Wheat Key Levels This Week — Support, Resistance & Confluence Zones
Wheat key levels breakdown: support zones, resistance zones, confluence and price structure.
commodities
Market Of The Week: ★Silver (SI)★ breaking out in high regime
Silver (SI): The market is treating the NFP-driven surge as a tactical short-covering bounce within an intact bear trend, but the desk sees a structural regime change: back-to-back catastrophic labor data (June +20K revised from +57K, July -23K) combined with cooling inflation at 2.25% forces the Fe
Core
Gold (GC) — The market may be underestimating the remaining capacity for speculative…
Decisively bullish after July NFP shock drove gold +7.2% for the week — market pricing 83% probability of further August gains per Polymarket, with consensus shifting from cautious consolidation to positive trend resumption as USD weakness, rate cut expectations, and safe-haven demand converge
Core
Crude Oil (CL) — The market may be underweighting the magnitude of residual downside if Hormuz…
Market heavily bearish with Polymarket pricing 100% probability of WTI below $85 in August and crowd positioning already short, reflecting consensus that Hormuz normalization completes the geopolitical premium unwind toward fundamental equilibrium near $70-75
Extended
Copper (HG) — Market may be overweighting extreme COT positioning at 98.7th percentile as a…
Copper trading near yearly highs with physical supply tightness (backwardation at $130, LME inventory critically low) supporting bullish structure but concerns about extreme speculative positioning at 98.7th percentile COT and seasonal August headwinds creating tactical uncertainty ahead of Aug 12 U
Full Desk
Platinum (PL) — trending in normal regime
Market repricing WPIC structural deficit thesis after August 4 breakout with bullish momentum building as supply scarcity narrative reasserts over H1 2026 investment demand collapse concerns, though positioning remains mid-range suggesting room for further institutional accumulation
Full Desk
Wheat (ZW) — USDA August WASDE binary event 3 days away (August 12, 2026) dominates all…
Mixed to cautious following July WASDE rally reversal with market viewing seasonal harvest pressure and transient Black Sea premium removal as dominant forces ahead of August 12 WASDE binary event that will determine whether the production catastrophe thesis reasserts or global oversupply narrative
Full Desk
Soybeans (ZS) — Resetting after 6 consecutive misses — thesis under review
Mixed with bearish bias: ample global supply expectation from StoneX 4.47 bbu production estimate and favorable Midwest rain forecast during pod-fill offset by steady 63% G/E crop conditions below analyst expectations, managed money liquidation from elevated 83.5th percentile positioning, and August
Copper Key Levels This Week — Support, Resistance & Confluence Zones
Copper key levels breakdown: support zones, resistance zones, confluence and price structure.
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Soybeans Forecast This Week — Outlook, Drivers & Key Levels
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