Commodities technical analysis 5/04/2017

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

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XAUUSD-GOLD

The instrument is testing the support zone 1220-1240. The daily close below this zone will lead to a downside continuation. For an upside continuation, we need to see a daily close above 1260 level. Staying aside for now.

goldXAGUSD-SILVER

Silver is testing the medium-term uptrend line 16.40 level. The bounce from this level is required for the upside continuation. The daily close below this level is required for the invalidation and the downside extension. Staying aside for now.

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 in the flag and is retesting the 245-250 zone. The bounce from this zone is needed for the upside continuation and a bullish flag 266 level retest. Staying aside 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.

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