Commodities Analysis 3 February 2011
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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 - 3 February 2011
 Gold Technical Analysis
Gold lower on Wednesday as it consolidates above the 25% retracement level of the 2009-2010-rally crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bullish signalling 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 the decline off January's high, the 25% retracement level of the 2009-2010-rally crossing is the next downside target.
 Silver Technical Analysis
Silver closed lower due to profit taking on Wednesday as it consolidates some of this week's rally but remains above the 20-day moving average crossing. The mid-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. Multiple closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews the decline off January's high, the 38% retracement level of the July-January rally crossing is the next downside target.
 Crude Oil Technical Analysis
Crude Oil closed higher on Wednesday and the mid-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 extends the rally off last Friday's low, January's high crossing is the next upside target. If it renews this winter's rally, weekly resistance crossing is the next upside target. Closes below the 10-day moving average crossing would temper the near-term friendly outlook.
 Natural Gas Technical Analysis
Natural Gas closed higher on Wednesday as it extends the rebound off last Friday's low. Stochastics and the RSI are turning neutral-to-bullish hinting that a short-term low might be in or is near. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted. If it extends last week's decline, the 62% retracement level of the October-January rally crossing at the next downside target.
 Coffee Technical Analysis
Coffee closed higher on Wednesday as it extends this winter's rally. 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 extends this winter's rally, monthly resistance crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a top has been posted.
Further Commodities Market Commentary and Data
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'Commodities Analysis 3 February 2011' edited by PipTrade, updated 03-Feb-11
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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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