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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: 22 May 2013 |
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| 22-May-13 |
 [7:42am] After the Wall Street close, Gold was down $19.9 to $1373.9. The precious metal was below its 20DMA (@ $1439) and below its 50DMA (@ $1499).
Update by 
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| 22-May-13 |
[7:42am] Gold Technical Analysis (30 mins chart)- Gold pivot point: $1,359.00
- Our preference: LONG positions above $1,359 with $1,401 & $1,419 as next targets.
- Alternative scenario: The downside penetration of $1,359 will call for a slide towards $1,336 & $1,322.
Comment: Gold prices are supported by a rising trend line. The RSI is above its neutrality area at 50%. A new test of $1,401 seems likely.
Update by
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| 22-May-13 |
[4:12am] Gold closed lower on Tuesday and the mid-range close sets the stage for a steady opening when Wednesday's session begins trading. 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, April's low crossing is the next downside target. Closes above the 20 day moving average crossing are needed to confirm that a short-term low has been posted.
Update by 
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| 22-May-13 |
 [4:12am] Silver closed lower on Tuesday and the mid-range close set the stage for a steady opening when Wednesday's session begins trading. Stochastics and the RSI are turning bullish signalling 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 extends this month's decline, the 75% retracement level of the 2008-2011 rally crossing is the next downside target.
Update by
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| 22-May-13 |
 [7:42am] After the Wall Street close, Copper Future (JUL 13) on Comex was down 2.5c to 333.5c/lb.
The contract was above its 20DMA (@ 327.04c) and below its 50DMA (@ 334.28c).
The London Metal Exchange reported its copper inventories decreased 3500 tons to 624525 tons.
Update by
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| 22-May-13 |
 [4:12am] 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. If it extends the rally off last week's low, the reaction high crossing is the next upside target. If it renews the decline off May's high, the 50% retracement level of this year's rally crossing is the next downside target.
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| 22-May-13 |
 [4:12am] The coffee futures market closed lower on Tuesday as it extended the decline off May's high. The low-range close set the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term. If it extends the aforementioned decline, weekly support crossing is the next downside target. Closes above the 10 day moving average crossing would confirm that a short-term low has been posted.
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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 22-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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Risk Warning: CFD trading and spread trading carry a high level of risk to your capital and you may lose more than your initial investment. CFD trading and spread 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.
The contents on CleanFinancial.com are for information purposes only and are not intended as a recommendation to trade. Nothing on this website should be construed as investment advice.
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.
* Tax law is subject to change or may differ if you pay tax in a jurisdiction other than the UK.
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