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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 - 21 December 2010
 Gold Technical Analysis
Gold closed higher on Monday as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off November's high, the reaction low crossing is the next downside target. Closes above last 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 Monday and the high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning 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 three weeks. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bearish hinting 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 the rally off August's low, May's high crossing is the next upside target.
 Natural Gas Technical Analysis
Natural Gas closed higher on Monday as it consolidates some of the decline off this month's high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this month's 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 lower due to profit taking on Monday as it consolidates some of last week's rally but remains above November's high. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 month's rally, monthly resistance crossing is the next upside target.
Further Commodities Market Commentary and Data
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About this page:
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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