Below we provide an update of our trading range charts for ten major commodities. For each chart, the green shading represents between two standard deviations above and below the commodity's 50-day moving average. Moves to the top of or above the green zone are considered overbought, while moves to the bottom of or below the green zone are considered oversold.
Precious metals have been getting absolutely crushed lately, and it shows in the charts of gold, silver and platinum below. All three have recently completely broken down technically and are trading in extreme oversold territory. Silver and platinum are at their lowest levels in at least a year, and buying now would be like catching the proverbial falling knife.
Oil is trading the closest to overbought territory out of all of the commodities shown. Corn and wheat have both seen nice bounces off of oversold levels recently, and they're the next closest to overbought territory. Copper, orange juice, coffee, and of course, natural gas, are all stuck in long-term downtrends.
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