Originally published by AxiTrader
Cocoa is currently consolidating after the bounce off $2140 support. Strong resistance can be expected at $2620, but it is a bit too distant at the moment. Immediate resistance is seen at the 21 DMA around $2335, followed by the mid-November high at $2450.
Coffee volatility has decreased as the commodity is consolidating around the 200 DMA. Support has held so far, but the outlook is looking increasingly less bullish given the sharp reversal off $175 and how it has been struggling to rally in the past few trading days, despite the bounce off $138.70. To the downside, Coffee has decent support in the $134-136 area, but a break below would then pave the way for a $111 test.
COFFEE.Daily
COFFEE.Weekly
Copper broke briefly below $2.50 support yesterday, but managed to catch a bid and bounced back to $2.51 today. Overall, the trend is still up, and buying dips the preferred strategy. For key support, keep an eye on the $2.2750-2.32 area, should we get a test of it in the near-term.
COPPER.Daily
Natural Gas came under pressure today and broke back below $3.36, this time more decisively. While the short-term and medium-term technical outlook remains bullish, recent price action suggests we could see a deeper retracement. Key support is noted at $3.00, and below that level, there is not much until the 200 DMA, which is currently around $2.64.
NATGAS.Daily
Soybean broke below the rising trendline from the mid-October low and is currently testing the 100/200 DMA. Plenty of support around the $1000 level here, but it the bounce so far has been rather weak. A clear break would pave the way for a $974 test and eventually back to $930.
SOYBEAN.Daily
{{8849|Crude Oil}} is slowly marching back towards the $54.48 level (last week's high), and if we zoom out to the Weekly chart, it is visible that there is no significant resistance area until $59.70/60.
WTI.H4
WTI.Weekly
Gold looks oversold in the very short-term, but the rallies have been weak in the past few trading weeks, and it does not look like we will see a major recovery that soon. To the topside, expect decent selling interest at $1150 and $1200 (both acted as key support prior to the breakout). To the downside, immediate support is noted at $1121, followed by $1070 and then the 2015 low at $1046.
GOLD.Daily
GOLD.Weekly
Silver is not getting any rest either. It broke today below $15.80 support, and while it has managed to bounce back to $16 later in the session, the outlook remains negative and it is likely that we will see a $14.76 test in the coming weeks.
SILVER.Weekly