Commodities Analysis 4 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 - 4 February 2011
 Gold Technical Analysis
Gold closed higher on Thursday but continues to consolidate above the 25% retracement level of the 2009-2010-rally crossing. Stochastics and the RSI are neutral-to-bullish hinting that a 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 renews 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 higher on Thursday and remains poised to extend the rally off last Friday's low. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off last Friday's low, the reaction high crossing is the next upside target. If it renews the decline off January's high, the 38% retracement level of the August-January rally crossing is the next downside target.
 Crude Oil Technical Analysis
Crude Oil closed lower on Thursday and poised to end the rally off last Friday's low. Stochastics and the RSI remain 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. Closes below the 10-day moving average crossing would temper the near-term friendly outlook.
 Natural Gas Technical Analysis
Natural Gas was lower overnight as it consolidates below key resistance marked by the 20-day moving average crossing. However, stochastics and the RSI are oversold and 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 renews the decline off January's high, the 62% retracement level of the October-January rally crossing is the next downside target.
 Coffee Technical Analysis
Coffee closed higher on Thursday as it extends this winter's rally. The high-range close sets the stage for a steady-to-higher opening on Friday. 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 4 February 2011' edited by PipTrade, updated 04-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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