Below we provide our trading range charts for ten of the most widely followed commodities. For each chart, the green shading represents between two standard deviations above and below the commodity's 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.
We've seen an absolute bloodbath in the precious metals recently. As you can see below, gold and silver have both "fallen off a cliff" over the past few trading days in what has been a remarkable move. Platinum and copper are both oversold as well, but to a much lesser extent.
Oil has also been hit hard this week, and it's as oversold now as it has been in nearly a year.
One commodity that has bucked the recent move lower is natural gas. As shown, natural gas is actually remains in a very nice uptrend and at the top of its trading range. In recent years, it had been gold and oil going higher while natural gas couldn't buy an up day. Now the complete opposite is occurring.