Precious Metals, Today's Focus
The markets are highly emotional and started Wednesday strong before ending the day in the red. The Dow Jones Industrial Average closed down 0.6%, while the S&P 500 slid 0.8%. The Nasdaq Composite ended the day down over 1%. Gold spent much of the day in positive territory, while Silver took clues from Copper, and futures prices...
Wheat
Technicals (September)
Wheat futures traded lower in yesterday's trade after failing against the previous day's high. That failure snapped a five-day winning streak but wasn't enough to do change much more on the technical landscape. Those high prints from the prior two sessions will act as first resistance at 548 3/4, above that is a more significant...
Soybeans
Technicals (November)
November soybean futures traded into support yesterday which we have had outlined as 1013-1014, that has so far held. A break and close below here and a peek below the psychologically significant $10.00 level seems inevitable. On the flip side, 1025-1031 3/4 continues to be the first hurdle, a pocket that was tested but failed...
Corn
Technicals (December)
December corn futures continued to retreat in yesterday's trade, settling right in the middle of our pivot pocket from 399-403. Trendline resistance comes in at the upper end of that pivot pocket, above that is the 20-day moving average at 408. That acted as a brick wall in Tuesday's trade where we posted a high of 409. A move out...
Gold (December) / Silver (September)
Gold, last week’s close: Settled at 2427.9, up 28.0 on Friday and down 18.9 on the week
Silver, last week’s close: Settled at 28.02, up 0.045 on Friday and down 1.279 on the week
Gold and Silver futures are working back from last week’s beatdown. We believe the continued weakness is a near-term phenomenon and the result of...
Crude Oil (September)
Last week’s close: Settled at 77.16, down 1.12 on Friday and 1.48 on the week
WTI Crude Oil futures opened higher Sunday night amid Middle East tensions. A deadly rock strike on Israel by Iran-backed Hezbollah has eroded the hopes of a ceasefire between Israel and Hamas. However, a firm tape overnight has dissipated, and Crude Oil futures...
E-mini S&P (September) / E-mini NQ (September)
S&P, last week’s close: Settled at 5499.00, up 57.75 on Friday and down 54.75 on the week
NQ, last week’s close: Settled at 19,174.50, up 182.25 on Friday and down 538.50 on the week
We are embarking on one of the most pivotal weeks of the year. Earnings announcements from the largest companies surround the...
Wheat
Technicals (September)
September Chicago wheat futures broke below trendline support on Thursday which spilled into additional pressure on Friday and into the start of this week's trade. This price action keeps the Bulls in the driver's seat with little meaningful support until you get closer to the psychologically significant 5.00 level. On the...
Soybeans
Technicals (November)
As with corn, November soybeans were on the verge of a breakout move in the middle of last week's trade, but ultimately failed on Friday which has spilled into weakness and new lows in the early morning trade. Despite trading roughly 50 cents off Friday's high, the daily RSI is not yet registering as "oversold". Minor support...
Corn
Technicals (December)
December corn futures looked like they were on the verge of breakout move above resistance in the middle of last week, but those hopes were crushed (for now) with a big down day on Friday. The weakness we saw in Friday's trade has spilled over into a softer trade to start the week, taking prices right back to where we were last...
Crude Oil (August)
Yesterday’s close: Settled at 81.91, down 0.30
WTI Crude Oil futures struggled to hold footing Monday after Chinese GDP came in at 4.7% y/y Sunday night, lower than the 5.1% forecast and the lowest since Q1 2023. Although Industrial Production for June did beat at 5.3% versus 4.9%, it slowed from the prior month’s while Retail Sales also...
E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled at 5683, up 18.25
NQ, yesterday’s close: Settled at 20,583.75, up 59.75
E-mini S&P and E-mini NQ futures notched a positive session to start the week, but the rebound from last Thursday’s pullback has certainly felt exhausting. Much of the focus has been the rotation to under-loved...
Gold (August) / Silver (September)
Gold, yesterday’s close: Settled at 2428.9, up 8.2
Silver, yesterday’s close: Settled at 30.936, down 0.226
In recent days, Gold futures have shown significantly more buoyancy than Silver. In fact, Gold reached a high of 2448.5 this morning, shortly before stronger than expected Retail Sales data batted it back. This is about...
Wheat
Technicals (September)
Wheat futures were mostly rangebound yesterday as prices continue to attempt to mark a low against the lows from the end of June. That support pocket remains intact from 550-560. The hurdle the Bulls want to get back out above remains intact from 579-583 1/4. If they can achieve this on a closing basis, we could see a move back...
Soybeans
Technicals (November)
November soybean made new lows yesterday and in the overnight trade but are attempting to find their footing as they trade back into positive territory this morning. The RSI is towards the lower end of the range from this year's trade with a reading of 29.45. The first barrier the Bulls want to get out above this morning comes in...
Technicals (December)
Corn futures failed to find any meaningful relief in yesterday's trade which keeps the Bears in control of the technical landscape. $4.00 is psychological support, a close below that could spark capitulation from longs. On the flipside, the Bulls need to see prices back above 412-412 3/4 on a closing basis to at least revive hopes of a...
Gold (August) / Silver (September)
Gold, yesterday’s close: Settled at 2365.5, down 34.2
Silver, yesterday’s close: Settled at 30.913, down 0.776
Gold and Silver were bludgeoned to start the week. One could argue they went too high, too fast during a holiday week. Although volume in Silver was nothing to write home about, volume in Gold on Friday hit the...
Crude Oil (August)
Yesterday’s close: Settled at 82.33, down 0.83
WTI Crude Oil futures violated the first of a series of major three-star supports early this morning at 82.04-82.46 but have so far responded to the next pocket in proximity at 81.66-81.71. Despite the constructive nature of recent price action, we are reducing our more Bullish Bias in order to...
