Originally published by AxiTrader
US Cocoa
Trendline resistance in Cocoa has held and the commodity extended losses to $2620 today. The short-term technical outlook remains bearish, and further losses seem likely after the break of the key support level at $2657. The next notable support level lies at $2562 (2014 low).
COCOA.Daily
COCOA.Monthly
US Coffee C
Short-term techs in Coffee continue to be bullish and it has again managed to bounce off trendline support that has formed from the late May low. Coffee saw a sharp rejection off $160, but the clear bounce off $144 suggests that it has not yet run out of steam. A break above $154.78 would signal that another test of $160.70 is imminent.
COFFEE.Daily
Copper
Copper has failed to sustain momentum above $2.20 and techs are rather neutral at the moment. The commodity is currently trading with a descending channel pattern, but it would take a break below $2.0645 support for techs to turn bearish. Trading the range currently seems the most appropriate strategy - with $2.0645 and $2.2760 the key levels to watch.
COPPER.Daily
Natural Gas
Natural Gas has extended gains and rallied to almost $3.30 today. Expect decent buying interest at the former resistance level of $3.094. Price is also supported by a rising trendline formed from the late July low. To see the next relevant resistance levels, we have to zoom out to the Weekly chart. $3.385 is a level that stands out, but above there, there wouldn't be any significant resistance until $3.95/4.00.
NATGAS.Daily
NATGAS.Weekly
US Soybean Oil
Soybean volatility has decreased significantly, and price is caught within a descending triangle. Short-term techs remain bearish however, and $920-935 is the key area to watch, as a break below would signal a move back towards the lower $800s.
SOYBEAN.Daily
Crude Oil
WTI had an impressive rally in the past three weeks, but it has run out of steam ahead of the key level $51.66 resistance level (May 2016 high). Overall, techs are bullish and the RSI is not showing overbought conditions yet on the Daily. Expect decent support ahead of the $49 level.
WTI.Weekly
Gold
Gold found support at the 76 % Fibo of the May-July rally, but rallies remain rather weak so far, with selling interest still high. $1300 would be an attractive level for traders looking to establish a short position (former key support), but it seems a bit too distant as of now.
GOLD.Daily
