Daily Commodities Financial Spread Betting Analysis: Technical Review covering Natural Gas, Gold, 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 - 6 January 2012
 Gold Technical Analysis
Gold closed higher on Thursday as it extended the rally off last Thursday's low. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. Multiple closes above the 20day moving average crossing are needed to confirm that a low has been posted. If it renews the decline off November's high, July's low crossing is the next downside target.
 Silver Technical Analysis
Silver closed lower on Thursday and the high-range close set the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. Closes above the 20day moving average crossing are needed to confirm that a short-term low has been posted. If it renews the decline off October's high, the 75% retracement level of the 2010-2011 rally crossing is the next downside target.
 Crude Oil Technical Analysis
Crude oil closed lower on Thursday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off December's low, the 75% retracement level of the 2011 decline crossing is the next upside target. Closes below the 20day moving average crossing would signal that a short-term top has been posted.
 Natural Gas Technical Analysis
Natural gas closed lower on Thursday and is poised to extend last year's decline. Stochastics and the RSI are turning neutral-to-bullish hinting that a low might be in or is near. Closes above the 20day moving average crossing are needed to confirm that a short-term low has been posted. If it renews last year's decline, monthly support crossing is the next downside target.
 Coffee Technical Analysis
The coffee futures market closed lower on Thursday and the low-range close sets the stage for a steady-to-lower 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 December's low, December's high crossing is the next upside target. 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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The contents of this report are for information purposes only.
It is not intended as a recommendation to trade.
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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 Financial Spread Betting Analysis: Technical Review covering Natural Gas, Gold, Coffee' edited by PipTrade, updated 06-Jan-12
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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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