Commodities technical analysis XAUUSD, XAGUSD, OIL, NAT GAS, WHEAT, COTTON, COPPER
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XAUUSD-GOLD
The instrument is testing the resistance 1260-1270 zone. The daily close below this zone will lead to a downside continuation. For an upside continuation, we need to see a daily close above 1270 level. SL on long trade entries should be below 1250 level.
XAGUSD-SILVER
Silver is in upside continuation above the 16.50 level and is going for a test of the strong resistance 17.50-18 zone. The daily close above this zone is required for an upside continuation.
OIL
The instrument has bounced from the strong support 44-46 zone and we have a daily close above 48. This close could lead the pair into 52-54 zone test. Staying aside for now because the bounce is already in the mature phase.
NATURAL GAS
Natural gas is rejected from the short-term falling trend line 3.4000 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. No change in view.
WHEAT
The instrument is rejected again from the 455 level and is going for the 410-420 zone retest again. The key downside test is 420 level.
COTTON
The instrument is bouncing from the 73-74 zone and has broken above 80 level. Look for the long entries on a pullback into the broken 80 level targeting 90 level at least. We have a pullback into 78-80 zone. Waiting for a price action setup here.
COPPER
The instrument is facing the key upside continuation level 262.75 and is still in a bullish flag. The daily close above this level is required for an upside continuation.
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.