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Commodities Holding Timid Rally

By November 29, 2012

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Commodities have been trending higher the last couple weeks, but most of this is due to the more positive outlook for the fiscal cliff.

I hate to say it but the direction of the markets is hinging on whether there is a resolution by the end of the year.  There should be decent upside for commodity prices if things progress positively.

The silver market has come to life in the last couple days.  It will be interesting to see if we can get a good move here.  The soybean market is focusing on export demand and weather in Brazil.  The coffee market looks like it wants to bottom.  Crude oil is holding the $85 support level.  It could be stuck in the 85 - 89 range until a major news events causes a breakout in either direction.

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