Wheat price met initial target at 422.00 on acceleration above one-month congestion

Slobodan Drvenica Windsor Brokers

WHEAT

The wheat price eventually broke higher after being congested within 389.75/411.25 range for one month. Thursday’s strong bullish acceleration that marks the biggest one-day gains since 02 Sep, broke above daily cloud top and extends today to fresh nearly two-month high at 422.00 (Fibo 38.2% of larger 523.25/360.75 June / Aug descend). This marks the first pivot (reinforced by falling 100SMA) for stronger recovery, which could extend to next triggers at 432.00/434.00 (lower tops of 14 Aug/24 July).

The price is on track for the strongest weekly gains in nearly one year and this gives strong bullish signals for extended recovery.

Bullish daily studies show room for stretch above 422 towards 432/434 barriers, where the price may show signals of hesitation.

Buying dips is now favored, with initial support at 412 zone (Fibo 38.2% of two-day recovery) end extended easing to find support above 406 zone (converged north-heading daily Tenkan-sen & and Kijun-sen lines).

Res: 422.00; 428.50; 432.00; 434.00

Sup: 418.00; 412.00; 406.00; 400.00

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

GBP/USD remains offered; bears target 1.3600

GBP/USD now leaves behind part of its recent recovery and revisits the low 1.3600s at the beginning of the week. Indeed, Cable trades with a mild downward bias amid decent gains in the Greenback as investors remain wary of upcoming US data releases and the Jackson Hole event.

EUR/USD remains sidelined above 1.1650

EUR/USD trades on the defensive following the closing bell on Wall Street on Monday, hovering around the 1.1660 region and adding to Friday’s small decline. The pair’s pullback comes in response to an acceptable rebound in the US Dollar in a context of generalised caution ahead of key US data releases and Chair Warsh’s speech in Jackson Hole.

Gold advances to over three-month high as bulls look to reclaim $4,700

Gold climbs to a fresh high since mid-May, with bulls now eyeing $4,700 and extending the rally witnessed since the beginning of this month. The US Treasury's bond market intervention failure fuels concerns about fiscal sustainability and boosts demand for bullion as an alternative store of value. Moreover, the US Dollar struggles to attract any meaningful buyers, which, along with receding bets for an immediate Fed rate hike, continues to benefit the non-yielding yellow metal.

Ethereum: BitMine scoops 32K ETH, hints at further gains

Ethereum (ETH) treasury company BitMine Immersion Technologies (BMNR) expanded its digital asset holdings last week with another round of acquisitions. The firm purchased 32,447 ETH during the week, lifting its holdings to 5.847 million ETH. That represents its largest purchase since the first week of July.

Will Jackson Hole ignite Gold and Silver’s next explosive breakout?

The 2026 Jackson Hole Economic Policy Symposium arrives at a pivotal moment. The U.S economy faces record debt, elevated borrowing costs, a weaker dollar and renewed momentum across hard assets. For The Gold & Silver Club, the backdrop increasingly validates its early-year call: “2026 will be the Year of Hard Assets.”

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.