr chart). Significantly, GC is back below the 38.2% Fib retrace of the August to March rally extension, and is at risk of breaking below triangle support (on the daily chart) after today’s highly anticipated FOMC Minutes at 2pm EST…
Wheat (ZW) is trying to firm to start the week, showing early signs of trying to halt the near month long slide from the 2022 high. Significantly, ZW is testing the 61.8% Fib retrace of the war surge, and appears to be trying to reclaim the psychologically key 1000 whole figure level…
Silver (SI) formed a daily Hammer yesterday, reversing much of yesterday’s initial sharp losses. Significantly, SI is trying to halt the strong profittaking from the March high, and is suddenly back to near the psychologically key 25 whole figure level…
Raw Sugar (SB) consolidated yesterday for a 4th straight day within a near complete triangle (on the daily chart). Significantly, SB is bouncing off the prior downchannel resistance (on the weekly chart), from just below the 50% Fib retrace of the early March rally…
The AUDUSD is edging higher going into today’s European morning, breaking upchannel resistance (on the 4hr chart). Significantly, last week’s brief surge above downchannel resistance (on the weekly chart) strengthens the uptrend since February…
Gold (GC) appears ready to consolidate in the next day or so as it struggles to form a 5th straight green daily candle. Significantly, although odds are good for GC to break its record high (from 2020) before month end, GC will want to take a breather as it bumps up against upchannel resistance (on the 4hr chart)…
