Gold (GC) Reclaims Key 2K Level

Gold (GC) formed a daily Gravestone Friday with its weekly Hammer consolidating the prior week’s decisive break above downchannel resistance (on the weekly chart). With GC testing the August high and psychologically key 2000 whole figure level, GC is near complete in its Bull Flag consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com)…

Soybean (ZS) Testing Weekly Chart Descending Wedge Resistance

Soybean (ZS) is trying to gain for a 3rd straight day after a sharp reversal off a fresh 2023 low (just below the 2022 low), but is likely to see a bit of healthy consolidation in the next day or so. Any break above downchannel resistance (on the 4hr and daily chart) will likely have to wait until at least late week, and would dramatically reduce the odds of a test by Q3 sometime of the 2021 low (formed that November) near the 61.8% Fib retrace of the May 2019 to June 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com)….

USDCHF Weekly MACD Positively Crossing

The USDCHF is consolidating just below the April high after last week’s decisive breakout above descending wedge resistance (on the weekly chart). Nevertheless, the bounce off the 2023 low and the weekly chart descending wedge support to well above the psychologically key 0.90 whole figure level appears to have formed a major bottom (as can be seen easier on a monthly chart on tradingview.com)…

USDCHF Breaks Weekly Chart Descending Wedge Resistance

The USDCHF is consolidating after surging from Monday’s low, hesitating at triangle resistance (on the daily chart) and digesting this week’s break above descending wedge resistance (on the weekly chart). With the USDCHF comfortably above the psychologically key 0.90 whole figure level, odds are decent for renewed momentum next week in the bounce off the 2023 low and the weekly chart descending wedge support…

VIX (VX) Tests 2023 Low Ahead of US Retail Sales

The VIX (VX) is testing the 2023 low formed early May, with any further downside today dramatically increasing the odds of testing the daily chart downchannel support in the week after. Nevertheless, the VX is arguably in the advanced stages of a descending wedge (on the 4hr chart), with a short covering this week back to downchannel resistance (on the daily chart) and the psychologically key 20 whole figure level moderately likely…