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Below we highlight our trading range chart for ten major commodities. In each chart, the green shading represents between two standard deviations above and below the commodity's 50-day moving average. Moves to the top or bottom of this range are considered overbought or oversold.

As shown, oil is trading pretty much in neutral territory at the moment after bouncing off of oversold levels a month and a half ago. Gold has moved down from overbought levels over the last week, and the metal is now closer to the bottom of its range than the top. Silver and platinum are in similar situations. Natural gas has pulled back some after moving into overbought territory a few weeks ago. Looking at some of the agricultural commodities, corn is attempting to break out of a long-term downtrend, while wheat already did so after spiking recently. Both coffee and orange juice have done pretty well lately.

click to enlarge

Source: Bespoke's Commodity Snapshot (7/7/10)