Commodity Blog

Archive for July 28th, 2010

Gold gained today in New York after the prices touched the lowest level in almost three months, boosting appeal of the precious metal. Some economists say that glorious days of gold are over and it’ll be long time before we’ll see another surge of the prices. Other experts insist that the current decline is short-term and the prices will rally again in a month or two. In the latter case, the current low prices may be considered as buying opportunity.

The main supportive factor for gold prices is demand in Asia, particularly in China and India, which grew after prices fell. There are some religious holidays in India by the end of August, which may possibly fuel demand for gold jewelry.

December futures for gold delivery gained $1.80 (0.2 percent) to $1,163.60 by 11:05 on COMEX. Futures dropped yesterday as low as $1,160.80 per ounce, the most in more than three weeks, as a rally in global stocks damped demand for gold as an alternative investment.

Latest commodity prices (ICE, NYMEX, CME) as of 17:39 GMT:

Oil (Brent) — $75.74
Gold — $1,161.04
Silver — $17.47
Palladium — $467.00
Platinum — $1,534.99
Copper — $7,168.00
Aluminum — $2,069.00
Nickel — $20,450.00
Zinc — $1,955.00
Cocoa — $3,022.00
Sugar — $18.87
Corn — $375.50
Soybean — $1012.75

The author of this commodity trading video sees a shorting opportunity in the ongoing rally in the wheat market. He uses techniques developed by Larry Williams to prove his point and offer some basic trading plan to you. The whole analysis is based on a few simple technical chart indicators.