Commodities Indicators

A look at the Commodities Markets / Commodities Indicators from Craig Inglis, Client Education Manager, CMC Markets.

Commodities Indicators - 14 May 2010

Gold reached a fresh all time high on Wednesday at $1248.5 and now is currently drifting slightly lower.

The RSI and Slow Stochastic are showing signs of being over bought but there is not yet a clear signal to sell.

Most traders will now be waiting for the drift to reach the old broken resistance, now acting as support, at $1224.5 to see if it holds.

If we break this and close below $1224.5 then, coupled with the over bought indicators, we might expect a short term spike lower towards $1199.

However, if we look at the last break of an all time high in March 2008 at $1032, a similar set up presented itself and traders found the broken resistance of strategic importance.

If $1224.5 holds then expect continued bullishness towards $1300.

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The above content does not constitute investment advice. Neither CMC Markets nor Online-Spread-Betting.com accepts any responsibility for any use that may be made of the above.

Article approved by CMC Markets. CMC Markets is authorised and regulated in the UK by the Financial Services Authority, registration no. 173730.

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'Commodities Indicators', Feature by D. Jones, last update: 14-May-10

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