Commodities Analysis 8 August 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 - 8 August 2011
 Gold Technical Analysis
Gold closed lower on Friday and the low-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are neutral-to-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 year's rally, upside targets will be hard to project now that October is trading into uncharted territory.
 Silver Technical Analysis
Silver closed lower on Friday following Thursday's key reversal down and closed below July's uptrend line crossing confirming that a top and short-term trend change has taken place. The low-range close set the stage for a steady-to-lower opening on Monday. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. If it extends Friday's decline, the reaction low crossing is the next downside target. If it renews the rally off June's low, the 62% retracement level of the April-May-decline crossing is the next upside target.
 Crude Oil Technical Analysis
Crude Oil closed higher on Friday and the high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term. If it extends this summer's decline, the 62% retracement level of the 2009-2011-rally crossing is the next downside target.
 Natural Gas Technical Analysis
Natural Gas closed unchanged on Friday and the mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it extends the decline off July's high, the October 2010 low on the monthly continuation chart 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 due to short covering on Friday as it consolidated some of Thursday's decline. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it extends this month's decline, the 50% retracement level of the 2010-2011-rally crossing is the next downside target.
Further Commodities Market Commentary and Data
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'Commodities Analysis 8 August 2011' edited by PipTrade, updated 08-Aug-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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