Below we pro­vide an update of our trad­ing range charts for ten major com­modi­ties.  For each chart, the green shad­ing rep­re­sents between two stan­dard devi­a­tions above and below the commodity's 50-day mov­ing aver­age.  Moves to the top of or above the green zone are con­sid­ered over­bought, while moves to the bot­tom of or below the green zone are con­sid­ered oversold.

Pre­cious met­als have been get­ting absolutely crushed lately, and it shows in the charts of gold, sil­ver and plat­inum below.  All three have recently com­pletely bro­ken down tech­ni­cally and are trad­ing in extreme over­sold ter­ri­tory.  Sil­ver and plat­inum are at their low­est lev­els in at least a year, and buy­ing now would be like catch­ing the prover­bial falling knife.

Oil is trad­ing the clos­est to over­bought ter­ri­tory out of all of the com­modi­ties shown.  Corn and wheat have both seen nice bounces off of over­sold lev­els recently, and they're the next clos­est to over­bought ter­ri­tory.  Cop­per, orange juice, cof­fee, and of course, nat­ural gas, are all stuck in long-term downtrends.

Read more from the author/contributor here.

Comments

Comments are closed.