Commodities

Technical Analysis – Silver repeats July’s bullish dynamics

Posted on August 6, 2020 at 12:26 pm GMT

Sliver is repeating July’s dynamics as it stubbornly pushes for fresh highs this week. The price found new buyers and hit a fresh five-year top at 28.29 on Thursday after crossing above the 38.2% retracement level of the 2011-2020 downtrend. The metal is already up 14.5% so far this month. Although the market is trading in overbought terittory in all timeframes, the momentum indicators have yet to show signs of weakness, keeping the risk tilted to the upside. Specifically, in [..]

Technical Analysis – WTI oil futures likely awaiting a volatile session

Posted on August 6, 2020 at 7:29 am GMT

WTI oil futures for September delivery stabilized near the 200-day simple moving average (SMA) and around the 61.8% Fibonacci retracement of the 65.61-6.62 downleg after unlocking a five-month high of 43.49. Oil has been printing higher highs and higher lows since the plunge to a record low of 6.62, though the uptrend lost shine from June onwards, raising some worries about its sustainability. Meanwhile, Bollinger bands have narrowed significantly, foreshadowing a more volatile session, with momentum indicators currently suggesting that this [..]

Technical Analysis – Gold claims fresh highs; bearish divergence warns of retracement

Posted on August 3, 2020 at 7:32 am GMT

Gold inched to a fresh record high of 1,989 on Monday before pulling slightly back as rising infection cases and a turbulent budget debate in the US shifted more funds towards safe havens. The yellow metal has been in the green over the past eight weeks, building its two-year-old uptrend above its simple moving averages (SMAs). While the positive trajectory keeps the bias positive, some caution should be warranted as a bearish divergence seems to be forming between the price [..]

Technical Analysis – Gold advances suppressed by all-time high

Posted on July 29, 2020 at 9:22 am GMT

Gold maintains a horizontal trajectory pressed below the all-time high of 1,981 but is still in a strong bullish mode in the long-term picture. A paused state of directional momentum is reflected in the Ichimoku lines as the price rests near the red Tenkan-sen line. The mixed signals in the short-term oscillators further reflect the stall in the price. The MACD has barely inched below its red trigger line in the positive region, while the RSI is improving its movement near the overbought zone. If buyers [..]

Technical Analysis – Gold shines at a new record high after 9 years

Posted on July 27, 2020 at 7:36 am GMT

Gold stretched its unstoppable rally to uncharted territory on Monday and to a new top of 1,944 after easily surpassing the 2011 record high of 1,920. A downside correction or some consolidation would not be a big surprise in the short-term as the market is trading well into the overbought zone according to the rising RSI and the Stochastics which have already registered a bearish cross above 80. In this case, the 1,900 round number could immediately add footing under the price, deterring any [..]

Technical Analysis – Gold tests 9-year high of 1,878; strongly positive

Posted on July 23, 2020 at 8:35 am GMT

Gold prices are flirting with the nine-year high of 1,878 again, endorsing the strong bullish structure. The RSI indicator is pointing north in the overbought territory, while the MACD is extending its upside movement above its trigger and zero lines in the short-term timeframe. Furthermore, the simple moving averages (SMAs) and the Ichimoku indicators are following the price action up. If the yellow metal strengthens its six-week bullish structure above the multi-year high of 1,878, it could touch the September 2011 high of 1,920. This [..]

Technical Analysis – Silver rallies like there is no tomorrow; bias cautiously bullish

Posted on July 22, 2020 at 2:40 pm GMT

Silver accelerated like there is no tomorrow to a seven-year high of 23.00 in just two days, and after breaching a soft descending trendline and the 19.63 peak from September 2019. The staggering move drove the RSI and Stochastics to overbought territory, hence downside corrections should not be surprising in the short-term. Still, the industrial metal managed to secure significant ground and put itself back to a positive path, and any pullback should be substantial in order to push the [..]

Technical Analysis – WTI futures rises near 19-week high

Posted on July 22, 2020 at 12:18 pm GMT

WTI futures are advancing towards a fresh 19-week high of 42.27 today, experiencing a new bullish rally after the neutral mode of the previous sessions. The RSI is extending its upside move towards the overbought territory, while the MACD is strengthening its upside momentum above its trigger and zero line in the 4-hour chart. If prices continue to head higher, resistance should come from the 43.60 level, taken from the inside swing low on March 2 ahead of the 200-period [..]

Technical Analysis – Gold moves horizontally slightly below 9-year high

Posted on July 20, 2020 at 7:23 am GMT

Gold prices are in a horizontal move after they reached a nine-year peak near 1,817 and remaining above the 20- and 40-day simple moving averages (SMAs). The MACD oscillator is moving sideways above the zero line but it fell beneath the trigger line, while the RSI indicator is flattening slightly below the overbought zone. If the yellow metal extends its four-month bullish structure above the multi-year high of 1,817, it could touch the 161.8% Fibonacci extension level of the down [..]

Technical Analysis – WTI futures flash dwindling signs in the climb

Posted on July 16, 2020 at 8:35 am GMT

WTI oil futures are clearly demonstrating signals of waning positive sentiment despite an intact positive bearing. The slight flattening in the positively charged Ichimoku lines further backs this view. Noteworthy are the conflicting trajectories in the simple moving averages (SMAs), which may aid and extend consolidation in the commodity in the near-term. Taking a look at the short-term oscillators, positive momentum appears to have disappeared. The MACD trails below its red trigger line in the positive zone, while the RSI [..]

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