Commodities technical analysis XAUUSD, XAGUSD, OIL, NAT GAS, WHEAT, COTTON, COPPER
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XAUUSD-GOLD
The instrument has broken above 1265 level 200 SMA and is going for the test of 1287 weak trend line resistance. Staying aside for now until we see a confirmation of the latest upside reversal. Key support and confirmation resistance is 1265 level.
XAGUSD-SILVER
Silver is above the 200 SMA and is testing this year highs 18.50 level again. Staying aside for now.
OIL
The instrument has broken above the strong 51-52.500 zone and is testing the 53 level. Expecting a rejection from this level for a new leg lower. Look only for short trades on a daily close below 52 level.
NATURAL GAS
Natural gas is again retesting falling trend line 3.100-3.200 selling zone and is getting rejected from it. Look now only for the short trade entries with SL above 3.4000. No change in view the daily close below 3.200 wedge support line is required for the retest of 3.000. We have a wedge break and the test of 3.000 is in play.
WHEAT
We prefer short trades for now. Rejection from 450 level and a falling trend line are confirming near-term bearish view. We have a daily close below 442 level also a 100 SMA and we could see a retest of 409 level. SL on short entries above 450. No change in view as the instrument is in the continuation rectangle.
COTTON
The instrument has reached the target 73-74 zone after the rejection from 78 level and is bouncing from this zone. Staying aside for now.
COPPER
The instrument has broken below the 100 SMA 263.55 level and below the consolidation triangle 259 level. This level is on a retest again. Look only for short entries with SL above 265.
Commodities rising with stock indices and we are bullish on most of them except gold, silver, and energies for now.
A commodity market is a physical or virtual marketplace for buying, selling and trading raw or primary products, and there are currently about 50 major commodity markets worldwide that facilitate investment trade in approximately 100 primary commodities.
What are examples of commodities?Commodities are split into two types: hard and soft commodities. Hard commodities are typically natural resources that must be mined or extracted (such as gold, rubber, and oil), whereas soft commodities are agricultural products or livestock (such as corn, wheat, coffee, sugar, soybeans, and pork).
Technical analysis on commodities is just an indication of possible price movement and does not indicate any trade action which could be initiated by investors and members of this site.