Gold retested last week's highs at 1254/56 on Friday as hoped, which held the move higher as expected & we topped exactly here. This trade worked perfectly as we drift lower towards 1245. Below here good support at 1242 could hold the downside today but any longs need stops below 1239.
1254/56 could hold a move higher again today but above here look for a selling opportunity at 1258/59, with stops above 1262.
Weekly outlook: 1242 is good support but below 1239 risks a retest of 1234 before the low last week at 1228/27. We are in a bear trend so if this does not hold the downside this week there is little to stop a move towards 1215/14.
Only a daily close above 1261/62 is positive this week.
Soybeans opened above 1323/24 & beat 1334/36 to reach 1346 this morning. We have broken Fibonacci & 100 day moving average resistance at 1343/42 giving a more positive outlook to this week. As long as we hold & close above here tonight we can target 1348/49 then 1361/62.
Below Friday's high of 1339.50 however signals a false break higher this morning & a test of support at 1335/34. If this does not hold the downside we could reach 1327.
Weekly outlook: Above 1342/43 is positive & can target 1361, 1366 & then 1376/77. Below 1339 however puts the market under pressure for 1328/25 then 1321/09.
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