Gold
As suggested yesterday, gold touched year highs before retracing. It needs to catch up with the moving averages and to digest the move that we saw over the last few days. I'm watching it carefully and will try buying once it is closer to the 1355 area. I'm still long biased and will not go short right now.
Current call: Buy dips
Silver
Silver is down more than a percent in early trading hours. It has caught up with its moving averages. Like gold, I'm long biased for silver too. The sell-off just looks like a small correction and will be looking to go long once there is a sign to do so. There is some support near $20 and it could get there before moving higher. I might look to buy there.
Current call: Long near $20 area
Crude
Crude is pretty much the commodity to be talking about. It gave a great move despite bearish data. This could be the reversal everyone was waiting for, but I'm waiting for it to clear $42.5 to be sure. Crude could go all the way to $60 in 5-6 months time if we see a reversal from here (more on that later this week).
For now, it's not a bad spot to be out of shorts and be long. But, to be heavy, it really needs to break $42.5. Time will tell.
Current call: Buy above $42.5 for long term