Commodities Technical Analysis
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Commodities Technical Analysis

Commodities Technical Analysis


Daily technical analysis reports for popular commodities markets including crude oil, gold, silver, copper, natural gas and coffee.

Crude Oil Technical Analysis Crude Oil Analysis
Gold Technical Analysis Gold Analysis
Silver Technical Analysis Silver Analysis
Copper Technical Analysis Copper Analysis
Natural Gas Technical Analysis Natural Gas Analysis
Coffee Technical Analysis Coffee Analysis

This analysis covers both short-term and long-term price movements. Each analyst interprets the support/resistance levels and gives their view on the direction of the market. For more technical analysis, also see:

Stock Market Technical Analysis Stock Market Technical Analysis
Forex Technical Analysis Forex Technical Analysis


Commodities Technical Analysis - Updated: 22 February 2017


Crude Oil Technical Analysis

19-Mar-15 Crude Oil Technical Analysis [7:36am] Brent Crude Oil Technical Analysis (30 mins chart)
  • Brent Crude Oil pivot point: 53.85
  • Our preference: Long positions above 53.85 with targets @ 56.8 & 57.6 in extension.
  • Alternative scenario: Below 53.85 look for further downside with 52.55 & 51.2 as targets.
Comment: The RSI is mixed to bullish.

Update by CMC Markets
19-Mar-15 Crude Oil Technical Analysis [7:32am] After the close of Wall Street, WTI Crude Future (APR 15) was up $1.7 to $45.17.

The contract was below its 20DMA (@ $48.66) and below its 50DMA (@ $49.19).

The US Department of Energy reported that, for the week ended 26 November, crude oil inventories increased 9622k barrels compared to the previous week.

Update by InterTrader
19-Mar-15 Crude Oil Technical Analysis [3:53am] US Crude oil closed higher on Wednesday as it extended the short covering rally off Monday's low. Wednesday's high-range close sets the stage for a steady-to-higher opening when Thursday's session begins. Stochastics and the RSI are turning neutral-to-bullish hinting that a low might be in or is near. Closes above the 20 day moving average crossing would confirm that a short-term low has been posted. If it renews this month's decline, the 62% retracement level of the January-March rally crossing is the next downside target.

Update by PipTrade



Gold Technical Analysis

19-Mar-15 Gold Technical Analysis [7:32am] Gold Technical Analysis (30 mins chart)
  • Gold pivot point: $1,160
  • Our preference: Long positions above $1,160 with targets @ $1,183 & $1,197 in extension.
  • Alternative scenario: Below $1,160 look for further downside with $1,152.5 & $1,145.7 as targets.
Comment: The RSI is mixed to bullish.

Update by InterTrader
19-Mar-15 Gold Technical Analysis [3:53am] Gold closed higher on Wednesday and the high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI remain neutral-to-bearish signalling that additional weakness is possible near-term. If it extends the decline off February's high, the reaction low 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.

Update by PipTrade


Silver Technical Analysis

19-Mar-15 Silver Technical Analysis [7:36am] Silver Technical Analysis (30 mins chart)
  • Silver pivot point: $15.73
  • Our preference: Long positions above $15.73 with targets @ $16.15 & $16.38 in extension.
  • Alternative scenario: Below $15.73 look for further downside with $15.63 & $15.43 as targets.
Comment: The RSI is mixed to bullish.

Update by CMC Markets
19-Mar-15 Silver Technical Analysis [3:53am] Silver closed higher on Wednesday while extending the trading range of the past five days. The mid-range close set the stage for a steady opening on Thursday. 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 reaction low crossing is the next downside target. Closes above the 20 day moving average crossing would signal that a low has been posted.

Update by PipTrade


Copper Technical Analysis

19-Mar-15 Copper Technical Analysis [7:32am] After the Wall Street close, Copper Future (MAY 15) on Comex was about flat to 263.95c/lb.

The contract was below its 20DMA (@ 264.5c) and above its 50DMA (@ 261.15c).

