Commodities technical analysis 3/23/2017

Commodities technical analysis XAUUSD, XAGUSD, OIL, NAT GAS, WHEAT, COTTON, COPPER

Click on the chart image to enlarge it


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. There is a retest of the falling trend line. We need to see a daily close below 1220 level for downside continuation.


Silver has broken below 100 SMA 17.30 level making it a strong downside support. The instrument has reached the downside support 17.50-17.70 zone and the reaction from here is important for downside continuation. Short entries are still preferred with SL above 18. No change in view.


The instrument is reaching a strong downside resistance 47-48 zone. A clear daily close below 47  is required for a downside continuation into 41-42. The instrument is bouncing from the 47 level but is below median line of the Pitchfork channel. Staying aside for now.


Natural gas is again in the selling zone retesting falling trend line 3.100-3.200 selling zone. Look now only for the short trade entries with SL above 3.1000. No change in view the daily close below 2.950 is required for the downside continuation.



We prefer short trades for now. Rejection from 450 level and a falling trend line is 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 458. No change in view.



Longs have played out and reached 100% extension where we could see a pullback. The clear daily close below 77.50 level is required for the downside reversal near-term. We have a close below this level and only short entries level are recommended with SL above 79 on this pullback.



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.  The instrument is pulling back into the downside support zone 265-270 after the 100 SMA 257 level test. We have a bearish reaction but a daily close below 259 level is required for downside continuation.


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.

Scroll to Top