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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 - 20 December 2010
 Gold Technical Analysis
Gold posted an inside day with a higher close on Friday as it consolidated some of last week's decline but remains below the 20-day moving average crossing. The high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it extends the decline off last week's high, the reaction low crossing is the next downside target. Closes above Tuesday's high crossing are needed to confirm that a short-term low has been posted.
 Silver Technical Analysis
Silver closed higher due to short covering on Friday and the high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI are turning neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. 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 higher due to short covering on Friday while extending the trading range of the past two weeks. The high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI are 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 higher due to short covering on Friday as it consolidates some of the decline off last week's high. The high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term. If it extends this decline, November's low crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.
 Coffee Technical Analysis
Coffee closed sharply higher on Friday and above November's high thereby renewing this year's rally. The high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends this week's rally, monthly resistance 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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