Daily Commodities Financial Spread Betting Market Analysis: Technical Review of Crude Oil, Natural Gas, 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 - 23 May 2012
 Gold Technical Analysis
Gold closed lower due to profit taking on Tuesday. The low-range close sets the stage for a steady-to-lower opening when Wednesday's night session begins trading. Stochastics and the RSI are bullish signalling a low might be in or is near. Closes above the 20 day moving average crossing are needed to confirm that a short-term low has been posted. If it renews the decline off February's high, the 38% retracement level of the 2008-2011rally crossing is the next downside target.
 Silver Technical Analysis
Silver closed lower on Tuesday and the low-range close set the stage for a steady-to-lower opening when Wednesday's night session begins trading. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the 20 day moving average crossing are needed to confirm that a low has been posted. If it renews the decline off February's high, December's low crossing is the next downside target.
 Crude Oil Technical Analysis
Crude oil closed lower on Tuesday and the low-range close sets the stage for a steady-to-lower opening when Wednesday's night session begins. 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, the 62% retracement level of the 2011-2012 rally crossing is the next downside target. Closes above the 20 day moving average crossing are needed to confirm that a low has been posted.
 Natural Gas Technical Analysis
Natural gas closed higher on Tuesday and the high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off last week's low, February's high crossing is the next upside target. Closes below the 20 day moving average crossing would signal that a short-term top has been posted.
 Coffee Technical Analysis
The coffee futures market closed lower on Tuesday and the low-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI are turning bearish signalling that sideways-to-lower prices are possible near-term. If it extends the decline off January's high, weekly support crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a short-term low 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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'Daily Commodities Financial Spread Betting Market Analysis: Technical Review of Crude Oil, Natural Gas, Coffee' edited by PipTrade, updated 23-May-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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