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HY Markets Market Commentary - Commodities

Posted by HY Markets on Monday July 26, 2010 3:45 am
Gold closed lower on Friday ending a short covering bounce off the 38% retracement level of this year's rally crossing. Stochastics and the RSI are oversold and turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews the decline off June's high, the 50% retracement level of the aforementioned decline crossing is the next downside target.

Silver closed lower on Friday ending a three-day rebound off Monday's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned bullish hinting that a short-term low might be in or is near. Closes above last Thursday's high crossing are needed to confirm that a low has been posted. If it extends the decline off June's high, June's low crossing is the next downside target.

Crude Oil closed lower due to profit taking on Friday as it consolidated some of Thursday's rally. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off this month's low, June's high crossing is the next upside target. Closes below last Tuesday's low crossing would temper the near-term friendly outlook.

Natural Gas closed lower due to profit taking on Friday as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes above Wednesday's high crossing are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing would temper the near-term friendly outlook.

Coffee closed higher on Friday and has renewed the trading range of the past four weeks. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral signalling that sideways trading is possible near-term. From a broad perspective, it needs to close above or below to clear up near-term direction in the market.