Crude Oil closed lower due to profit taking on Tuesday as it consolidated some of the rally off May's low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off May's low, the 62% retracement level of last month's decline crossing is the next upside target.
Natural Gas closed lower on Tuesday as it extended Monday's decline below the 10-day moving average crossing signalling that a short-term top is in or is near. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning bearish hinting that a short top might be in or is near. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
Coffee closed lower on Tuesday but remains above the 50% retracement level of the 2008-2009-decline crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If it extends this month's rally, the 75% retracement level of the 2008-2009-decline crossing is the next upside target.
Gold closed higher on Tuesday and the he high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging and are turning neutral to bullish hinting that a short-term top 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 extends this year's decline into uncharted territory, downside targets will now be hard to project.
Silver closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought and are turning neutral to bullish hinting that a short-term low might be in or is near. If it extends this month's decline, May's low crossing is the next downside target.
