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A small gain today in Coffee which was partially offset by losses in Gold.
Here are my comments on my open positions based on the day’s price action.
QO – Mini Gold
Trade: Long 1 contract of Jun Mini Gold
Entry Price: $1,281.50
Risk: stop $1,258.50 risking $1,150
Target: Short Term - $1,369, Long Term - $1,600
Daily Comment: Gold burst through the $1,300 level during the overnight session surpassing the May highs before reversing strongly to finish the day lower and suggest a reversal is forming.
KC – Coffee
Trade: Long 1 contracts of September Coffee
Entry Price: $1.3510
Risk: Stop $1.3360 risking $610
Target: Short Term - $1.51, Long Term - 1.97
Daily Comment: A volatile day for Coffee trading higher in the overnight session and posting new highs before trading lower. Prices turned back up into the close to finish the day higher but off the highs of the day.
Here are my comments on my open positions based on the day’s price action.
QO – Mini Gold
Trade: Long 1 contract of Jun Mini Gold
Entry Price: $1,281.50
Risk: stop $1,258.50 risking $1,150
Target: Short Term - $1,369, Long Term - $1,600
Daily Comment: A possible reversal in Gold was not confirmed today with prices rallying to close back above the $1,300 level and post a bullish full bodied candle.
KC – Coffee
Trade: Long 1 contracts of September Coffee
Entry Price: $1.3510
Risk: Stop $1.3360 risking $610
Target: Short Term - $1.51, Long Term - 1.97
Daily Comment: A similar again today for Coffee trading both higher and lower during the session but closing higher.
- Re-entered Long trade in Mini Gold
- Re-entered Long trade in Coffee
A solidly profitable week this week.
I’ll start the weekly update with comments on my open positions at the end of the week.
QO – Mini Gold
Gold rallied this week making new highs for the move but prices were unable to hold above the $1,300 level to finish the week. With the BREXIT vote coming up next week I expect volatility in Gold to remain high.
KC – Coffee
Coffee continued to rally this week posting new highs for the move and closing the week above the March highs.
Next up I’ll have a look at the other markets that I have traded or been watching during the week.
SB – Sugar
Sugar was lower to start the week but quickly recovered. Prices tried to surpass the 20 level twice at the end of the week but were unable to close above this level.
NG - Natural Gas
Natural Gas spent the entire week trading in a small range between the 200 SMA and the 61.8% retracement of the recent range. I’m looking for prices to surpass the 200 SMA and close above $2.70 to confirm a bullish break.
CL – Crude Oil
Oil continued lower to start the week trading back down to the 200 SMA before bouncing strongly from this level to finish the week. Prices will need to climb back above the 61.8% retracement mark of the correction at $49.44 for confirmation the uptrend is still intact.
ZC – New Crop Corn
Corn struggled to surpass the July highs for most of the week but finished the week strongly and closed above this level.
CT – December Cotton
Cotton fell sharply on Monday trading back down to the 20 SMA but bounced strongly from this level and rallied back up to the 161.8% extension of the minor range.
