[Premium] Updating Commodity Levels

Nickel has met our tactical upside target and is setting up for a structural breakout to new all-time highs. While some consolidation at current levels is likely in the near-term, longer-term we're looking for a breakout above 1,315 to get long and target 1,800.

Here's Zinc setting up for some mean reversion by confirming a failed breakdown and bullish momentum divergence. As long as prices are above 181 on a closing basis then we can be long and target 212 over the coming weeks and months.

Gold has exceeded our structural upside target and is beginning to consolidation. From a risk management perspective, we can be buying weakness back towards 37,350 as the structural trend remains higher and our next upside target is 45,350.

Here's a tactical look at Gold, confirming a failed breakout and bearish momentum divergence. As long as prices are below 38,700 then the bias is lower and there's risk down towards 36,000.

Silver is meeting our first upside target near 48,500. While this was a major structural shift and the trend is now higher, we expect some consolidation below this resistance level before further upside.

Crude Oil is perking up. A move above 4,180 would signal further upside towards 4,550.

Our mean reversion target in Crude Palm Oil has been 595, but prices are succumbing to a bearish momentum divergence and rolling over. As long as prices are above 510 the bias is higher, however, near-term the risk is to the downside.

Here's USD/INR running into resistance. Structurally the breakout above 69 suggests higher long-term prices, but short-term the bias is lower.

Several Commodities continue to trend well and offer us trading opportunities, so we'll continue to focus on this space until Equities can figure out which direction they want to head.

Thanks for reading and please let us know if you have any questions.

Allstarcharts Team