Commodities technical analysis XAUUSD, XAGUSD, OIL, NAT GAS, WHEAT, COTTON, COPPER
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XAUUSD-GOLD
The instrument is breaking above the 1280 level and this is a confirmation of a complete upside reversal which could lead into 1320-1340 zone. SL on the long trade entries should be below 1270 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 the 18.30 level is required for an upside continuation. Staying aside as the pair is testing the upside resistance zone.
OIL
The instrument is testing the lower side of the 47-53 range. This range needs to hold for an upside continuation into the 50-52 zone again.
NATURAL GAS
Natural gas is rejected from the short-term falling trend line 3.4000 level and is now breaking below the 3.000 level again. The daily close below this level would lead to an extension downside.
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. Only the daily close above the 452 level could lead to an upside extension.
COTTON
The instrument has broken below the 200 SMA 73.20 level which is now the downside support. With this break, the instrument has completely reversed the recent medium-term uptrend.
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. The strong support zone is 247-255.
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.