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…
Tag: Silver
Gold (GC) Nearing 2022 Low Ahead of NFP
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) Weekly MACD Trying to Positively Cross
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) Weekly Chart Descending Wedge Near Complete
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) Reclaims 38.2% Fib Retrace of Feb-July Slide
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)…
GBPUSD Weekly MACD Trying to Positively Cross
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) Consolidating Above Weekly Chart Descending Wedge Resistance
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) Nearing Weekly Chart Upchannel Support
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) Daily Chart Triangle Near Complete
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) Bouncing off Weekly Chart Upchannel Support
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…