Commodity Spread Betting Analysis for Coffee, Natural Gas, 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 - 1 November 2011
 Gold Technical Analysis
Gold closed lower due to profit taking on Monday as it consolidated some of the rally off September's low. The mid-range close sets the stage for a steady-to-lower opening on Tuesday. Stochastics and the RSI remain neutral-to-bullish signalling that additional strength is possible near-term. If it extends the rally off September's low, the 62% retracement level of the 2008-2011-rally crossing at is the next upside target. Closes below the reaction low crossing would confirm that a short-term top has been posted.
 Silver Technical Analysis
Silver closed lower due to profit taking on Monday as it consolidated some of the rally off September's low. The low-range close set the stage for a steady-to-lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off September's low, the 62% retracement level of the August-September decline crossing is the next upside target. Closes below the reaction low crossing would confirm that a short-term top has been posted.
 Crude Oil Technical Analysis
Crude Oil closed lower on Monday while extending last week's trading range. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off this month's low, the 50% retracement level of the May-October decline crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
 Natural Gas Technical Analysis
Natural Gas was slightly higher on Monday while extending this month's trading range. Stochastics and the RSI have turned bullish hinting that a low might be in or is near. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted. If it renews this year's decline, monthly support crossing is the next downside target.
 Coffee Technical Analysis
Coffee closed lower on Monday. The low-range close sets the stage for a steady-to-lower opening on Tuesday. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible. If it extends today's decline, this month's low crossing is the next downside target. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted.
Further Commodities Market Commentary and Data
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The contents of this report are for information purposes only.
It is not intended as a recommendation to trade.
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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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.
Article approved/supplied by PipTrade which is a trading name Henyep Capital Markets (UK) Limited which is authorised and regulated by the Financial Services Authority. Register No: 186171.
'Commodity Spread Betting Analysis for Coffee, Natural Gas, Oil' edited by PipTrade, updated 01-Nov-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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