Commodity Price Biography
I look for markets that are trading in fairly reliable ranges where support and resistance levels hold up very well. Gold and crude oil are a couple markets that I like and I have been following these patterns.
Trading one commodity has some benefits, as you get to learn where support and resistance levels are and the numbers stick in your head. The 1,700 and 1,800 levels have been strong support and resistance for gold. Since the market is in a strong uptrend, you want to look for opportunities to buy gold at support levels. Many traders will look to sell around 1,800, but buying a solid break above 1,800 will also be an attractive trade.
Crude oil is in much of the same setup. The $85 level has been strong support. Oil traders have defended this area well. It makes sense to buy strong support in an uptrend. These are some of the best trades you can make.
I don't particularly like trading the grain markets right now as the trends could be in transition. The soft commodities have been fairly weak and they are a little more difficult to trade. The cotton market, however, has very weak fundamentals and it is a good market for shorting opportunities.
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