Daily Commodities Analysis on Oil, 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 - 21 November 2011
 Gold Technical Analysis
Gold closed higher on Thursday and below the 20-day moving average crossing confirming that a short-term top has been posted. The low-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI are turning bearish hinting that a short-term top might be in or is near. If it extends Friday's decline, the reaction low crossing is the next downside target. Closes above Monday's high crossing are needed to confirm that a short-term top has been posted.
 Silver Technical Analysis
Silver closed higher on Friday as it consolidated some of Thursday's decline. The high-range close set the stage for a steady-to-higher opening on Monday. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term. If it extends last week's decline, the reaction low crossing is the next downside target. Closes above the reaction high crossing would confirm that a short-term low has been posted.
 Crude Oil Technical Analysis
Crude Oil closed lower on Friday and the low-range close sets the stage for a steady-to-lower opening on Monday. Stochastics and the RSI are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews the rally off this month's low, the 75% retracement level of the May-October decline crossing is the next upside target.
 Natural Gas Technical Analysis
Natural Gas closed lower on Friday as it extended this year's decline and the low-range close sets the stage for a steady-to-lower opening on Monday. 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 20-day moving average crossing are needed to confirm that a short-term low has been posted.
 Coffee Technical Analysis
Coffee closed higher due to short covering on Friday and the high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible. If it extends this month's rally, October's high crossing is the next upside target. If it renews the decline off October's high, October's low 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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'Daily Commodities Analysis on Oil, Gold, Silver' edited by PipTrade, updated 21-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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