Today's interesting charts
Comment of the Day

September 02 2013

Commentary by David Fuller

Today's interesting charts

Silver (weekly & daily), while still overbought in the short term, has not seen any downward dynamics since the strong rally commenced on the 8th of August and today's upward action was impressive. Historically, silver has often been prone to choppy ranges but a close beneath $23 is now required to indicate a further pullback and base extension phase before a push above the MA occurs, followed by a test of overhead trading commencing at $26.10.

Natural gas (weekly & daily) encountered good support following the sharp fall to its January - February lows and is now in the fourth week of a consistent rally. Here also there has been no downward dynamic since the August low and one will be required to check current upside momentum beyond a brief pause.

Copper prices (weekly & daily) have mostly been under downward pressure since the peak at 465.75 in February 2011. However, the range lows near $300 have continued to hold in potential basing activity and a close above 340 would indicate a resumption of the modest recovery to date.
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