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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

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Sunday, May 08, 2011

Gold/Silver/Copper/Oil Update...

Below is a Weekly chart grid of Gold/Silver/Copper/Oil with regression channels plotted on each line-chart. I like to sometimes look at line charts in order to simplify things and see how closes are performing relative to patterns and support/resistance levels. The broken pink line is the "mean" of the channel, which has been in effect for the past couple of years now. Of course, the one that stands out in terms of volatility, is Silver, while Copper is showing relative weakness compared to the other 3 in terms of where it is within its channel.

The next chart grid of these 4 commodities is a 180-day 4-hourly grid. Displayed on each line-chart is a regression channel and Fibonacci fan line for the 180-day period.

Because the entire timeline is not shown on the grid format, please refer to each chart below for a clearer view:





From these 4 180-day charts, we can see that Gold, Silver and Oil have reached one type of regression channel support...Copper has not. On Friday of this past week, Gold closed near its 23.6% Fib fan line...Silver near its 50%...Copper near its 61.8%...and Oil near its 38.2%. In the past 180 days, Copper is the weakest, then Silver, then Oil, then Gold at the moment.

Perhaps this means that Gold and Oil are the most desirable of the 4, value-wise. In any event, I'll be watching all 4 to measure their performance against each other in the coming days/weeks.