Commodities Analysis 28 April 2011

Commodities Analysis 28 April 2011

Commodities Technical Analysis
	Gold Analysis
	Silver Analysis
	Crude Oil Analysis
	Natural Gas Analysis
	Coffee Analysis
Indices Technical Analysis
	Indices Analysis
Forex Technical Analysis
	Forex Analysis

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.

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Today’s Technical Analysis:

Commodities Analysis - 28 April 2011

Gold Technical Analysis

Gold closed sharply higher on Wednesday and posted a new all-time high as it extends this year's rally. The high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that sideways to high prices are possible near-term. With it trading into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

Silver Technical Analysis

Silver closed higher due to short covering on Wednesday following the FOMC's decision to leave interest rates unchanged. The high-range close set the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI have turned bearish signalling 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 extends this year's rally, the 1980 high crossing is the next upside target.

Crude Oil Technical Analysis

Crude Oil closed higher on Wednesday as it extends the rally off this month's low. The high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it renews the rally off March's low, the 75% retracement level of the 2008-2009-decline crossing is the next upside target.

Natural Gas Technical Analysis

Natural Gas closed lower on Wednesday due to profit taking as it consolidated some of the rally off this month's low. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off this month's low, March's high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

Coffee Technical Analysis

Coffee closed slightly higher due to light profit taking on Wednesday and the mid-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are turning 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 extends this month's rally, the 1997 high crossing is the next upside target.

Further Commodities Market Commentary and Data

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'Commodities Analysis 28 April 2011' edited by PipTrade, updated 28-Apr-11

Related Articles:

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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