Commodities - Weekly Recap #1

• As we mentioned on our edition #1 gold report, price broke above previous highs with a bullish expansive bar showing bulls were in control but a retrace to $2,400 - $2,360 (where we currently are right now) was still in play.
• In theory this might be the ideal long entry as price corrections are COMPLETELY NORMAL, and we’re retesting the 50% swing of this bullish impulse.
• Price DOES NEED to stay above $2,350. As long as it sweeps below and reclaims this level as support we are all good. If we are unable to fight this level then be prepared for a further retrace to the lower band of the trading range. 

• Price broke above previous highs and by the hand with gold, silver has now retraced back below previous highs... NO BUENO. 

• On a lower timeframe we would’ve ideally wanted the lows of $28.5 to stay intact but price swept below breaking the bullish structure. 
• WHAT NOW ??
• Price needs to reclaim support above $28.5 quickly and then break above $32 in order for the bull trend to continue. 
• If we are unable to reclaim this level then most likely we’ll see a further retrace towards the $26 price range. 

• Yes, it looks horrible, but where’s the price right now ? At a key macro support and resistance level. This certainly does not mean it has to bounce from here but hey, might be worth the RR. Let's dive into it…

• When we zoom in, price has just taken the liquidity off the previous lows, it managed to bounce back above that level and has now done a bullish market structure break. 
• Any retrace toward $395 is a buy. As long as price does not break below $389 corn’s price action is showing a great risk reward setup. 

• From a monthly timeframe sugar is BULLISH nonetheless it looks like it might be holding on thin air right now. It has retraced quite a bit and is currently at a massive support and resistance level. 
• Previous lows of $17.2 must be defended at all costs. A sweep below and reclaim above that area acting as support will be ideal.
• If this area does not hold, then $15 price target’s in. 

• On a lower timeframe we might be at the best risk reward level. Price already took liquidity off the most recent lows and has managed to print a good bullish expansive candle.
• Anyone wanting to jump in for an aggressive scalp/swing, wait for a retrace towards the most recent lows, the closest to $18 as possible and first target at around $10.3.

• Everybody loves talking about gold and silver but what about this hidden gem? From a macro perspective this might be a great long play. 
• Now short term, it looks like a retrace is on its way. 
• It could perfectly hit $50 price range and remain extremely bullish. 
• For now we see no point in trying to trade this but we’ll definitely keep monitoring it and posting any important update regarding price action.