08 May 2012 Daily Commodities Trading Analysis on Gold, Silver, Gas
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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 - 8 May 2012
 Gold Technical Analysis
Gold closed lower on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bearish signalling sideways-to-lower prices are possible near-term. If it renews the decline off February's high, the 75% retracement level of the December-February rally crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted.
 Silver Technical Analysis
Silver closed lower on Monday and the mid-range close set the stage for a steady opening on Tuesday. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. If it extends the decline off February's high, the 75% retracement level of the December-February 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.
 Crude Oil Technical Analysis
Crude oil closed lower on Monday and the high-range close sets the stage for a steady-to-higher opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term. If it extends this month's decline, the 50% retracement level of the 2011-2012rally 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 Monday as it extended last week's trading range. The mid-range close sets the stage for a steady 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 last week's low, the reaction 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 due to short covering on Monday. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are 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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'08 May 2012 Daily Commodities Trading Analysis on Gold, Silver, Gas' edited by PipTrade, updated 08-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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