Gold (update)

Gold confirmed a flag pattern yesterday and saw early follow-through buying today.  But, prices found resistance near a 261 Fib extension from a MM breakout pattern on the 240M chart that coincided with a downward sloping trend line.   The next key price levels remain 1264.20 and 1268.10.  If we can close above them it should trigger a nice upside breakout.  First, it would void the 3 point trend line serving as resistance.  Second, it would trigger a supershallow MM breakout pattern.  Finally, it would trigger a neutral MM breakout pattern.  Gold is definitely worth watching this week.

Nasdaq (update)

Prices traded below yesterday's doji triggering a short trade.  But, it found support at the monthly pivot and closed back near its opening price.  We now have 3 consecutive doji's, which could be signalling a tired market.  It's worth taking a small bearish position with stops above 5533.50.  That's where my MM Fade pattern fails.

Gold

Gold is setting up for a possible flag pattern with a move above 1252.80.  Stops would be placed below 1241.50 with the pattern objective ~ 1307.70.  If we get a move above 1264.20, then it would create a MM breakout pattern that has supershallow retracement.  And if we get a move above 1268.10, we'd get another MM breakout pattern that has neutral retracement.  Both MM patterns would be bullish and together create a catalyst to reach the upside pattern targets of 1307.70 to 1336.30.  Prices are currently above the 10, 20, 50, and 100 DMA's so the chart is set up nicely.  Let's see how next week plays out as we would want an immediate upside breakout.

Heating Oil (update)

Friday saw more bullish action with a 4th consecutive day with closing prices above the previous day's high.  We are over half way to the double bottom objective, which coincides with a 361 Fib extension from a small MM pattern.  There's also a 50 DMA in that area, so look for possible resistance ~ 1.6006.

Copper (update)

The Fib Pullback trade was voided on Thursday as prices traded above 270.00  The head & shoulders top pattern is still intact.

Nasdaq (update)

We formed back to back doji's near last week's highs.  If you didn't exit the short position at the scratch price, then I'd hold on with the original stops @ 5533.25.  If you did exit, then I'd consider re-entering below today's doji low of 5421.00.  This would be another sell trigger as prices are still trading within my MM Fade Zone.  If prices move above 5533.00, then this pattern is void.  Doji's can either be the market taking a breather OR signs of a reversal.  The placement of these doji's, in my sell zone and near recent highs, makes it more concerning to long positions.  I'd be cautious of holding any  if we break lower.  It could be the making of a double top pattern.  Let's see how next week shakes out.

Cocoa (update)

Thursday, the objective of the symmetrical triangle was met @ 2066.  Friday was pretty quiet action with prices holding above MR1.  If we can hold above 2028 and make new highs above 2187, then we will have a MM breakout pattern with neutral retracement.  That would be bullish and help prices continue higher.  The long position is still in great shape.