Commodities Analysis 11 November 2010
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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 - 11 November 2010
 Gold Technical Analysis
Gold closed lower due to profit taking on Wednesday as it consolidated some of its recent gains. The mid-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that sideways-to-higher prices is possible near-term. If it extends this year's rally into uncharted territory, upside targets will now be hard to project. Closes below the reaction low crossing would confirm that an important top has been posted.
 Silver Technical Analysis
Silver closed lower due to profit taking on Wednesday as it consolidated some of this year's rally. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are overbought and are turning neutral-to-bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. If it extends this year's rally, monthly resistance crossing is the next upside target.
 Crude Oil Technical Analysis
Crude Oil closed higher on Wednesday and the high-range close sets the stage for a steady-to-higher opening on Thursday. 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 aforementioned rally, the 87% retracement level of May's decline crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
 Natural Gas Technical Analysis
Natural Gas closed lower due to profit taking on Wednesday as it consolidates some of the rally off October's low. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off October's low, the 38% retracement level of the June-October decline crossing is the next upside target. Closes below last Thursday's low crossing would confirm that a short-term top has been posted.
 Coffee Technical Analysis
Coffee closed lower due to profit taking on Wednesday as it consolidates some of this year's rally. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are diverging but are bullish signalling that sideways-to-higher prices are possible near-term. If it extends this year's rally, monthly resistance crossing is the next upside target. Closes below the reaction low crossing are needed to confirm that a top has been posted.
Further Commodities Market Commentary and Data
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'Commodities Analysis 11 November 2010' edited by PipTrade, updated 11-Nov-10
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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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