Commodity Market Analysis: Technical Review of Silver, Coffee, Oil
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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 - 30 December 2011
 Gold Technical Analysis
Gold closed lower on Thursday extending the decline off September's high. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it extends this month's decline, July's low crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a low has been posted.
 Silver Technical Analysis
Silver closed higher on Thursday and the high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. Multiple closes above the 20day moving average crossing would confirm that a short-term low has been posted. If it renews this month's decline, the 75% retracement level of October's rally crossing is the next downside target.
 Crude Oil Technical Analysis
Crude oil closed higher due to short covering on Thursday and the high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off this month's low, December's high crossing is the next upside target. If it renews the decline off November's high, the 50% retracement level of the October-November rally crossing is the next downside target.
 Natural Gas Technical Analysis
Natural gas closed lower on Thursday renewing this year's decline. Stochastics and the RSI remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it extends this year's decline, monthly support crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a short-term low has been posted.
 Coffee Technical Analysis
The coffee futures market closed lower on Thursday as it consolidated some of the rally off last week's low. The low-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI remain bullish hinting that a low might be in or is near. Wednesday's close above the 20day moving average has opened the door for a test of this month's high crossing. If it renews this year's decline, the 62% retracement level of the 2009-2011 rally crossing is the next downside target.
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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'Commodity Market Analysis: Technical Review of Silver, Coffee, Oil' edited by PipTrade, updated 30-Dec-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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