Commodities Overview: Gold Falls From Highs, Sugar Runs Into Resistance

Published 05/12/2023, 12:54 AM
Updated 07/09/2023, 06:31 AM

For today, I am including a clip that covers currency pairs and several commodities.

GLD-SUGAR-USDEUR-PLAT Chart

The four-chart screen is a daily screenshot of gold (GLD (NYSE:GLD)), sugar (continuous contract), the US dollar to the Euro (USD/EUR) and platinum continuous contract (PLAT).

Gold is falling from its recent highs.

Sugar has run into some resistance with momentum currently in mean reversion to the downside.

The Dollar to the Euro shows the dollar strengthening while its momentum has a bullish divergence.

Platinum, mirroring gold, also looks like some resistance is at hand.

ETF Summary

  • S&P 500 (SPY) 23-month MA 420
  • Russell 2000 (IWM) 170 support - 180 resistance
  • Dow (DIA) Now below the 23-month MA
  • Nasdaq (QQQ) 329 the 23-month MA
  • Regional banks (KRE) 42 now pivotal resistance-holding last Thurs low
  • Semiconductors (SMH) 23-month MA at 124
  • Transportation (IYT) 202-240 biggest range to watch
  • Biotechnology (IBB) 121-135 range to watch from monthly charts
  • Retail (XRT) 56-75 trading range to break one way or another

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