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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 - 16 December 2010
 Gold Technical Analysis
Gold closed lower due to profit taking on Wednesday as it consolidates some of this week's rally. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI remain neutral-to-bearish signalling that a short-term top might be in or is near. Closes below the reaction low 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 lower due to profit taking on Wednesday as it consolidates some of this week's rally. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it renews this year's rally, weekly resistance crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
 Crude Oil Technical Analysis
Crude Oil closed higher on Wednesday as it extends the trading range of the past two weeks. The high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are 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 the rally off August's low, May's high crossing is the next upside target.
 Natural Gas Technical Analysis
Natural Gas closed lower on Wednesday confirming yesterday's breakout below the 20-day moving average crossing. The mid-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. If it extends this week's decline, the reaction low crossing is the next downside target.
 Coffee Technical Analysis
Coffee closed higher on Wednesday as it extends this week's rally. The mid-range close sets the stage for a steady-to-higher opening on Thursday. 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. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
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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