Silver (SI) Nearing Key 25 Level Going into 2024

Seasons Greetings! Silver (SI) edged lower Friday on healthy consolidation going into the holiday shortened final week of 2023. With SI back above a major triangle/downtrend resistance connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com), odds are elevated for an end to the year back above downchannel resistance (on the weekly chart) and the psychologically key 25 whole figure level…

Silver (SI) Tries Reclaiming Weekly Chart Downchannel Resistance

Silver (SI) edged almost 1% lower Friday on healthy consolidation after the strong gains off Wednesday’s December low. SI is now trying to reclaim downchannel resistance (on the weekly chart), which if successful, dramatically increases the likelihood of breaking within a week after back above the psychologically key 25 whole figure level and a major triangle/downtrend resistance connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com)…

Corn (ZC) Testing Weekly Chart Descending Wedge Resistance

Corn (ZC) edged lower Friday, closing the week at what is arguably descending wedge resistance (on the weekly chart). With the prior week’s weekly Hammer’s long lower shadow reversal from the 2023 low (along with the November Hammer doing the same as can be seen more easily on a monthly chart on tradingview.com), odds are decent that ZC is in the early stages of forming a major bottom (now that the December WASDE released Friday is out of the way)…

Wheat (ZW) Weekly Gravestone Closes Just Above Key 700 Level

Wheat (ZW) slid a 3rd straight day Friday as part of the healthy consolidation after briefly breaking downchannel resistance (on the weekly chart) Tuesday. With last week’s weekly Gravestone closing just above the psychologically key 700 whole figure level, and a higher July high and low versus the June high and low, ZW will likely make progress in August with the major bottoming efforts off the 2023 low (formed at the end of May) and the weekly chart downchannel support…