Bespoke's Commodity Snapshot

With Oil down nearly 4% today, Natural Gas down 7%, Platinum down 5.49% and Gold up 0.31%, our updated trading range charts of the major commodities are shown below.  The green shading represents 2 standard deviations above and below each commodity's 50-day moving average.  As shown, today's declines in Oil and Natural Gas still leave them in solid uptrends and much closer to overbought levels than oversold levels.  Coffee has especially taken a hit over the last couple of days and is now in danger of breaking its long-term uptrend line.  With Gold up slightly today, it was surprising to see Platinum down so much.  This is probably due to the increased focus on the Dollar/Gold relationship and the fact that Platinum had rallied much more than Gold in recent months.