The Weekly Call is a feature at The Art of Chart where we discuss setups and trading strategies for the coming week. This week we review Cattle and Gold.
Live Cattle follow up
Updating from last week, so far we have profit potential of $3.80 on 1/3 of a position from the turn on 10/03, and we were expecting bulls to put in a 50% back support and then break the high. Cattle Bulls failed to deliver support as expected and we were stopped out of the trade. We are now at the Monthly S1 AND near the 100% fib at 95.70 AND at the declining resistance trend line. Another good setup area to try another long with a stop below 95.70 If the bulls can put in a higher low this week and break monthly pivot at 102.625, Live Cattle has likely has made a longer term turn. This is an 18 month cycle low which means we may have a potential trend change in the coming months. If you don’t succeed on the first turn, try again with a better setup! Looking for a moooover this week 🙂
Cycle Chart for Live Cattle
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Gold Follow Up
Our last few posts, we recommended waiting on Gold for a better setup long. As of last week, we finally have a decent setup. We still like Gold long. Appears we are at the end of a flat, risk lower to 1235 still exists to end the 5th wave, low window calls for a turn. High window calls price higher into early November. Watch 1300 for resistance and first target of 1360 into the first week of November.
Cycle Chart for Gold
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Have a GREAT trading week!!!
16th Oct 2016