Track market-moving stories before they get noisy

Daily candlestick chart of Wheat highlighting an attempted rebound from the green support area near the 698.50 level. Let’s start with the previous outlook:

“(…) There is also a fresh bearish development worth watching: today’s decline pushed price below the lower boundary of the recent 710–734 orange consolidation. We don’t have the daily close yet, so keep an eye on where today’s session finishes but if the breakdown holds, it increases the odds of another leg lower and at least a test of the lower boundary of the green rising channel in the coming days.(…)”

From today’s perspective, that scenario played out as expected. The bears extended the decline and tested the downside target we discussed.

The latest price action also pushed yesterday’s close below that important support line.

That said, the bulls still have one meaningful support area left: the green bullish gap at 674-692. Therefore, in our opinion, as long as that gap remains open, buyers still have a solid base from which they could attempt a rebound.

Price has already moved back inside the channel, but the real confirmation will come from the daily close.

So, what would the bulls need to do next? Their next job would be to attack last week’s small bearish gap and the broken lower boundary of the orange consolidation at 710.

Daily Takeaway: We will watch 674-692. As long as the bullish gap remains open, buyers still have a base for a rebound. A confirmed daily close back inside the channel would improve the setup, with last week’s bearish gap and 710 becoming the next upside objectives.

Quick Cheat Sheet Dollar (DX.F): 100.93 level remains the key focus heading into the daily close. A close below it would strengthen the correction scenario and put the broken upper boundary of the black rising channel back in play. A break above the June and July highs would invalidate the bearish setup.

Platinum (PL.F): Here, the focus is on the 1736-1744 bearish gap. As long as it remains open, the bearish scenario stays active, with the 1700 barrier under pressure and the lower boundary of the green rising channel still in play.

Palladium (PA.F): Watch the 78.6% Fibo support area and the open bearish gap at 1218-1223. As long as that gap remains open and there are no clear buy signals, another downswing toward the lower boundary of the red declining channel remains possible.

Wheat (ZW.F): We are monitoring here the bullish gap at 674-692. As long as it remains open, buyers still have a solid base for a rebound. A confirmed daily close back inside the green rising channel would strengthen the bullish case, with last week’s bearish gap and 710 becoming the next upside objectives.

This is the analysis from last week. If you want more, please visit https://www.goldenmeadow.eu/.

Anna

Platinum futures trade around 1,753.75, testing the upper boundary of the 1,736–1,792 bearish gap zone after a breakout from consolidation, with the ascending channel providing support below. Source: GoldPriceForecast.com Let’s begin with a reminder from last week’s Lab:

“(…) A daily close above 1663 or below 1553 is still required before expecting a meaningful directional move. (…)”

After weeks of consolidation, platinum finally delivered the breakout above 1663, activating the bullish scenario we outlined at the beginning of July. As a reminder:

“(…) A move above 1662 wouldn’t simply close the bearish gap – it would also trigger a breakout from the orange consolidation that’s been containing price over the past several sessions.

(…) What happens if buyers manage to break out?

A confirmed breakout would open the door toward the upper boundary of the orange declining channel. Clearing that obstacle would shift attention to the next resistance zone around 1700-1707 (June 19 bearish gap). If buyers manage to close that gap as well, the next upside target becomes 1736-1792 (June 18 bearish gap).(…)”

From today’s perspective, the market has continued to follow that scenario almost perfectly, reaching our final upside target.

So, what now?

Despite two attempts, the upper boundary of the June 18 bearish gap (1736-1792) continues to hold, which means the gap remains active.

Therefore, only a daily close above 1792 would open the door toward the 1824-1848 resistance zone and potentially even the psychological 1900 level.

In our opinion, as long as platinum remains above the upper boundary of the green ascending channel – which recently replaced the triangle formation – buyers continue to hold the technical advantage.

Palladium (PA.F) Copper futures trade around 675.45, pulling back after reaching the 161.8% Fibonacci extension target, with the 692–700 area as the next upside target. Source: GoldPriceForecast.com Let’s begin with a quick reminder from last week’s Lab:

“(…) What would invalidate the bearish scenario? A daily close above 650.(…)”

Despite intraday volatility, buyers managed to finish Friday above 650, closing the bearish gap and invalidating the previous bearish scenario (that alone was another reminder of how important daily closes are compared to intraday noise).

Monday added another bullish gap (651-655), which successfully absorbed selling pressure and confirmed that buyers remain committed to higher prices.

The market responded quickly.

