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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 - 23 December 2010
 Gold Technical Analysis
Gold closed lower on Wednesday and the low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are turning bullish signalling that sideways-to-higher prices are possible near-term. Closes above last Tuesday's high crossing are needed to confirm that a short-term low has been posted. If it renews the decline off November's high, the reaction low crossing is the next downside target.
 Silver Technical Analysis
Silver closed lower on Wednesday but the mid-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI remain 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 Wednesday while extending the trading range of the past three weeks. The high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are turning neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it renews the rally off August's low, May's high crossing is the next upside target. Closes below last Wednesday's low crossing are needed to confirm that a short-term top has been posted.
 Natural Gas Technical Analysis
Natural Gas closed higher due to short covering on Wednesday and the high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends this month's decline, November's low crossing is the next downside target.
 Coffee Technical Analysis
Coffee closed lower on Wednesday as it consolidates some of this year's rally. The low-range close sets the stage for a steady-to-lower opening on Thursday. 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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It is not intended as a recommendation to trade.
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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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