day trade ideas – commodities special

Copper made it to our target of 334.25/75 & topped exactly here. Immediate support is 329.25 & is holding the downside but a break lower looks likely for a test of better support at 327.10. Watch for a bounce from here but if trying longs we need stops below 326.00 for 324.20 on the way to good Fibonacci & 100 day moving average support at 323.60/50. Use this as a buying opportunity to exit shorts & try longs.

Resistance up to yesterday’s high at 334.25/75 & a selling opportunity here. However on a break higher we run in to strong Fibonacci resistance at 335.80/336.00 for a second selling opportunity this week.

Silver broke 21.47/53 but only reached 21.77 as an overbought stochastic triggered profit taking. Watch support at 21.16/14 but below here we could continue lower to the next support at 20.82/78. Use this area as a buying opportunity to exit shorts & try longs expecting a low for the day. However we do need stops on longs 20.65. 21.77 is resistance & should hold the topside now but on a break higher look for 21.96/00. If we reach as far as the 100 day moving average at 22.25 we can exit longs & then try shorts up to 22.35 with stops above 22.46.

Sugar #11 has completed the bullish inverse head & shoulders pattern which could see prices drive higher in the next 2-3 months & ultimately target 18.00/18.25. Yesterday we tested June highs at 17.29 & topped exactly here. We are overbought in the short term so perhaps this will mark the high for the week. Watch for a test of support at 17.11 & may be a move towards better support at 17.00/16.97. We should see a low for the day here & can use this as a buying opportunity for today, with stops below 16.90. A break above 17.30 however cannot be ruled out and could target 17.48/52. We should watch for some profit taking here. Exit longs & try shorts with stops above 17.62.

EURUSD hit our target & good support at 1.3250/40 for a buying opportunity & we bottomed exactly here. We are oversold short term so we look for a move towards 1.3275 then 1.3297 for profit taking on at least some of our longs. Next resistance at 1.3315 can be used to exit remaining longs & we can then try shorts at 1.3335/40 with a high for the day expected. 1.3250/40 offers a second buying opportunity to exit shorts & try longs with stops below 1.3220 for a test of the next support at 1.3195/90. A bounce from here is likely today.

Spot Gold hit Fibonacci support at 1317/16 where we predicted a low for the day here & a short term buying opportunity & prices bottomed exactly here. We made to back to 1325 but only above 1328 now allows further gains to 1330/31 then 1333/34. If we continue higher we could retest yesterday’s high at 1341/42 before Monday’s high at 1344. A break higher today meets July highs & resistance at 1348/49.

Fibonacci support at 1317/16 could hold the downside again & offer a short term buying opportunity with stops below 1313. On a break lower look for the next support at 1308/06 before 1300/1299 which is expected to hold the downside at this stage.