Copper broke above the orange consolidation and activated the bullish scenario we discussed on July 21, bringing our previously projected upside targets back into play. As a reminder:

“(…) If buyers can finish (…) session above 649.35, the odds of breaking out of the green channel increase significantly, opening the door toward the upside targets we discussed last week: 675.43 (161.8% Fibonacci extension) and potentially the 692-700 zone (…)”

Today, buyers hit a new high at 685.90, successfully achieving both the minimum measured move from the recent consolidation breakout and our first above-mentioned upside target.

The recent rally has triggered a modest pullback as traders take profits, however, as long as copper remains above the 669-671 support zone (the previously broken peaks) and the upper boundary of the green ascending channel, further gains remain possible.

The next upside target continues to be the 692-700 area.

Nevertheless, a daily close below 669 would be the first signal that a deeper correction may be starting.

Today’s Takeaways Dollar (DX.F)

100 & the 100.14-100.32 resistance zone are key. Buyers need a daily close back above 100 to invalidate the recent breakdown. Until then, sellers remain in control despite this week’s rebound. Platinum (PL.F)

The 1736-1792 bearish gap remains the key resistance. A daily close above 1792 opens the door toward 1824-1848 and potentially 1900. Buyers remain in control while price stays above the green ascending channel. Palladium (PA.F)

Monday’s defense of 1250 keeps the bullish scenario alive. The next resistance zone around 1388-1430 & support area around 1310-1325 deserve attention. The next upside target -> 1430. Copper (HG.F)

Here we watch the 669-671 zone. As long as price remains above it, the next upside target stays at 692-700. A daily close below 669 would be the first warning that a deeper pullback may be underway. Anna

Market outlook: Gold, crypto and US indices test important breakout levels At the time of this market review, precious metals and major cryptocurrencies were producing some of the clearest bullish signals. US stock indices were also recovering, although several important resistance levels still stood between a rebound and a more convincing bullish continuation.

Can the US stock index recovery continue?S&P 500 futures recovered from support and turned higher. A sustained move above the previous high near 7,550 could open a path toward 7,600. Another rejection from 7,550, however, would leave the recovery vulnerable.

The Dow Jones also recovered after briefly trading below support. For the Dow Jones cash index, 52,150 is the main bullish confirmation level. Acceptance above it would suggest that buyers are regaining control.

Educational insight: A market touching resistance is not the same as breaking it. Acceptance generally means price remains above the level for a meaningful period and successfully defends it during a pullback.

Are gold and silver still bullish?Gold has broken above an important resistance structure extending from its April high. The 4,040-4,045 area could now act as support if price returns to test it.

Holding above that zone would preserve the bullish structure. Sustained trade back below it would warn that the breakout may have failed, particularly if buyers cannot quickly reclaim the area.

Silver also defended major longer-term support before turning higher.

Two additional metals are approaching important confirmation levels:

Platinum: A sustained move above approximately $1,710 would strengthen the case for a larger advance. Palladium: Buyers need to clear approximately $1,375 before the broader outlook becomes more convincingly bullish. A useful concept here is the support-resistance flip. When price breaks above resistance, traders often watch whether the same area becomes support during the next pullback. If it does, the breakout gains credibility. If it does not, the move may have been a temporary overshoot.

What levels matter for Bitcoin and Ethereum?Ethereum has cleared an important longer-term resistance area, placing approximately $2,150 on the map as the next potential upside objective.

Bitcoin also looks constructive after defending major support near $57,000. With price recently around $65,500, the $64,000 area becomes an important short-term reference:

Holding above $64,000 supports bullish continuation. Sustained trade below $64,000 would weaken the breakout. A failed breakdown followed by a quick recovery above $64,000 could show that buyers are still active. Can crude oil break through resistance?Crude oil has recovered toward possible resistance near $90, while Brent crude faces a comparable test around $95.

Acceptance above these areas would improve the bullish outlook. Rejection, especially after only a brief move through resistance, could lead to another pullback.

Round numbers such as $90 and $95 often attract additional activity because traders use them for entries, exits and option positioning. That does not make them automatic turning points, but it can increase volatility around the initial test.

Why does cocoa remain vulnerable?Cocoa is one of the clearer bearish exceptions in this market review. Price rejected overhead resistance and could revisit the $5,000 area. A temporary move below that level is also possible if selling pressure accelerates.

The important distinction is whether cocoa merely touches $5,000 or begins spending time below it. A quick recovery could indicate that sellers failed to establish control, while sustained trade underneath would reinforce the bearish case.

These levels may refer to different instruments, including futures, cash indices and spot markets. Prices can vary between platforms, contracts and CFDs, so readers should confirm the corresponding levels on the instrument they trade. This analysis is educational and does not constitute a recommendation to buy or sell.