Commodities technical analysis XAUUSD, XAGUSD, OIL, NAT GAS, WHEAT, COTTON, COPPER
Click on the chart image to enlarge it
XAUUSD-GOLD
The instrument has broken above 1265 level 200 SMA and is going for the test of 1287 uptrend resistance. The daily close above this level is opening the upside continuation into 1330. The instrument is now testing the strong support 1240-1255 zone. Only the daily close below 1240 will invalidate the upside scenario.
XAGUSD-SILVER
Silver is testing the 17.00-17.40 strong upside zone. The bounce from this zone is required for the upside continuation. Look only for long entries for now with SL below 17.00. The daily close below this level is required for the invalidation and the downside extension.
OIL
The instrument is testing the 48-49 zone again. The bounce from this zone will lead to a 53.70 consolidation triangle upper line. Staying aside for now.
NATURAL GAS
Natural gas is reversing from the 3.100 level which is opening the upside. the daily close above 3.420 level also 100 SMA is required for the upside continuation. Staying aside for now. Long entries if triggered here should have an SL below 3.100.
WHEAT
The instrument has reversed from a 410 level and is testing the 200 SMA 457 level again. The daily close above this level is required for the upside continuation. Rejection from here would lead to a new downside move into 430-440 zone. Staying aside for now.
COTTON
The instrument is bouncing from the 73-74 zone and has broken above 78 level again. Staying aside for now. The daily close above 80 is required for the upside continuation.
COPPER
The instrument is back above the 100 SMA level again and is testing the upper flag formed line 266 level for the upside continuation. The rejection from here would lead to 240 level retest.
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.