Bespoke's Commodity Snapshot

Below we provide trading range charts of ten major commodities.  In each chart, the green shading represents between two standard deviations above and below the 50-day moving average.  Moves above or below the green zone are considered overbought or oversold.  As shown, oil is currently at the top end of its trading range, while gold has moved into oversold territory.  Silver is also at the bottom of its trading range, while platinum and copper are at the top of their ranges.  And wheat and copper have done exceptionally well recently.  Wheat has basically gone vertical, and coffee has made a significant breakout out of a long-term sideways trading pattern.

 

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Gold Gains Momentum On Weak Dollar

Gold prices gained momentum in Asian trade Thursday mainly on a weak dollar against other major currencies.Gold for immediate delivery was seen trading at $ 1165.41 an ounce at 12.00 noon Singapore time while U.S. gold futures for August delivery was at $1,164.9 an ounce on the Comex division of the NY Mercantile Exchange.However, holdings in the world's largest gold-backed ETF dropped to their weakest since early June.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings fell to 1,282.279 tones by July 28 from 1,300.829 on July 27, their lowest since early June. The holdings hit a record at 1,320.436 tones on June 29.The greenback slipped towards three-month lows against a basket of currencies on Thursday as investors cut their positions due to fresh evidence of a patchy recovery in the U.S.

On Wednesday, August gold added $2.50 to settle at $1,160.40 per fine ounce on the Comex division of the New York Mercantile Exchange. Bullion hovered below the 50-day and 100-day moving averages.September silver fell 18.5 cents to settle at $17.441 per ounce.Copper for September delivery settled 3.95 cents higher at $3.2455 per pound.