Below is an updated look at our trading range charts for four major commodities — oil, natural gas, gold and silver. The green shading in each chart represents between two standard deviations above and below the commodity’s 50-day moving average, and moves above or below the green zone are considered overbought or oversold. As shown, oil has traded lower over the last few weeks, but it’s still close to the middle of its range. Natural gas has been trending nicely off of its lows earlier this year, but it still hasn’t broken above its July 1st highs. That’s a breakout natural gas bulls want to see.
Gold and silver are both trading in nice long-term uptrend channels, and both are attempting to bounce off the bottom of those uptrend channels as we close out the week. So far, so good.