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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 - 15 December 2010
 Gold Technical Analysis
Gold closed higher on Tuesday as it extends some of Monday's rally. 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 a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews the rally off November's low, upside targets will now be hard to project with the market trading into uncharted territory.
 Silver Technical Analysis
Silver closed higher on Tuesday as it consolidates some of last week'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 hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews this year's rally, weekly resistance crossing is the next upside target.
 Crude Oil Technical Analysis
Crude Oil closed lower on Tuesday as it extended last week's trading range. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews the rally off August's low, May's high crossing is the next upside target.
 Natural Gas Technical Analysis
Natural Gas closed lower on Tuesday and below the 20-day moving average crossing confirming that a short-term top has been posted. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. If it extends today's decline, the reaction low crossing is the next downside target. If it renews the rally off November's low, the 38% retracement level of the June-October decline crossing is the next upside target.
 Coffee Technical Analysis
Coffee closed lower on Tuesday and the low-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If it extends this week's rally, November's high crossing is the next upside target. If it renews the decline off November's high, the reaction low crossing is the next downside target.
Further Commodities Market Commentary and Data
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The contents of this report are for information purposes only.
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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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