Soy nears a resistance

Soy has kept a very good bullish trend that has lasted a few months, as shown on the weekly chart of the commodity, but it is getting closer to the 200 period exponential moving average on the weekly chart, around the 1112 level. Due to the strong rally that soy has had, it is clearly over-bought and prone to a correction from the 200 week EMA. At least at the moment the weekly candles have stopped making higher highs, which is an indication that the bullish trend is losing its strength. If the price bounces to the downside, then the 1000.00 could act as a support.

Golden Cross continues on Oil

A few days ago we identified a Golden Cross on the daily chart of WTI Oil, which we said it was when the 55 day EMA crosses above the 200 day EMA. This moving average cross has bullish implications and even though the price of oil has not been able to break above the 50.00 level, the moving averages keep separating from each other showing us that the bullish trend may continue. The angle of inclination of the 55 day EMA is also important and as long as that angle is 45 degrees or more, the trend may remain strong. Above the 50.00 level we don’t have any more important resistances until the 60.00 level. To the downside, in case of a pullback, the 46.00 could act as a support.

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Golden Cross on WTI Oil

The Golden Cross occurs when the 55 day exponential moving average crosses above the 200 day exponential moving average, which has bullish implications for the instrument in the medium term, even though in the short term a bearish correction may appear. On the daily chart of WTI Oil we can see a golden cross around the 42.81. The price may continue higher and visit the 50.00 which could act as a temporary resistance from where a bearish pullback may develop. If the price retraces to the downside, it may go and visit the 46.00 level, which could act as support. Above the 50.00 level there are no more resistances until the 60.00 level.

Gold accelerates its drop

After the consolidation that gold made on the daily chart above the 55 day exponential moving average, the precious metal accelerates its bearish momentum and continues dropping while the US Dollar keeps rallying. The bearish trend may continue towards the 1200 zone, which could act as support along with the 200 day exponential moving average, blue line, around the 1193 level. The current area where the price of gold is, has been a congestion zone from where the price may go in any direction. Therefore, the price may also try to correct to the upside, but in that case, the 55 day EMA may act as its first resistance. Above the 55 day EMA, purple line, its next relevant resistance is the 1300.00 level.

Copper loses some of its momentum

Even though copper keeps its bearish trend as shown on the daily chart, once it got to the 206.00 level, the commodity loses some of its bearish momentum as indicated by the actual consolidation that it is forming and the fact that the bars on the MACD’s histogram are getting smaller. If the zone acts as a support and the price bounces to the upside, then the correction may take the price to the 215.00, which could act as resistance. But above the 215.00 level, we also have the 200 day EMA, which could also act as resistance. For now the price may go in any direction; therefore, if it breaks below the 206.00 level, then the drop may accelerate to the 200.00 level or the 195.00 level.

Gold had a small drop

After gold started retracing to the downside from the 1300 level, the price has entered a consolidation or congestion zone between the 1200 level and the 1300 level as shown on the daily chart of the precious metal. Price has reached the 55 day exponential moving average, around the 1244 zone and stalls there. That moving average may act as a support and a bullish bounce from there may take the price to the 1300 again, but if it breaks it, price may drop towards the 1200 area or to the 200 day exponential moving average around the 1190 level.