Weekly Commodities Report - Gold Extends Rally
Axi | Feb 28, 2017 11:28
Originally published by AxiTrader
COCOA remains in a strong downtrend and the technical outlook is bearish. It bounced slightly last week, but the topside was capped at the 21 DMA. Cocoa's failure to sustain momentum above the $2000 level suggests further losses lie ahead. Another test of the recent low at $1883 seems likely.
COCOA - Daily-Chart - 27.02.2017
COFFEE had a fake breakout above the trendline from the November high and is approaching the $140 level. A test of the key support level at $132 seems likely in the near-term. This level is an important one, as a break below would pave the way for a test of the 2016 low at $110.
COFFEE - Daily-Chart - 27.02.2017
COFFEE - Weekly-Chart - 27.02.2017
The uptrend in COPPER remains intact. However, volatility has decreased significantly since the beginning of 2017, and there has been a lack of momentum. Nevertheless, techs point to further gains from here. Immediate resistance is seen at $2.83, followed by the significant resistance area between $2.95 and $3.00. Important support lies in the area between $2.25 and $2.35, but it seems unlikely at this point that we will see a test of it soon.
Get The App
COPPER - Daily-Chart - 27.02.2017
COPPER - Weekly-Chart - 27.02.2017
NAT GAS is approaching a significant support level at $2.50 and traders should keep an eye on the price action around it. Should it break below it, an extension of the long-term downtrend seems highly likely, with the next strong support level then at $1.95.
NATGAS - Weekly-Chart - 27.02.2017
SOYBEAN is consolidating within a triangle pattern, and the outlook is mixed. The key levels to watch here are support around $990 and resistance near $1080.
SOYBEAN - Daily-Chart - 27.02.2017
The outlook for WTI is from a technical perspective still positive, although the lack of volatility has been a tad frustrating for oil traders recently. The next major obstacle lies at $55.00-20. An extension of the rally towards $60 seems likely should WTI clear that one convincingly.
WTI - Daily-Chart - 27.02.2017
GOLD broke above the $1245 level recently, and the next major resistance now lies at $1292, followed by $1337. Momentum remains strong, and further gains seem likely. Expect strong support at $1245 and the area around $1220, as well as the 21 DMA.
XAU/USD - Daily-Chart - 27.02.2017
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.