In Europe, the London Metal Exchange reported its copper inventories decreased 1550 tons to 339,100 tons.

Update by InterTrader


Natural Gas Technical Analysis

19-Mar-15 Natural Gas Technical Analysis [3:53am] Natural gas closed higher on Wednesday as it extended this month's decline. The mid-range close sets the stage for a steady-to-lower opening when Thursday's session begins trading. 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 75% retracement level of the February-March rally crossing is the next upside target.

Update by PipTrade


Coffee Technical Analysis

19-Mar-15 Coffee Technical Analysis [3:53am] The coffee futures market closed higher on Wednesday while extending the trading range of the past seven days. The low-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it renews the decline off January's high, weekly support crossing is the next downside target. Closes above the 20 day moving average crossing would confirm that a short-term low has been posted.

Update by PipTrade

For more commodity views or technical analysis see:
Readers please note:


Applying Technical Analysis to Gold


Below we have an older, but still useful, technical analysis case study on the gold market by Shai Heffetz, InterTrader, 14-Feb-2012.

When the price of gold briefly touched $1,921 on 6 September 2011, most analysts believed that it was on its way to $2,000 per troy ounce.

It was higher than the previous peak of $1,911.65 we saw on 23 August 2011, which supported this view.

Later that same day, however, the commodity slipped back to $1,875.10 and we have not seen anything close to $1,900 since.

Many fundamental analysts insist that the gold spread betting market is very likely to breach $2,000 in the not so distant future.

The Eurozone crisis and continued financial economic and financial problems in the USA seem to support this view.

The chart below shows that, purely from a commodities analysis point of view, we are currently in a medium-term bull phase.

The price is well above the Ichimoku Kinko Hyo cloud and the green Chinkou Span line is higher than the price of 26 periods ago, showing that the bulls have had the upper hand since the end of December 2011.

Gold Technical Analysis Daily Candlestick Chart

In the past few days, however, we have seen some weakness and the current price is well below the recent maximum of $1,762.85 we saw on 3 February. The price has also dropped below the red Tenkan Sen line, confirming that a correction is underway.

We are a long way from where we can advise a short trade, however. For this, wait for a clear break below the Ichimoku cloud.

For those spread betting on gold to go up, it would be prudent to wait for at least one or two closes above the recent maximum of $1,762.85.


Applying Technical Analysis to Precious Metals


Below we have an older, but still useful, case study on the gold and silver markets by Shai Heffetz, InterTrader, 30-Nov-2011.

Traditionally, metals such as gold and silver have been regarded as safe havens in times of financial turmoil.

In the current unstable economic climate, where even the prices of these two metals sometimes fluctuate wildly, some investors might ask the question whether this is still the case.

To give a sensible answer we have to take a longer-term view. The weekly chart below depicts the price of the silver spread betting market since March 2007.

We can see that on 19 October 2008 the price reached a low of just above $8.60. As a result, the current price of just below $32.00 represents a growth rate of nearly 400% in three years.

This growth is way above that achieved by any stock market index and is a clear indication that silver is still an excellent store of value, despite the fact that it is currently trading well below its recent maximum price.

Silver Technical Analysis Weekly Candlestick Chart

The daily chart below offers a shorter term view of the silver market. This shows us that, after the disastrous drop on 22 and 23 September, when the price went from $39.80 to $30.80 in two days, silver has been moving mainly sideways.

Silver Technical Analysis Daily Candlestick Chart

The current price of $31.93 is slightly above the recent minimum. Commodities analysis suggests that silver is presently emerging from the Ichimoku cloud in a downward direction, however given the recent price behaviour this is not enough to warrant a short trade.

The blue Kijun Sen line is still in the cloud and a cautious trader would wait for a close below $29.93, which we briefly saw on 20 October 2011, before risking a short trade.

Any close above the Ichimoku cloud might be an indication that the long-term bull trend is resuming.


Trading Risk Warning
'Commodities Technical Analysis' edited by Jacob Wood, updated 22-Feb-17


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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