Commodity Markets Summary for Jul 03, 2020


Commodity Markets Technical Analysis Market Overview Report for Jul 03, 2020 | by Techniquant Editorial Team

Highlights

SILVER closes above its opening price after recovering from early selling pressure
NATGAS closes above its opening price after recovering from early selling pressure
CRUDE stuck within tight trading range
GOLD runs into sellers again around 1788.9

Summary

With four out of the four Commodity Markets closing higher today, the ones that stand out on the positive side are NATGAS gaining 0.98% and SILVER closing 0.27% higher. None of the markets ended the day in the red.

One of today's most interesting market conditions in the Commodity Markets showed up in NATGAS: Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Natural Gas. Out of 317 times, NATGAS closed lower 57.41% 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 60.25% with an average market move of -0.98%. Read more

Commodity Markets Overviews

SILVER 1,846.0 5.0 (0.27%) SILVER ended the week 1.24% higher at 1831.0 after gaining $5.0 (0.27%) today on low volume. Trading up to $5.0 lower after the open, the contract managed to reverse during the session as bulls took control ending the day above its opening price. 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
NATGAS 2.479 0.024 (0.98%) Moving higher for the 2nd day in a row, NATGAS finished the week 13.05% higher at 1.750 after gaining $0.024 (1.39%) today on low volume. Trading up to $0.014 lower after the open, Nat Gas managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 1.738, the contract confirmed its breakout through the previous session high after trading up to $0.012 above it intraday. Read more
CRUDE 40.94 0.03 (0.07%) Moving higher for the 2nd day in a row, CRUDE finished the week 5.66% higher at 40.32 after edging higher $0.03 (0.07%) today on low volume. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session. Read more
GOLD 1,813.3 0.3 (0.02%) Moving higher for the 2nd day in a row, GOLD ended the week 0.14% higher at 1787.3 after edging higher $0.3 (0.02%) today on low volume. 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 Wheat (WHEAT) as at Sep 18, 2020
Sep 18, 2020
Daily technical analysis candlestick chart for Coffee (COFFEE) as at Sep 18, 2020
Sep 18, 2020
Daily technical analysis candlestick chart for Sugar (SUGAR) as at Sep 18, 2020
Sep 18, 2020
Daily technical analysis candlestick chart for Gold (GOLD) as at Sep 18, 2020
Sep 18, 2020
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