Daily Commodities Market Recap and Technical Analysis

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TRADING THE PRECIOUS METALS
Easy Forex http://www.easy-forex.com
Gold 915
Initial support at 906 (Mar 12 low) followed by 889 (Mar 2 low). Initial resistance is now at 944 (Mar 6 high) followed by 958 (Mar 2 high).
Currency Sup 2 Sup 1 Spot Res 1 Res 2
XAU/USD 889.00 906.00 915.00 944.00 958.50

Daily Forex Technicals written by India Forex
Gold: Gold lost almost $12 yesterday taking resistance from the 21 Daily EMA at $924. Currently Gold is trading around $910 with immediate support coming in at the $904 (55 Daily EMA & 50% Retracement). Breaking of this can push Gold towards $881 (100 Daily EMA &61.8% Retracement). All the stochastic is indicating a downside bias for this Metal and selling at up-ticks ($918) could be considered. (Gold: $910.90).
July silver closed slightly lower on Monday as it consolidates some of last week's rally but remains above trendline resistance crossing near 13.673. The low-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If July extends last week's rally, April's high crossing at 14.30 is the next upside target. Closes below the 10-day moving average crossing at 13.252 would signal that a short-term top has been posted.
July copper closed higher on Monday and above the 20-day moving average crossing at 343.87 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the reaction high crossing at 369.70 is the next upside target. Closes below the 10-day moving average crossing at 334.00 would temper the near- term friendly outlook.

TRADING FOOD
July cocoa closed lower on Monday as it extended last week's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this Monday's decline, May's low crossing at 17.55 is the next downside target. Closes above the 10-day moving average crossing at 19.11 would temper the near-term bearish outlook in the market.

Dollar index : DI is holding around the 87 levels currently with the stochastic in the over-sold region at 11.63%.