Commodities are seeing big moves today, so below we provide our trading range charts for ten of them. In each chart, the green shading represents between two standard deviations above and below the 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.
Two weeks ago we highlighted gold's thinning trading range and noted that it was due for a big breakout in either direction. It looks like that breakout has come to the positive side with the yellow metal up big today. As shown below, gold is now well above its trading range. Silver and platinum have seen huge moves today as well.
Oil has pulled back today, but it's still at the very top of its trading range, so it has a long way to fall if traders want to take it in that direction. Natural gas is currently right in the middle of its range, while corn and wheat are currently in pause mode after going parabolic in June and July.
And don't look now, but orange juice is currently making a big move higher after trading sideways for the past few months.
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