Here are some updated charts of the commodities we track
Natural Gas August future :
NG had a good rum above 165 and just when it looked poised to scale 200, the seller stepped in at 180 levels and at the close of this trading week has managed to push it below the breakout level and into the previous balance zone.
The chart above shows dpoc in white and vwap in orange
Clear resistance now is at 162- 164 with support coming near 150.7
The mini composite in green purple on the right of the chart shows value being accepted below 168 now and 168 and above will be the minimum condition for swing longs
Below 150.5 a move to 140/8 will begin.
Crude Oil August future :
We spoke in the trading room on how extended crude was in the shorter time frame after the big move up from last Mondays' 4950 levels.
Crude got defended at 5090 on Friday where is the value high for the rise.Staying above 5090 during the week will make buyers come back to buy all dips. However a break of 5070 can invite 4992 again.
The chart shows a clear uptrend however and is likely to continue if prices stay above 4900 in the medium term.
Copper Mini August Future :
Unlike the crude chart above Copper has not been able to hold on to levels above 430 where it has met with heavy selling.
Chart shows prices below a declining vwap and dpoc which is a big indication for sell on rises.
However buyers have stepped to defend prices below 407.
Overall the profile shows a balance developing between 430 and 407 with a composite POC around 420 pushing price 10 points either side.
Gold Future October :
Gold remains between two high volume nodes at 30400 and 29600 marked as white bars in the chart above.
Shorter term the immediate dpoc at 29940 and vwap at 30030 will keep price fixed around here for some more time.
The smaller range for day traders is 29840 to 30180.
A move above 30180 should challenge 30480 again.
Silver Futures September contract :
Silver is more weaker than Gold meeting sharp sellers near the Orange vwap line at 54500.
54500 is also a Low volume zone and is marked out in the chart as pink showing rejection of price there.
Lower down 52400 levels and below are meeting buyers and a move above 53500 will give 53800 and 54300 all over again.