Commodities Financial Spread Betting Technical Analysis Covering Natural Gas, Gold, Silver
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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 - 8 September 2011
 Gold Technical Analysis
Gold closed sharply higher due to profit taking on Wednesday as it consolidates some of this year's decline. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If it extends this year's rally into uncharted territory, upside target are hard to project. Closes below today's low crossing are needed to confirm that a short-term top has been posted.
 Silver Technical Analysis
Silver closed lower due to short covering on Wednesday as it consolidated some of the rally off last week's low. The mid-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI have turned bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing would temper the near-term friendly outlook. If it extends the rally off this month's low, the 62% retracement level of this month's low crossing is the next upside target.
 Crude Oil Technical Analysis
Crude Oil closed higher on Wednesday and above the reaction high crossing confirming that a low has been posted. The high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are turning bearish signalling that a short-term top might be in or is near. If it renews this summer's decline, the 75% retracement level of the 2009-2011-rally crossing is the next downside target.
 Natural Gas Technical Analysis
Natural Gas closed slightly higher due to short covering on Wednesday. The mid-range close sets the stage for a steady-to-lower opening when Thursday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. If it renews last week's rally, the reaction high crossing is the next upside target. However, last Friday's close below the 10-day moving average crossing tempers the friendly outlook.
 Coffee Technical Analysis
Coffee closed higher due to short covering on Wednesday as it consolidated some of Tuesday's decline. The high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are turning bearish signalling that a top might be in or is near. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
Further Commodities Market Commentary and Data
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Spread Trading and CFDs carry a high level of risk and you may lose more than your initial investment. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
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'Commodities Financial Spread Betting Technical Analysis Covering Natural Gas, Gold, Silver' edited by PipTrade, updated 08-Sep-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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