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 1237 level. Staying aside for now.
XAGUSD-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 16.20 level is required for the invalidation and the downside extension. Staying aside for now.
OIL
The instrument has bounced from the strong support 44-46 zone and a daily close above 48 is required for the upside reversal. Without the close above 48, the instrument could stay in the sideways consolidation between 44 and 46 level.
NATURAL GAS
Natural gas is rejected from the short-term falling trend line 3.3000 level. The daily close above this level is required for the invalidation of the downside and the upside continuation into 3.4000. The close below 3.130 is required for the downside extension.
WHEAT
The instrument has broken above the falling trend line 430 level which is now being retested. The bounce from here is required for the upside continuation and the retest of 456 level.
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 260 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.