Commodities technical analysis XAUUSD, XAGUSD, OIL, NAT GAS, WHEAT, COTTON, COPPER
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Look only for short trades for now as long the instrument is below 1270 level. No change in view SL on short trades above the 1250 level. We have a break below 1240 wedge lower line level. Looking for a continuation downside from here with a clear daily close below 1210. A clear daily break below 1210 is opening the 1180 target.
Silver is breaking below 17.30 level also a 100 SMA. Daily close below this level is required for the downside extension into 16.40-16.80 zone. Look only for short entries with SL above 18.
Has reached the strong upside resistance 52-54 zone again and we expect rejection here for a sideways price action between 49-53 in the coming days and weeks. SL on shorts here should be above 55. No change in view. We need to see the daily close below 51 for the downside continuation. We have a break below 51 and the instrument is on its way to test 48-49 zone. Look for new short entries in the case of the pullback to 51.50 level.
Natural gas is again in the selling zone retesting falling trend line 3.000 level. Break below 2.706 is required for downside extension. Look now only for the short trade entries with SL above 3.1000.
We prefer short trades for now. Rejection from 450 level and a falling trend line is confirming near-term bearish view. The daily close below 430 is needed for the flag downside breakout. The instrument is rejected from 200 SMA 462 level and is now testing 100 SMA 442 level.
Cotton long trades have reached their first target which is also the strong upside resistance. Longs have played out and reached 100% extension where we could see a pullback. There is an ascending wedge formed (usually bearish) and the daily close below 75.30 is required for the wedge break and the continuation downside. The instrument has reached the 79.70 level. Short trades are preferred here with SL above 80 for a retest of the 77.50 wedge lower line.
Long term view published HERE. Major triangle break and we see this as long trading opportunity SL should be below 214 targeting 280 and higher. Target zone 270-280 has been hit and we could see little hesitation around weekly 200 SMA 277 level. The instrument has broken below the wedge and the downside continuation is in play. SL on short entries above 275 targeting 254 and 240. No change in view
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.