Commodities Commentary: Gold, Silver, Crude Oil, Nat Gas

Posted by: : Paul EbelingPosted on: January 8, 2014 Commodities Commentary: Gold, Silver, Crude Oil, Nat Gas

Commodities Commentary: Gold, Silver, Crude Oil, Nat Gas

Gold

Gold closed lower  Tuesday as it consolidated some of the rally off of its December’s low. The low range close sets the stage for a steady to lower opening when Wednesday’s session opens.

Stochastics and the RSI are Bullish signalling that sideways to higher prices are possible near term. If Gold extends its rally, December’s high crossing is the next Northside target. If Gold renews the decline off August’s high, weekly support crossing is the next Southside target.

Silver

Silver closed lower Tuesday extending December’s trading range. The mid-range close set the stage for a steady opening when Wednesday’s session opens.

Stochastics and the RSI are Neutral to Bullish signalling that sideways to higher prices are possible near term.

Closes above December’s high crossing are needed to confirm an Northside breakout of December’s trading range. If Silver renews the decline off October’s high, June’s low crossing is the next Southside target.

WTI Crude Oil

Crude Oil closed higher on short covering Tuesday as it consolidated some of the decline off of the December’s high. Tuesday’s high range close sets the stage for a steady opening when Wednesday’s session opens.

Stochastics and the RSI are earish signaling that additional weakness is possible. If Crude Oil extends its decline, the November’s low crossing is the next Southside target. Closes above the 20-Day MA crossing are needed to temper the near term Bearish outlook for Crude Oil.

Nat Gas

Nat Gas closed higher on short covering Tuesday.

The midrange close sets the stage for a steady opening when Wednesday’s session begins trading.

Stochastics and the RSI are Bearish in here signalling that additional weakness is possible in the near term. If Nat Gas extends the decline off December’s high, December’s low crossing is the next Southside target.

Closes above the 10-Day MA crossing are needed to confirm that a short term bottom has been posted. Stay tuned…

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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