Commodity Markets Summary for Jan 13, 2020


Commodity Markets Technical Analysis Market Overview Report for Jan 13, 2020 | by Techniquant Editorial Team

Highlights

GOLD runs into sellers around 1563.1 for the third day in a row
SILVER runs into sellers again around 1813.0
CRUDE dominated by bears dragging the market lower throughout the day
CORN pushes through key technical resistance level
SUGAR closes higher for the 3rd day in a row
COFFEE runs into sellers again around 118.55
NATGAS finds buyers at key support level
WHEAT closes within prior day's range after lackluster session

Summary

With six out of the eight Commodity Markets closing lower today, the ones that stand out on the negative side are COFFEE losing -2.82% and CRUDE closing -1.74% lower. On the flipside the best performers have been CORN closing 0.78% higher and SUGAR gaining 0.64%.

One of today's most interesting market conditions in the Commodity Markets showed up in SUGAR: Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Sugar. Out of 146 times, SUGAR closed lower 54.11% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 56.85% with an average market move of -0.78%. Read more

Commodity Markets Overviews

GOLD 1,548.3 -14.9 (-0.95%) GOLD finished Monday at 1548.3 tanking $14.9 (-0.95%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Read more
SILVER 1,797.5 -15.5 (-0.85%) SILVER finished Monday at 1797.5 losing $15.5 (-0.85%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session. Read more
CRUDE 58.12 -1.03 (-1.74%) Moving lower for the 6th day in a row, CRUDE finished Monday at 58.09 losing $1.03 (-1.74%). Today's close at 58.09 marks the lowest recorded closing price since December 3, 2019. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 58.85, Oil confirmed its breakout through the previous session low after trading up to $0.94 below it intraday. Read more
CORN 389.50 3.00 (0.78%) Moving higher for the 2nd day in a row, CORN ended Monday at 389.50 gaining $3.00 (0.78%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 386.75, the market confirmed its breakout through the previous session high after trading up to $2.75 above it intraday. Read more
SUGAR 14.16 0.09 (0.64%) Moving higher for the 3rd day in a row, SUGAR ended Monday at 14.16 gaining $0.09 (0.64%) on high volume. Today's close at 14.16 marks the highest recorded closing price since April 18, 2019. Trading up to $0.11 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on December 27, 2019, SUGAR actually lost -0.07% on the following trading day. Closing above Friday's high at 14.12, the contract confirmed its breakout through the previous session high after trading up to $0.12 above it intraday. Read more
COFFEE 115.25 -3.35 (-2.82%) COFFEE finished Monday at 115.25 losing $3.35 (-2.82%). Today's close at 115.25 marks the lowest recorded closing price since November 21, 2019. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 116.50, the contract confirmed its breakout through the prior session low after trading up to $2.35 below it intraday. Read more
NATGAS 2.173 -0.017 (-0.78%) NATGAS finished Monday at 2.190 losing $0.017 (-0.77%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Read more
WHEAT 560.75 -3.25 (-0.58%) WHEAT ended Monday at 560.75 losing $3.25 (-0.58%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session. Read more

Detailed Reports

Daily technical analysis candlestick chart for Crude Oil (CRUDE) as at Jan 17, 2020
Jan 17, 2020
Daily technical analysis candlestick chart for Henry Hub Natural Gas (NATGAS) as at Jan 17, 2020
Jan 17, 2020
Daily technical analysis candlestick chart for Silver (SILVER) as at Jan 17, 2020
Jan 17, 2020
Daily technical analysis candlestick chart for Coffee (COFFEE) as at Jan 17, 2020
Jan 17, 2020
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