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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 - 22 December 2010
 Gold Technical Analysis
Gold closed higher on Tuesday as it consolidated 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 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 Tuesday and the high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are 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 on Tuesday while extending the trading range of the past three weeks. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are neutral-to-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 lower on Tuesday ending a two-day short covering rally. The low-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI are turning neutral-to-bullish hinting that a short-term low might be in or is near. If it extends this month's decline, November's low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
 Coffee Technical Analysis
Coffee closed higher on Tuesday as it extends this year's rally. The high-range close sets the stage for a steady-to-higher opening on Wednesday. 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. 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.
It is not intended as a recommendation to trade.
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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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