What was interessting this Friday was keeping the stop at the suggested 1130 level. If we can break the highs the next long target is at the DP at 1203.
Comparing the Wheat Chart with some "Predictions" its quite clear how to trade this instrument:
At the beginning of the Year go short
In May go long.
Then around end of June reverse the position.
In October go long.
Commodity Prices are influced by the Value of the Dollar so at the 4 times during the year where a decision has to be made the trend of the Dollar index has to be as well re-evaluated.
In the soybean market the March to the June/July Double top rally pattern seams to work, from then Looking for a double bottom in October and then rally into December / January where we should see a sell off to the March Low.
The camarilla pivots provided a good resistance for all instruments, nevertheless GOLD, DOW where able to break through the barrier, BONDS bounced back up and CRUDE OIL was most bearish. So looking forward for GOLD to also top our or continue to be the most bullish instrument and in case the DOLLAR tanks CRUDE OIL to rally back to new highs.