Commodities Analysis 1 December 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 - 1 December 2010
 Gold Technical Analysis
Gold closed higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off November's low, 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.
 Silver Technical Analysis
Silver closed higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rebound off the reaction low crossing, November's high crossing is the next upside target. Closes below the reaction low crossing would confirm that a short-term top has been posted.
 Crude Oil Technical Analysis
Crude Oil closed lower due to profit taking on Tuesday as it consolidates some of last week's rally. The low-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it extends the aforementioned rally, November's high crossing is the next upside target. Closes below the 10-day moving average crossing would temper the friendly outlook.
 Natural Gas Technical Analysis
Natural Gas closed lower on Tuesday as it consolidates some of the rally off November's low. Stochastics and the RSI are turning bearish signalling that sideways-to-lower prices are possible near-term. Multiple closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it extends the rally off October'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 as it extends the decline off last week's high. The mid-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. If it renews the decline off this month's high, the reaction low crossing is the next downside target. If it extends last week's rally, this month's high crossing is the next upside target.
Further Commodities Market Commentary and Data
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'Commodities Analysis 1 December 2010' edited by PipTrade, updated 01-Dec-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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