Commodities Technical Analysis
Daily technical analysis reports for popular commodities markets including crude oil, gold, silver, copper, natural gas and coffee.
This analysis covers both short-term and long-term price movements. Each analyst interprets the support/resistance levels and gives their view on the direction of the market. For more technical analysis, also see:
Commodities Technical Analysis - Updated: 17 May 2013 |
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| 17-May-13 |
 [7:34am] After the Wall Street close, Gold was down $6.1 to $1386.9.
The precious metal was below its 20DMA (@ $1445) and below its 50DMA (@ $1512).
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| 17-May-13 |
[7:34am] Gold Technical Analysis (30 mins chart)- Gold pivot point: $1,399.00
- Our preference: SHORT positions below $1,399 with targets @ $1,370 & $1,346.
- Alternative scenario: The upside penetration of $1,399 will call for a rebound towards $1,418 & $1,431.
Comment: The 50-perio DMA is heading down. As long as the resistance at $1,399 is not surpassed, the risk of the break below $1,370 remains high.
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| 17-May-13 |
[4:22am] Gold closed lower on Thursday and the mid-range close sets the stage for a steady opening when Friday's session begins trading. Stochastics and the RSI have turned bearish signalling that additional weakness is possible near-term. If it extends the decline off last October's high, the 62% retracement level of the 2008-2011 rally crossing is the next downside target. Closes above the 20 day moving average crossing would confirm that a short-term low has been posted.
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| 17-May-13 |
 [4:22am] Silver closed lower on Thursday and the low-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI are turning neutral-to-bearish signalling that a short-term top might be in or is near. Closes below the reaction low crossing are needed to confirm that a short-term top has been posted. If it extends the rally off November's low into uncharted territory, upside targets will be hard to project.
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| 17-May-13 |
 [7:34am] After the Wall Street close, Copper Future (JUL 13) on Comex was up 2c to 328.5c/lb.
The contract was above its 20DMA (@ 323.65c) and below its 50DMA (@ 335.87c).
In Europe, the London Metal Exchange reported its copper inventories decreased 3125 tons to 624400 tons.
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| 17-May-13 |
 [4:22am] Natural gas closed sharply lower on Thursday. 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 additional gains are possible near-term. If it extends the rally off January's low, weekly resistance crossing is the next upside target. Closes below the 20 day moving average crossing would confirm that a short-term top has been posted.
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| 17-May-13 |
 [4:22am] The coffee futures market closed lower on Thursday and the mid-range close sets the stage for a steady opening on Friday. 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 short-term low has been posted. If it renews the decline off January's high, weekly support crossing is the next downside target.
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For more stock market views or technical analysis see:
This content is for information purposes only and is not intended as a recommendation to trade. Nothing on this website should be construed as investment advice.
Unless stated otherwise, the above time is based on when we receive the data (London time). All reasonable efforts have been made to present accurate information. The above is not meant to form an exhaustive guide. Neither CleanFinancial.com nor any contributing company/author accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
Risk Warning: Spread betting and CFD trading carry a high level of risk to your capital and you may lose more than your initial investment. Spread betting and CFD trading may not be suitable for all investors. 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
'Commodities Technical Analysis' edited by Gordon Childs, updated 17-May-13
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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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