Commodities – Gold, Copper, Crude. Dec 2nd 2014

What I had been looking at in Gold has already happened in Copper and Crude (with regards to leaving the largest volume zone behind). Weekly charts below.

Gold had a little probe into the “area of negative development” below and it may not take much for it to drop 100-150 to the next ledge below (something not really present in crude/copper).

GOLD_100_OZ

Crude has gone below the 2009 lows and there is not much in the way of volume in this range before 2009.

Crude

(Fundamentaly keeping in mind the idea that OPEC may want to hurt fracking/shale oil vs actual slowing demand from China and other commodity related economies like Australia, the Middle East, Russia). It may look to retest the long term support from beneath.

Copper has a seriously unbalanced profile (due to lack of futures data in this instrument). It is used heavily in manufacturing and at the early phases of construction. With dropping home prices in many Chinese cities demand for this has also fallen.

Copper

COT data shows commercials are naturally scale down buying here but they showed some hesitation on the slow move down but price is coming to a decent horizontal support level.

copper_cot

Here is a zoomed in version showing the 2009 value area:

Copper_zoom

I was after the S&P GSCI however this is the closest I could find on DTN to GSCI – it is actually an ETN for Metals and Energy. In any event it illustrates the scale of the commodity drop.

GSCI

Seeing as I sometimes look at Coffee prices:

Coffee

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