Below is an updated look at the trading range charts for ten major commodities. For each chart, the green shading represents between two standard deviation above and below the commodity's 50-day moving average. Moves above or below the green shading are considered overbought or oversold.
As shown, the precious metals have moved well into overbought territory over the last week. Gold, silver and platinum are all trading more than two standard deviations above their 50-days, and they're as overbought as they have been in at least a year. They still have a ways to go to get back to new 52-week highs though.
After trending at the top of its range for a few weeks, oil has stalled a bit since mid-August. At the same time, natural gas has bounced off of the bottom of its trading range. Corn and wheat have both stalled as well.