Commodities technical analysis XAUUSD, XAGUSD, OIL, NAT GAS, WHEAT, COTTON, COPPER
Click on the chart image to enlarge it
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 1230 level. Staying aside for now.
XAGUSD-SILVER
Silver is bouncing from the 16.20 support level but the daily close above 16.40 is required for the upside reversal. SL on long entries should be below 16 level.
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. No change in view.
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 and a test of 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. We have a bounce and only long entries are recommended for now with SL below 425 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. The retest of the 74-75 zone is on the way.
COPPER
The instrument is bouncing from the 245-249 zone and we could see a test of the bullish flag upside resistance 260-265 zone. Only long trade entries are recommended here with the SL below 245 level also the 200 SMA.
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.