Below we provide charts of ten major commodities. In each chart, the light green shading represents two standard deviations above and below the sector's 50-day moving average. As we all know, gold is all the rage right now and oil has taken a back seat. As shown in the chart of oil below, it has basically gone nowhere over the last two months. It is currently trading right in the middle of its trading range.
Natural gas, on the other hand, has made a significant move higher and broken its long-term downtrend. With gold charging higher, silver and platinum have also moved up, but they haven't broken to new rally highs yet. This is a key signal that the gold move is pretty much based solely on the dollar's move lower.
Looking at the rest of the bunch, copper has actually been trending downward, corn has bounced nicely recently, wheat is close to oversold levels, and coffee and orange juice are in neutral territory.