Commodities Bull

Prices of major commodities have found its footing in the past few months and the recent price actions and the weakening US dollar set to push prices of commodities to new highs. There are tell-tale signs that global economy is improving (at least that's what the analysts say) and demand for commodities is expected to increase to fuel the economy. Most commodities prices have broken out of the correction zone and I am expecting the bulls to pull the commodities market to fresh highs.

Crude Oil:
The price of Crude oil on NYMEX has just jumped above US74 a barrel, breaking out of the US$65 - US$64 correction range. It has a very high chance to rally into the regions of US$82 - US$85 region in the short term. It may even go to US$91 a barrel in the intermediate term of 6 months.

Gold
COMEX gold performance was extremely bullish as the price continues to make new historical highs. The price of Gold has came out of the correction period in early September and now has a price target of US$1,120 an ounce in the short term based on the triangle chart pattern price objective and US$1,300 in the intermediate term of 6 months.

Rubber
Price of Rubber has rallied quite strongly in the past few weeks and this bullish momentum is set to continue with a short term price target of JPY$230 a kg and an intermediate price objective of JPY$260.

Crude Palm Oil
Price of Crude Palm Oil has also showed strong support in the past two months and the increasing demand for this commodity has cause the price to start climbing. The bulls have just started to pull this market. Price is expected to hit RM2,400 in the short term and even climb to RM2,800 in the intermediate term of 6 months. See more detail analysis here.

****

Article contributed by Private Trader, Market Expert, Trading Coach and Chief Market Strategist of Nextview, Mr. Benny Lee. For more articles and commentaries from Benny, click HERE.