Below is an updated look at our trading range charts for ten widely followed commodities. In each chart, the green shading represents between two standard deviations above and below the 50-day moving average. Moves to the top of or above the green zone are considered overbought, while moves to the bottom of or below the green zone are considered oversold.
Commodities have been range bound at best for quite some time now. Oil, copper and platinum have seen the most strength recently, and all three are at the top of their trading ranges. Interestingly, while platinum has moved higher, gold and silver have done nothing but trend lower for the last four months. Wheat and coffee have also been trending lower.
With stocks rallying of late, investors appear less interested in commodities, and the charts bear this out. There just hasn't been much action in this asset class recently. Rest assured that it will come back at some point, though.