I focus on a couple of key global commodities today: coffee and corn. I have been watching coffee closely this month to see if there are any signs coffee may break out of this very low volatility range in the low 1.40's. Today I see a sign. I marked up the attached chart to show a "bullish divergence" technical pattern. I think coffee will rally this week, possibly approaching $1.50.
Corn has had a nice pullback higher from its post-USDA report drop to $3.60, but I think today is the last day for the recent rally. I think corn can technically head lower to the mid $3.40's, a 5% move lower from current prices.
I am fascinated by gold's move higher post-fed. I think it is overdone. $1,238 is my next key resistance. $1,232 is still a very important Gann angle resistance. Gold is trading at $1,232.7 right now. $1,232 may actually hold, with a brief test of the high $1,230's.