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Below is a look at our trading range charts for ten major commodities. Each chart goes back one year, and the light green shading represents between two standard deviations above and below each commodity’s 50-day moving average. You’ll notice that rarely do prices move above or below this range, and pullbacks or bounces typically occur when prices reach the top or bottom of the range.
Oil remains in a nice long-term uptrend, but it appears to be dipping back towards the middle of its range after reaching the top of its range at the start of 2017. Natural gas also remains in a long-term uptrend, and it recently experienced a significant pullback after hitting the top of its range. While energy commodities are in uptrends, the two major precious metals — silver and gold — are in downtrends. Both recently experienced bounces off the bottom of their ranges, but they are still a long way away from overbought territory.
While gold and silver remain in downtrends, platinum is looking better recently. Copper is in a consolidation phase after a big spike after the November election, while corn and wheat have been in tight, sideways ranges for the last five months. Interestingly, both orange juice and coffee broke their long-term uptrends back in November, and while coffee recently ticked up off the bottom of its range, orange juice has yet to find a bottom.