Commodities

Technical Analysis – Gold moves sideways after extreme rally to 9-year top

Posted on July 15, 2020 at 1:13 pm GMT

Gold prices continued the extreme bullish rally that started on March 20, posting a new nine-year peak of 1,817.89. But the commodity may see an overbought market as the RSI is turning lower, while the MACD is developing near the trigger line at the moment, signalling that the price is heading sideways in the very short-term. The 20- and 40-period simple moving averages (SMAs) and the Ichimoku lines are endorsing a horizontal move. More increases could find resistance at the [..]

Technical Analysis – WTI futures’ positive picture slows; edges sideways

Posted on July 15, 2020 at 5:49 am GMT

WTI oil futures slid into a range structure from 37.07 – 41.60, following a one-and-a-half-month ascent from 6.62. The commodity is holding above the 200-period simple moving average (SMA) but was unable to close above the 41.28 key upper level of a gap in March. The gradual levelling in the 50- and 100-period SMAs as well as the steadying of the Ichimoku lines and cloud, further aids the consolidation in the price. The technical oscillators reflect a pause in positive [..]

Technical Analysis – Gold seems unstoppable, positive direction intact

Posted on July 13, 2020 at 7:46 am GMT

Gold maintains a healthy bullish bearing despite having slightly pulled back after plotting a fresh more than 8½-year high of 1,817.89. The pair’s retreat from the upper Bollinger band is also reflected in the stochastic oscillator, which displays some weakening in positive momentum, as the %K line completed a bearish crossover of the %D line, dipping from the overbought region. Nevertheless, the predominant positive charge in the simple moving averages (SMAs) suggests a well-defined course northwards. Moreover, the MACD and [..]

Is the ‘party’ in gold just getting started? – Special Report

Posted on July 10, 2020 at 12:46 pm GMT

Gold prices keep rising, powered by a trifecta of uncertainty among investors, runaway government spending, and rock bottom interest rates for years to come. Even though the metal has already come a long way, there’s not much to stop it from grinding even higher to new record highs. Any more stimulus from the Fed for instance, like an introduction of yield curve control, could sink the dollar and turbocharge bullion. The main downside risk is a successful virus vaccine. Central [..]

Technical Analysis – WTI futures’ positive momentum fades

Posted on July 9, 2020 at 11:40 am GMT

WTI oil futures’ positive drive loses fuel as it creeps sideways below the 41.60 resistance. The slowing in the ascent is also reflected in the Ichimoku lines as their positive bearing begins to flatten out. The short-term oscillators are grasping onto hopes that the positive picture may resume shortly. The MACD, in the positive region, holds just below its red trigger line, while the RSI is floating below the 70 mark. In the stochastic oscillator, the %K and %D lines [..]

Technical Analysis – Gold trades around almost 9-year peak near 1,800

Posted on July 8, 2020 at 7:13 am GMT

Gold surged to an almost nine-year peak of 1,797 on Tuesday’s session, retaining the strong bullish structure. Currently, the price is holding well above the simple moving averages (SMAs) and the Ichimoku cloud in the 4-hour chart. However, looking at the short-term technical indicators, the RSI is moving sideways slightly below the 70 level, while the MACD, still above its trigger line, is losing momentum, suggesting a possible downside retracement. If the yellow metal has a successful attempt above the [..]

Technical Analysis – WTI futures hold slightly bullish in short term

Posted on July 7, 2020 at 7:02 am GMT

WTI crude oil futures are in a positive movement since June 25, however, the RSI indicator points lower. Currently, the market is heading beneath the mid-level of the Bollinger band and the MACD oscillator slipped under its trigger line in the 4-hour chart. A continuation of the negative move could see immediate support come from the lower Bollinger band which overlaps with the 40-period simple moving average (SMA) at 39.72, before flirting with the 23.6% Fibonacci retracement level of the upward move from 30.57 to 41.61 at 38.93. [..]

Technical Analysis – Gold eyes key levels for fresh direction; bias skewed to the upside

Posted on July 6, 2020 at 8:04 am GMT

Gold opened with weak momentum on Monday in the daily chart, hovering slightly below the new almost eight-year peak registered last week. Nevertheless, the short-term bias is still skewed to the upside. Although frail, the RSI is holding comfortably above its 50 neutral level, while the MACD, despite stabilizing, remains within the positive area and marginally above its red signal line. Meanwhile, the price itself continues to trade above the upward-sloping 20-day simple moving average (SMA) and within the upper bullish Bollinger [..]

Technical Analysis – Silver bulls meet long-term trendline, but not ready yet to give up

Posted on July 3, 2020 at 10:34 am GMT

Silver attempted to break the upper border of the neutral zone it has been ranging within this week, but its efforts proved unsuccessful as the trendline joining the peaks from September 2019 defended the bears once again at 18.42. Hence, the short-run risk is looking neutral-to-positive at the moment and another retest of the soft downward-sloping trendline is likely. Particularly, a decisive close above the 18.65 barrier might be what the bulls are eagerly waiting for to rally towards the three-year [..]

Technical Analysis – WTI futures weaken their bullish move above SMAs

Posted on July 2, 2020 at 7:55 am GMT

WTI crude oil futures have found resistance at the 41.60 barrier, sending prices sideways in the short-term. Oil is keeping its position above the moving averages despite the contradicting signals in the momentum indicators. The MACD is holding beneath its trigger line in the positive territory, while the RSI is pointing marginally up in the bullish region. In case of more upside pressures and a successful climb above the immediate resistance of 41.60, the next hurdle would come from the 61.8% Fibonacci retracement level of [..]

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