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19 Oct 2011 Commodities Analysis: Analysis of Gold, Oil, Coffee
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Daily Commodities Technical Analysis report discussing Support and Resistance Levels and Indicators such as Stochastics and the RSI for major commodities markets such as Crude Oil, Gold, Silver, Natural Gas and Coffee.
Supplied and sponsored by PipTrade.
Today’s Technical Analysis:
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Commodities Analysis - 19 October 2011
Gold Technical Analysis
Gold was lower on Tuesday and remains poised to extend the rally off September's low. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bullish hinting that a short-term low might be in or is near. If it renews the decline off September's, the 38% retracement level of the 2008-2011-rally crossing is the next downside target.
Silver Technical Analysis
Silver was higher on Tuesday while extending a trading range above the 50% retracement level of the 2008-2011-rally crossing. The high-range close sets the stage for a steady-to-higher opening in early day session trading. Stochastics and the RSI are bullish hinting that a short-term low might be in or is near. If it renews the decline off August's high, the 62% retracement level of the 2008-2011-rally crossing is the next downside target.
Crude Oil Technical Analysis
Crude Oil closed higher on Tuesday. The high-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends this month rally, September's high crossing is the next upside target. Closes below the 10-day moving average crossing are needed to confirm that a short-term top has been posted.
Natural Gas Technical Analysis
Natural Gas closed lower on Tuesday. The low-range close sets the stage for a steady to low opening on Tuesday. Stochastics and the RSI are neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it renews the aforementioned decline, monthly support crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
Coffee Technical Analysis
Coffee closed lower on Tuesday and the low-range close sets the stage for a lower opening on Wednesday. Stochastics and the RSI are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.
Further Commodities Market Commentary and Data
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Neither CleanFinancial.com nor PipTrade accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
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'19 Oct 2011 Commodities Analysis: Analysis of Gold, Oil, Coffee' edited by PipTrade, updated 19-Oct-11
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Commodities Analysis Index - an Index of Daily Commodities Analysis articles covering Trends, Supports and Resistance Levels for some of the major commodities markets including Crude Oil, Natural Gas, Gold, Silver and Coffee.
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The contents on CleanFinancial.com are for information purposes only and are not intended as a recommendation to trade. Nothing on this website should be construed as investment advice.
Neither CleanFinancial.com nor any contributing company/author accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
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