COT Data is signaling that Wheat Futures ( CBOT:ZW1! ) are ready to pop after a few months of declines and chop
As it currently stands, this is the shortest the Large Speculators have been on Wheat since 2020 where it bottomed at 589'4 to rally all the way as high as 1422'0. By no means do I expect a similar rally to ensure, but this does illustrate how oversold...
XAUUSD H2 - Moving nicely here as USD looks to pick up, double bottom on the DXY H4 timeframe, nice break and retest play seen already, let’s hope this really gets off the ground now, little bit of support here to break (1650) then we have a monster void/FVG to fill.
Who will win? fundamentals or technicals? from a fundamental view with current Fed monetary policy the market is super bearish along with bearish AUD which put more pressure on Gold price. from a technical view whenever the price hit that weekly zone we get a spike of at least 800 pips!
The pair seems to have completed an abc minute wave pattern with the minute wave c of the minor wave 2 an ending diagonal.
We could also see a five wave minute wave i uptrend.
If we are in an uptrend, then we could see a retracement to minute wave ii downwards before going long to minute wave iii.
NOTE: Not a recommendation. Just an opinion.
