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: 23 May 2013 |
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| 23-May-13 |
 [7:38am] Gold Technical Analysis (30 mins chart)- Gold pivot point: $1,382.00
- Our preference: SHORT positions below $1,382 with $1,350 & $1,336 in sight.
- Alternative scenario: The upside penetration of $1,382 will call for $1,401 & $1,419.
Comment: The break below $1,382 is a negative signal that has opened a path to $1,350.
Update by 
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| 23-May-13 |
[7:38am] After the Wall Street close, Gold was down $6.7 to $1369.7. The precious metal was below its 20DMA (@ $1436) and below its 50DMA (@ $1495).
Update by
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| 23-May-13 |
[4:14am] Gold closed lower on Wednesday and the low-range close sets the stage for a steady-to-lower opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral-to-bullish hinting that a low might be in or is near. 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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| 23-May-13 |
 [4:14am] Silver posted a key reversal down on Wednesday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. The low-range close sets the stage for a steady-to-lower opening on Thursday. If the Dow extends the rally off November's low into uncharted territory, upside targets will be hard to project. Closes below the 20 day moving average crossing would confirm that a short-term top has been posted.
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| 23-May-13 |
 [7:38am] After the Wall Street close, Copper Future (JUL 13) on Comex was up 2.4c to 336.7c/lb.
The contract was above its 20DMA (@ 327.04c) and above its 50DMA (@ 334.28c).
The London Metal Exchange reported its copper inventories increased 2750 tons to 627275 tons.
Update by
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| 23-May-13 |
 [4:14am] Natural gas closed lower on Wednesday and the mid-range close sets the stage for a steady opening on Thursday. 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. Closes below the 10 day moving average crossing would confirm that a short-term top has been posted.
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| 23-May-13 |
 [4:14am] The coffee futures market closed sharply lower on Wednesday and the low-range close set the stage for a steady-to-lower opening on Thursday. 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.
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'Commodities Technical Analysis' edited by Gordon Childs, updated 23-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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