Commodities Analysis
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The Daily Commodities Analysis report with Technical Analysis covering both Support and Resistance Levels as well as Stochastics and RSI Indicators for key commodities markets including Gold, Silver, Crude Oil, Natural Gas and Coffee.
Supplied and sponsored by PipTrade.
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Commodities Analysis - 22 February 2012
 Gold Technical Analysis
Gold closed sharply higher on Tuesday and the high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are turning neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it renews the rally off December's low, the 62% retracement level of the September-December decline crossing is the next upside target. Closes below the reaction low crossing are needed to confirm that a short-term top has been posted.
 Silver Technical Analysis
Silver closed sharply higher on Tuesday while extending the trading range of the past four weeks. The high-range close set the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are turning neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it renews the rally off December's low, October's high crossing is the next upside target. Closes below the reaction low crossing would confirm that a short-term top has been posted.
 Crude Oil Technical Analysis
Crude oil 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 bullish signalling that sideways-to-higher prices are possible near-term. If it extends this month's rally, the 87% retracement level of 2011's decline crossing is the next upside target. Closes below the 20 day moving average crossing would confirm that a double top with January's high 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 are bullish signalling that sideways-to-higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted. If it renews the multiyear decline, monthly support crossing is the next downside target.
 Coffee Technical Analysis
The coffee futures market closed higher due to short covering on Tuesday as it consolidates some of this month's decline. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI remain neutral-to-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 20 day moving average crossing would 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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'Commodities Analysis' edited by PipTrade, updated 22-Feb-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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