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Gold down but long term BullishTVC:GOLD is currently doing a second correction having formed a double top. Several levels of support are coming into play soon. Key level is 1306 (blue line) will likely act as support and beneath that the 100 and 200 MA’s can provide further support. Fib level 0.36 level could be the absolute bottom if we break through 1306. I still remain Bullish long term for the yellow metal and therefore looking for a good entry which is backed up by the Stochastic being in oversold territory. A good entry therefore would be around the 200 MA providing as said before we break 1306.
TVC:GOLD
by x18nas
Wheat Short Position Initiated on Daily ChartWe initiated a short position on wheat futures through OANDA platform on daily chart, based on constructive price action pattern and some fundamental indications that the extreme cautions about the 2017 wheat production are way too exaggerated. As the summer progress we see increasing downside pressure and possible good profit opportunity. Our Reward/Risk is 1, although we expect further downside potential and may join the trend in a later point again. A contango situation when the short position pay off just for holding it is also present that additionally favor keeping this position for longer.
OANDA:WHEATUSDShort
by auroraspot
GOLD Retains Its Upside PressureGOLD: The commodity continues to hold on to its upside pressure short term leaving risk higher in the new week. On the downside, support comes in at the 1,270.00 level where a break will turn attention to the 1,260.00 level. Further down, a cut through here will open the door for a move lower towards the 1,250.00 level. Below here if seen could trigger further downside pressure targeting the 1,240.00 level. Conversely, resistance resides at the 1,290.00 level where a break will aim at the 1,300.00 level. A turn above there will expose the 1,310.00 level. Further out, resistance stands at the 1,320.00 level. Strategy: Buy at 1,279.00, Stop loss at 1,264.00, Price target at 1,295.00 & 1.305.00
FX_IDC:XAUUSDLong
by FXTechstrategy